BitMine Immersion Technologies (BMNR) Owns 4.203M Ethereum, Stock Drops 7%
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Benzinga
- Ethereum Holdings: BitMine now owns 4.203 million Ethereum, representing 3.48% of total supply, and despite an 80% drop from June's $140 peak, the company continues aggressive accumulation, indicating strong long-term confidence in Ethereum.
- Shareholder Approval for Increase: At the January 15 annual meeting, 81% of shareholders voted in favor of increasing authorized shares, signaling support for management's ETH accumulation strategy despite the stock trading near historical lows.
- Investment in Creator Economy: BitMine invested $200 million into Beast Industries on January 15, targeting the creator economy through MrBeast, whose audience surpasses that of Disney and Netflix, highlighting significant market potential.
- Staking Revenue Projections: BitMine has staked 1.838 million ETH, projecting annual staking revenue of $374 million, which translates to over $1 million per day if all 4.2 million ETH are successfully staked, enhancing the company's revenue stream.
Analyst Views on BMNR
Wall Street analysts forecast BMNR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BMNR is 43.00 USD with a low forecast of 39.00 USD and a high forecast of 47.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 31.160
Low
39.00
Averages
43.00
High
47.00
Current: 31.160
Low
39.00
Averages
43.00
High
47.00
About BMNR
Bitmine Immersion Technologies Inc. is a Bitcoin (BTC) and Ethereum (ETH) network company, focusing on the accumulation of Crypto for long-term investment. The Company’s business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies, and general Bitcoin advisory to public companies. Its business integrates a digital asset treasury anchored in ETH with an operating platform historically focused on BTC mining and hosting. Through its legacy mining-as-a-service business, it provided turnkey infrastructure and management solutions for institutional clients seeking BTC mining exposure without direct operational obligations. The mining-as-a-services include hardware sales and deployment support; operations management, uptime maximization, and pool payout optimization; and financial reporting and compliance support.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
