BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm chaired by Wall Street veteran Tom Lee founder of Fundstrat Global Advisors, announced its fiscal year 2025 results.
The company reported strong financials despite a challenging crypto market, including net income of $328 million and fully diluted earnings per share (EPS) of $13.39. In a notable move, BitMine declared its first annual dividend of $0.01 per share, positioning it as the first large-cap crypto company to offer regular shareholder distributions.
This comes amid a dip in the firm’s multiple to net asset value (mNAV) for its ETH treasury, which has fallen below 1.0x due to Ethereum’s price weakness. Approximately $11.53 billion 3.4+ million ETH + minor BTC, but with ~$4.52 billion unrealized loss at current prices
mNAV Ratio.
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Below 1.0x market cap < net asset value of ETH treasury. Stock is trading ~$26.49 up slightly intraday; down ~80% from July 2025 peak of $135, but +258% YTD. The multiple to net asset value (mNAV) measures a company’s market capitalization relative to the fair value of its underlying assets here, primarily ETH holdings, net of liabilities.
An mNAV below 1.0x means the stock is trading at a discount to the value of its crypto treasury—essentially, investors are getting the ETH exposure “on sale.” Ethereum (ETH) is trading around $2,730 as of November 21, 2025, near multi-month lows after a broader crypto selloff.
This has compressed valuations across ETH-treasury firms: the sector’s combined market cap fell from $176 billion in July to ~$99 billion today. BitMine, the world’s largest public ETH treasury aiming for 5% of total ETH supply, holds ~3.4 million ETH but faces significant unrealized losses.
Similar pressures hit peers like Strategy, the largest overall crypto treasury. Recent capital raises > $10 billion for ETH buys have left equity holders exposed in this downturn. The modest $0.01 payout signals a shift toward traditional value-return mechanisms, aiming to attract conservative investors, boost shareholder loyalty, and signal confidence amid volatility.
Tom Lee emphasized BitMine’s positioning for 2026, noting the dividend reflects “commitment to create shareholder value.”
BitMine plans to roll out its “Made in America Validator Network” (MAVAN) in Q1 2026—a U.S.-based Ethereum staking infrastructure.
This will generate yield on its ETH holdings potentially 3-5% APY, diversifying beyond accumulation. A pilot with top providers (e.g., via partnerships) is underway. The firm continues Bitcoin mining in Trinidad and Texas, blending it with its ETH focus.
Supported by heavyweights like ARK Invest’s Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera Capital, Kraken, Bill Miller III, and Tom Lee himself. BMNR shares ticked up modestly on the announcement but remain volatile, reflecting the sector’s ~50% drop in the past 30 days.
Despite the pressures, Lee has urged “buy the dip” on ETH, citing record U.S. equity ETF inflows ~$47+ billion as a bullish signal for risk assets. He views the mNAV compression as a buying opportunity, with staking set to enhance returns.
Sustainability of the dividend hinges on ETH recovery; prolonged weakness could strain payouts. Forward-looking elements (e.g., 5% ETH goal, staking yields) depend on market conditions and tech execution. BitMine’s annual shareholder meeting is scheduled for January 15, 2026, at the Wynn Las Vegas.
This development underscores the maturation of crypto treasuries, blending yield strategies with traditional finance tools.
A Look Into US Investigation into Bitmain Over Rising Energy Consumption
The Bloomberg report, reveals a federal probe into Bitmain Technologies Ltd., the Beijing-based company that dominates the global Bitcoin mining hardware market producing the majority of the world’s ASIC miners.
The investigation, internally dubbed “Operation Red Sunset,” is led by the Department of Homeland Security (DHS) with involvement from the National Security Council. It spans the late Biden administration and into the early Trump term, focusing on whether Bitmain’s machines could be exploited for espionage, remote sabotage, or disruptions to the US power grid.
The probe gained urgency last year after Bitmain equipment was installed at a mining site near a US military base, prompting “significant national security concerns” in a federal review. A July 2025 Senate Intelligence Committee document highlighted “several disturbing vulnerabilities,” including the potential for remote control from China.
This echoes past actions, such as the 2019 scrutiny of Chinese mining firms and a May 2024 Biden-era block on a crypto mining facility near a Wyoming nuclear missile base due to foreign equipment risks. The Committee on Foreign Investment in the United States (CFIUS) has warned that such devices near sensitive sites could enable surveillance.
Authorities seized Bitmain hardware imports starting last autumn held by US Customs and Border Protection until March 2025. In some instances, officials disassembled ASICs to inspect chips and code for malicious features. The inquiry also touched on possible tariff and import violations.
Trump Family Connection
The timing has amplified political scrutiny, as American Bitcoin—a mining venture backed by Donald Trump Jr. and Eric Trump—purchased 16,000 Bitmain machines in August 2025 for $314 million (paid in Bitcoin). The company plans to deploy 76,000 such rigs across the US and Canada.
A spokesperson for American Bitcoin emphasized rigorous security testing, stating no remote access vulnerabilities were found and that the firm prioritizes “national security, grid stability, and operational security.”
Bitmain categorically denies the allegations, calling claims of remote control “unequivocally false.” The company asserts it “strictly complies with U.S. and applicable laws and regulations,” has “no connection to the Chinese government,” and is unaware of the probe. It attributes prior hardware detentions to unrelated FCC issues, with “nothing out of the ordinary” discovered.
DHS has declined to comment on the “open and active” investigation, and no findings have been publicly disclosed. The probe’s outcome remains unclear, but it underscores US-China tensions in critical tech sectors, including crypto mining.
With Chinese firms like Bitmain holding ~80% market share, potential restrictions could disrupt US miners, spurring calls for domestic alternatives though none yet compete effectively. GOP Rep. Zach Nunn has urged CFIUS to review foreign mining chips more broadly.
ForkLog highlighted the probe as a “potential threat to national security.” Nexus News AI summarized it as a risk over “alleged remote capabilities.” This development could influence Bitcoin mining’s US footprint, especially amid rising energy demands and geopolitical strains.
US miners, heavily reliant on Bitmain’s Antminer series, face heightened risks of import delays, seizures, or outright bans. Earlier this year, US Customs and Border Protection already detained thousands of Bitmain ASICs, causing operational halts for some firms.
If restrictions expand, hashrate distribution could shift, temporarily reducing US mining capacity and increasing costs by 20-50% as operators pivot to pricier alternatives. Mining rigs consume massive electricity up to 3,000W per unit, and concerns over remote sabotage could lead to stricter siting rules—prohibiting deployments near power plants or military sites.
This echoes the May 2024 Biden-era block on a Wyoming facility near a nuclear base. GOP Rep. Zach Nunn has called for broader CFIUS reviews of foreign chips, potentially delaying expansions amid rising US energy demands from AI and crypto.
American Bitcoin’s $314 million purchase of 16,000 Bitmain rigs for deployment across the US and Canada has politicized the issue. While the firm claims “rigorous security testing” found no vulnerabilities, any adverse findings could embarrass the Trump-backed venture, forcing a costly hardware swap and eroding investor confidence in “America-first” crypto initiatives.