Bitmine Immersion Technologies, Inc. 

BMNR Price

What is Bitmine Immersion Technologies (BMNR) stock?

Bitmine Immersion Technologies (NYSE American: BMNR) is a US-listed company that holds Ethereum as its primary treasury reserve asset. Founded in 2020 as an immersion-cooled Bitcoin miner in Las Vegas, the company pivoted to an ETH treasury strategy in mid-2025 — acquiring and staking ETH to maximize "ETH per share." Its stated goal is owning 5% of total Ethereum supply, branded "The Alchemy of 5%." Fundstrat co-founder Tom Lee chairs the company.

Is BMNR a stock or a cryptocurrency?

BMNR is a stock — common equity of Bitmine Immersion Technologies, listed on NYSE American and subject to SEC reporting. Bitmine Immersion has no on-chain token contract and no token supply; investors gain exposure through shares, not a crypto asset. DropsTab classifies BMNR under TradFi. Tokenized versions of the stock on crypto venues are separate instruments issued by third parties, not BMNR itself.

How much ETH does Bitmine hold?

Bitmine Immersion held approximately 4.9% of total Ethereum supply as of September 2026, per the company's weekly Monday disclosure. About 85% of those ETH holdings were staked. The company has purchased ETH every week since June 30, 2025, working toward its 5% target. Exact holdings change weekly — the company's Monday press releases and the bmnr.rocks tracker carry current totals.

Who is Tom Lee, the chairman of Bitmine Immersion?

Tom Lee, co-founder of the research firm Fundstrat Global Advisors, has chaired Bitmine Immersion Technologies since June 2025. Lee joined as the company pivoted from Bitcoin mining to an Ethereum treasury strategy and participated personally in the July 2025 private placement. Under his chairmanship, Bitmine set its stated target of acquiring 5% of total ETH supply.

Which investors backed Bitmine's Ethereum treasury strategy?

A $250 million private placement closed on July 9, 2025, funded the pivot to an Ethereum treasury. MOZAYYX led the placement; participants included Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, DCG, Republic Digital, GSR and Tom Lee personally. Proceeds were earmarked to make ETH the primary treasury reserve asset. No single investor is publicly documented above 20% of shares outstanding, which limits concentration risk.

How does Bitmine fund additional ETH purchases, and what does that mean for ETH per share?

Bitmine Immersion funds ETH accumulation primarily through at-the-market (ATM) equity offerings — the ATM program was increased to up to $24.5 billion per its SEC prospectus supplement. Equity issuance grows the share count, which dilutes existing holders as accumulation continues. A share repurchase program, with authorization reported at $4.0 billion around the NYSE American uplisting, works in the opposite direction. Bitmine states it manages both levers to maximize ETH per share.

What is the difference between BMNR stock and its tokenized versions like RBMNR or BMNRx?

Each tokenized BMNR version is a separate instrument with its own issuer and custody arrangement. RBMNR on Bitget is an rToken issued through Reality Protocol; Backed Finance issues the BMNRx xStock on Solana; Ondo issues BMNRON, and a Robinhood Chain version also exists. These wrappers deliver price exposure to BMNR shares, not share ownership — holders receive no NYSE shareholder rights. The equity itself trades only as BMNR on NYSE American.