Bitmine Immersion Technologies, Inc. (BMNR): A Bull Case Theory

We came across a bullish thesis on Bitmine Immersion Technologies, Inc. on Rittik’s Substack by Anand Capital. In this article, we will summarize the bulls’ thesis on BMNR. Bitmine Immersion Technologies, Inc.'s share was trading at $53.11 as of September 15th.

Bitmine Immersion Technologies (BMNR) has transformed itself from a traditional cryptocurrency miner into the world’s largest Ethereum treasury, holding over 1.71 million ETH tokens valued at $8.24 billion. With additional cash and assets, the company’s total holdings exceed $8.82 billion, yet its market cap of ~$7.3 billion means the stock trades at a 17% discount to net asset value. Backed by premier investors such as ARK Invest, Founders Fund, and Pantera Capital, BMNR offers institutional credibility alongside one of the most liquid trading profiles in the U.S. market, with $2.8 billion in daily average volume.

The company has also approved a $1 billion share repurchase program, signaling confidence in the stock’s undervaluation and providing near-term support. Its Ethereum-focused strategy differentiates it from Bitcoin miners like Marathon Digital and Riot Platforms, reducing exposure to mining profitability cycles and instead giving investors direct leverage to ETH price appreciation. While the company has posted recurring operating losses and remains highly exposed to Ethereum’s volatility and regulatory risk, these challenges are outweighed by the scale of its holdings, its proprietary immersion cooling technology, and its stated goal of acquiring 5% of ETH’s total supply.

Near-term catalysts include the buyback program, further ETH accumulation, and potential benefits from Ethereum ETF adoption, while longer-term upside lies in expanded staking, ESG-focused operations, and strategic partnerships. For investors with high risk tolerance and conviction in Ethereum’s long-term adoption, BMNR represents a speculative but compelling opportunity, offering both downside protection through its asset base and upside optionality if ETH continues to appreciate.

Previously we covered a bullish thesis on IREN Limited (IREN) by Industrial Tech Stock Analyst in May 2025, which highlighted the company’s positioning as an under-the-radar winner in the AI infrastructure space. The company’s stock price has appreciated approximately by 307% since our coverage. This is because the thesis played out as IREN expanded into AI computing. The thesis still stands as IREN remains debt-free and scalable. Anand Capital shares a similar view but emphasizes BMNR’s Ethereum-centric strategy.

Bitmine Immersion Technologies, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held BMNR at the end of the second quarter which was 0 in the previous quarter. While we acknowledge the potential of BMNR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.