BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)

Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset. Through equity and other capital markets transactions, it gives investors indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH in its corporate treasury. From 2021 through mid-2025, the company built and operated immersion-cooling sites, conducted self-mining, provided hosting and mining-as-a-service, and leased and sold equipment. Beginning in the third calendar quarter of 2025, management shifted the business toward digital asset ecosystem services (including consulting and advisory) and disciplined treasury management, while winding down proprietary self-mining and deferring new site buildouts.

The business combines an ETH-anchored treasury with an operating platform historically centered on BTC mining and hosting. The ETH Treasury Strategy seeks to accumulate and hold ETH long term, with controls over custody, counterparty exposure and liquidity, and may include staking, restaking, liquid staking and other yield activities where risk-adjusted returns, liquidity and regulatory considerations are acceptable. The company also holds BTC, which it views as a long-term investment, and keeps the flexibility to mine or hold BTC. Its BTC mining currently places miners with third-party hosting firms because it lacks data center capacity, though it plans to build its own data centers over the long term. Other activities include BTC ecosystem consulting and advisory, equipment leasing, and facilitation of third-party power and hosting arrangements. Its legacy mining-as-a-service offering provided hardware sales and deployment support, operations management and pool payout optimization, and financial reporting support. As of November 20, 2025, combined digital asset holdings were approximately $8.28 billion, consisting primarily of ETH, with a smaller BTC position, equity interests in certain digital asset companies, and cash. The company describes itself as the world's largest ETH treasury.

Its customers and markets include institutional clients that sought BTC mining exposure through hosting and managed services, as well as investors who gain indirect ETH exposure through its equity. Its strategy is tied to the Ethereum ecosystem, including decentralized finance, tokenization, Layer 2 scaling and institutional adoption. Competitors include public and private companies holding BTC or ETH as treasury assets, digital asset miners and market-making firms, and asset managers offering digital asset products and yield services. Competition turns on access to capital, technology, execution, security, regulatory posture and reputation.

The company uplisted from the OTCQX to the NYSE American in June 2025 and completed an underwritten public offering and private placements in June and July 2025. In July 2025 it set up an ATM Program of up to $20 million of common stock under a shelf registration. Thomas J. Lee became Chairman in June 2025. As of August 31, 2025, it had three employees (CEO, CFO and President) and four dedicated contractors. It stresses custody, cybersecurity and counterparty oversight, and monitors regulation by the SEC, CFTC, FinCEN and IRS. Its website is www.bitminetech.io.