BMNR stock sees bids as BlackRock, BofA add despite ETH loss

Major Wall Street institutions are adding to BMNR stock even as BitMine Immersion Technologies reports drawdowns in its Ethereum (ETH) treasury. The accumulation by BlackRock and Bank of America suggests confidence in the company’s ETH-centered approach despite ongoing volatility and unrealized losses.

BlackRock and Bank of America increased BMNR to back ETH strategy

According to Finviz, BlackRock boosted its BMNR position by roughly 165.6% in Q4 2025 to about 9 million shares, implying a material vote of confidence in the issuer’s ETH-focused strategy. The scale of that increase indicates an institutional thesis that the company’s balance-sheet exposure to Ethereum may reward patience across cycles rather than quarters.

As reported by CoinGape, Bank of America also expanded its BMNR holdings despite the firm’s reported losses tied to its BitMine treasury, with the move framed as continued institutional confidence. The pattern of accumulation, alongside other large financial players previously noted, helps explain the bid for shares even as the ETH-linked drawdown persists.

BitMine operates a model centered on ETH treasury operations while also providing digital-asset ecosystem services, including BTC-related advisory and hosting arrangements. The company has emphasized disciplined treasury management while winding down proprietary self-mining and deferring new site buildouts, aligning operating priorities to the balance-sheet strategy.

What this means for BMNR’s valuation and institutional ownership

BMNR’s equity valuation remains highly sensitive to movements in Ethereum, because the company’s strategy is designed to track ETH cycles through its treasury. In practice, this can create a premium or discount to net asset value (NAV), the market price reflecting investor expectations about future ETH performance, staking yields, and execution risk beyond the spot value of holdings.

Rising institutional ownership can stabilize the shareholder base and deepen liquidity, yet it may also amplify directional moves when positioning is crowded or when macro crypto sentiment shifts. The net effect on valuation depends on how concentrated these positions become and whether capital allocators remain comfortable with ETH-driven earnings variability.

At the time of this writing, BMNR traded around $19.69 after hours, compared with a prior close near $19.47, within a 52-week range of $3.92 to $161.00. The company’s market capitalization was approximately $8.856 billion, with recent volume of about 30.8 million shares versus an average near 47.8 million, and EPS of -0.93 on a 5-year beta of 1.24; figures reflect a delayed NYSE American quote and are provided for context only.

Company leadership has characterized the current ETH-treasury drawdown as a function of crypto market cycles, rather than a failure of the underlying thesis. “Unrealized losses are natural when ETH itself is falling,” said Tom Lee, Chairman of BitMine.

Core risks: ETH volatility, dilution, and revenue diversification

ETH volatility is the central risk to the BMNR model. Sharp drawdowns can compress equity value through both direct balance-sheet marks and multiple contraction if investors demand a larger risk premium for crypto-tied earnings and cash flows.

Frequent or sizable share issuance could dilute existing holders, particularly if used to expand the treasury during periods when the equity trades at limited or no premium to NAV. In such conditions, the path to growing ETH per share can be challenged, and the market may reassess the sustainability of equity-funded accumulation.

The company is working to diversify revenue via digital-asset ecosystem services, BTC-related advisory and leasing, and third‑party power and hosting facilitation. Execution here matters: recurring, less volatile service income could cushion treasury swings, but dependence on crypto activity and sentiment means these lines may still correlate with broader digital-asset cycles.

Risk assessments have reflected these trade-offs. Weiss Ratings has assigned BMNR a “D” sell rating, citing concerns about large unrealized ETH losses, negative margins, and uncertainty that staking or services revenue will offset treasury risk in weaker markets. Any reassessment of valuation will likely hinge on ETH’s path, treasury risk management, and evidence that non-treasury revenues can scale and persist through cycles.

This article is for informational purposes only and does not constitute investment advice.