Key conclusions

• Vast market participants continue to reduce exposure, creating sustained selling pressure on Bitcoin, Ether and XRP.

• The global tightening of macroeconomic policy, including expectations of an augment in the Bank of Japan’s interest rates and muted reactions to Fed cuts, has a negative impact on risk appetite.

• Buyer demand is weakening, with slower Treasury accumulation and fewer aggressive downside buyers than in previous cycles.

• Bitcoin is testing critical long-term technical levels that have historically preceded extended drawdowns.

BitMine Immersion Technologies (symbol: BMNR) reported that it held 3,967,210 Ether (ETH) as of December 14, 2025. In addition to its position in Ether, the company disclosed holdings of 193 Bitcoins (BTC), a $38 million equity stake in Eightco Holdings (Nasdaq: ORBS) and $1 billion in cash.

All told, BitMine described its combined holdings of “crypto + total cash + moonshots” as being worth approximately $13.2 billion – $13.3 billion at the time of writing.

The main figure that immediately stands out is almost 4 million ETH.

But it’s not just the size of the cryptocurrency stack that really matters; is a comparison of this stack to the value that the public market assigns to BitMine shares.

BitMine Valuation Snapshot as of December 2025

For companies that operate primarily as crypto vaults, valuation discussions typically start with a plain question: What is the value of cryptocurrencies, and how does that relate to the company’s market capitalization after taking into account the number of shares outstanding?

As of slow December 2025, BitMine Immersion Technologies (BMNR) is valuable through the public market at a price of approximately $13 billion, with shares trading in the low to mid-$30s and an estimated 425.8 million shares outstanding.

On December 17, the company added another $140 million in ETH to its ETH stack, According to to Arkham.

This valuation puts the company in an unusual position: its market capitalization is broadly comparable to the reported market value of its crypto and cash holdings, led by almost 4 million ETH.

As a result, BMNR’s valuation is less anchored to customary operating metrics and more dependent on the market value of its digital asset vault, dilution expectations from prior funding, and how investors value the listed proxy for ETH exposure.

While the company’s stock has seen significant gains over the past year, valuation screens and third-party models indicate it is trading at elevated multiples on current earnings, reflecting the market’s willingness to value BMNR primarily as a large-scale crypto asset rather than a conventional operating company.

Treasury-style valuation and why dilution matters

Because BMNR is a publicly traded stock, its market capitalization is plain: share price multiplied by shares outstanding. But the number of shares is not a inconsequential detail; is crucial to understanding what each share actually represents.

BitMine’s financing activities in 2025 included a private investment in a transaction with public capital. As disclosed in U.S. Securities and Exchange Commission filings, the transaction involved issuance of 36,309,592 shares at USD 4.50 per share together with pre-financed warrants exercisable up to 11,006,444 additional shares and other packages of warrants related to the same financing.

For investors and operators looking at treasury cryptocurrency companies, the key point is plain. What matters is how much cryptocurrency treasure each share represents. This depends on the number of existing shares and their equivalents.

The company can significantly augment its ETH holdings. At the same time, it can also augment the number of shares outstanding. When this happens, the treasury’s per-share value may not augment. Both the size of cryptocurrency holdings and the number of shares matter.

In other words, a growing ETH balance does not automatically translate into a proportional augment in value per share.

Why “4 Million ETH” Doesn’t Settle the Valuation Debate

Even with extremely lucid cryptocurrency disclosures, a immaculate net asset value-style comparison still requires the full balance sheet to be meaningful.

This includes:

• Assets such as ETH, BTC, cash, equity shares, and any operating assets

• Liabilities, including debt, obligations, lease obligations or other claims preferential to equity

• Fully diluted share count, which includes outstanding shares and exercisable warrants and pre-financed warrants.

Press release snapshot it provides transparency on the asset side, but does not in itself address liability or full dilution issues.

However, it establishes something more structural: BitMine’s position in ETH is currently huge enough that the company’s equity value is closely tied to ETH price movements simply because the stake size is comparable to the company’s total market capitalization.

This link is not a prediction of future prices or earnings; it is the mechanical reality of scale.

Accounting and disclosure consequences

There is one more layer worth paying attention to. In the US, the rules for accounting for cryptographic assets have changed. In line with updated standards released by the Financial Accounting Standards Board, many crypto assets are now measured at fair value, with changes flowing directly through net income for tax years beginning after mid-December 2024.

For a company with billions of dollars worth of ETH, this means that cryptocurrency price fluctuations can translate into significant fluctuations in reported profits, even if the company does not sell any tokens. As a result, some investors may rely more on an asset value framework than on customary earnings-based multiples when thinking about valuation.

Separately, US regulators have consistently emphasized that issuers related to cryptocurrencies face material risks, including price volatility, custody and cybersecurity issues, and market structure risks. This risk does not disappear simply because cryptocurrency is held on a company’s balance sheet.

What BitMine valuation signals for ETH investors

For Ether investors, the BMNR stock valuation matters less as a signal about ETH’s fundamentals and more as a reflection mechanism.

BitMine holds approximately 4 million ETH. For this reason, company shares are increasingly acting as a corporate proxy for ETH exposure. When the price of ETH changes, BMNR stock tends to move along with it.

However, stocks are also influenced by factors that ETH investors don’t typically deal with. These include share dilution, financing structure, liabilities and disclosure risks. As a result, BMNR stock price movements may amplify or distort ETH price movements, rather than clearly reflecting them.

In practice, BMNR may attract capital seeking exposure to ETH via public markets, but it does not represent incremental on-chain demand or a pure price signal for Ether itself. Instead, it highlights how ETH is becoming embedded in customary capital structures, where corporate decisions, rather than protocol fundamentals, increasingly shape how this exposure is valued.