Bitmine Immersion Technologies, Inc. (NYSE: BMNR)

Bitmine Immersion Technologies, Inc., is a US 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 the company provides investors with indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within its corporate treasury. From 2021 through mid 2025 the company built and operated sites utilizing immersion cooling conducted self mining provided hosting and mining as a service leased and sold equipment and related infrastructure. Beginning in the third calendar quarter of 2025 management refined the business to prioritize digital asset ecosystem services including consulting and advisory and disciplined digital asset treasury management while winding down proprietary self mining exposure and deferring new site buildouts.

The company generates revenue from digital asset treasury activities including potential staking yields from ETH holdings. It also earns income from BTC mining and hosting services such as hardware sales and deployment support operations management uptime maximization pool payout optimization and financial reporting and compliance. Additionally the company provides consulting and advisory engagements equipment leasing and facilitation of third party power and hosting arrangements.

The company operates through the following segments:

• ETH Treasury Strategy: This segment focuses on accumulating and holding ETH on a long term basis implementing controls over custody counterparty exposure and liquidity and may participate in staking restaking liquid staking and other decentralized finance activities to generate risk adjusted returns.

• BTC Exposure: This segment encompasses BTC mining operations hosting services equipment sales and leasing and advisory engagements related to the Bitcoin ecosystem leveraging immersion cooling expertise and a variable cost structure to provide turnkey solutions for institutional clients.

The company claims to be the largest ETH treasury in the world with combined digital asset holdings of approximately $8,281,532,000 as of November 20 2025 primarily consisting of ETH alongside a smaller BTC position equity interests in certain digital asset companies and cash. Based on publicly available information it ranks as the second largest global treasury behind Strategy Inc. (NASDAQ: MSTR) which holds 641,692 BTC valued at $61 billion. 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 exposure products and yield services. The company believes its public company structure treasury focus technical expertise in immersion cooling and strong custody cybersecurity segregation of duties and counterparty oversight provide differentiation.

The company serves institutional investors seeking indirect exposure to digital assets through its treasury offerings and institutional clients requiring BTC mining hosting and related services. It also works with corporate clients interested in equipment leasing consulting and advisory engagements and third party power and hosting arrangements.