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Bitmine Immersion Technologies is a crypto treasury company similar to Strategy (formerly MicroStrategy).
The company is aiming to raise funds through common stock offerings to buy Ethereum.
It is now trading at a discount to its cryptocurrency assets, which presents a dilemma for the business.
Shares of Bitmine Immersion Technologies (NYSEMKT: BMNR) rose an astonishing 248% in 2025, according to data from S&P Global Market Intelligence. The company essentially restarted its business model as it took on new management from high-profile investors and financial media personalities, raising funds through stock offerings to buy Ethereum.
The stock is up big, but down 77% from all-time highs set earlier in 2025. Here's why it was up so much in 2025, and whether shares are a buy right now.
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Bitmine Immersion Technologies is a cryptocurrency treasury company, meaning it raises money to buy crypto assets. Instead of buying Bitcoin like Strategy (formerly MicroStrategy), Bitmine Immersion Technologies is investing in Ethereum. The company started off with a bang by bringing on financial media personalities and analysts Tom Lee and Dan Ives to the project. Ives is spearheading an investment in Worldcoin.
After raising funds through common stock offerings, Bitmine now owns over 1 million Ethereum tokens plus other cryptocurrencies worth $14 billion as of its latest press release today, January 12th, 2026. The stock now trades at a discount to these holdings, with a market cap of $12.9 billion as of this writing.
In order to keep up its pace of investments, Bitmine is looking to raise the limit of its total shares outstanding from 500 million to 50 billion, a 100x increase that will allow it to keep selling stock to buy more Ethereum. This is an aggressive play by the company as it looks to buy up as much Ethereum as it possibly can. To do so, it will have to dilute existing shareholders or turn to the debt markets.
Image source: Getty Images.
Cryptocurrency treasury companies operate with a bit of a Catch-22. If they trade at a premium to their cryptocurrency holdings, they can sell more stock at a premium to buy more cryptocurrencies, which will lead to an increase in per-share crypto value. However, this means you are buying a stock that is overvalued compared to its current net asset value (NAV).
If they trade at a discount to their NAV -- like Bitmine Immersion Technologies right now -- the stock may look cheap compared to current crypto prices, but it takes away the company's ability to buy more cryptocurrencies in an efficient manner through selling new shares of stock. Plus, cryptocurrencies are generally highly volatile, historically going through major drawdowns from time to time.
All these factors should keep investors away from Bitmine Immersion Technologies stock right now. The company has not created a perpetual motion machine, no matter what its proponents may claim.
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Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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