BitMine Immersion Technologies (NYSE American: BMNR) just announced a major update that has put the stock in the spotlight again. The company now holds over 3.5 million Ethereum tokens, pushing the total value of its crypto, cash, and other holdings to $13.2 billion as of November 9, 2025.
Note: All price and value references are as of this writing on November 13, 2025. Cryptocurrency and stock prices are highly volatile.
Breaking Down the Latest Numbers
The company reported exactly 3,505,723 ETH in its treasury, representing roughly 2.9% of Ethereum’s entire circulating supply. Management has repeatedly stated its goal of reaching 5% ownership — a target they call the “Alchemy of 5%.”
In addition to the ETH stack, BitMine holds $398 million in unencumbered cash and a smaller portfolio of high-conviction “moonshot” investments, bringing the total treasury value to $13.2 billion (using Bloomberg’s Ethereum pricing at the time of the announcement).
As of this writing, BMNR shares are trading in the low $40s after a volatile week, with average daily dollar volume regularly exceeding $1 billion — putting it among the most actively traded stocks in the U.S.
How BitMine Became an Ethereum Treasury Play
Originally known for immersion cooling technology and some Bitcoin mining exposure, BitMine executed a dramatic pivot in 2025. The company has largely wound down energy-intensive mining operations and redirected nearly all capital into accumulating Ethereum as its primary reserve asset — a strategy that has earned it comparisons to the original corporate Bitcoin treasury pioneers.
The shareholder base includes several well-known names in the space: ARK Invest (Cathie Wood), Pantera Capital, Galaxy Digital, and Fundstrat’s Tom Lee (who serves as Chairman).
The Potential Upside Case
Holding millions of ETH gives the company direct, leveraged exposure to Ethereum price appreciation without debt or derivatives. Every $100 increase in the price of ETH adds hundreds of millions to the balance sheet.
Significant ownership could also translate into influence within the Ethereum ecosystem over time. Meanwhile, the stock’s massive liquidity makes it accessible to institutional investors who typically avoid smaller, illiquid names in the crypto sector.
The Very Real Risks Investors Need to Understand
This is not a conservative investment. Ethereum can (and has) dropped 50% or more in short periods, and BMNR’s stock price would feel that pain immediately. Regulatory changes, potential security incidents, or shifts in Ethereum’s competitive landscape all represent material risks.
The shares currently trade at a discount to the reported per-share value of the underlying holdings — a reflection of the market’s demand for a volatility and execution-risk discount.
Final Thoughts
BMNR offers one of the most direct publicly traded ways to gain exposure to Ethereum’s long-term growth story through a corporate treasury model. The balance sheet is heavily concentrated in ETH, the liquidity is exceptional, and the company continues to execute on its accumulation strategy.
That said, the ride is extremely volatile. Investors considering any position should carefully assess their risk tolerance and conduct their own due diligence. This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
