Summary Bitmine Immersion Technologies has rapidly built a massive Ethereum-focused crypto treasury, now valued at nearly $11 billion. The corporate strategy mirrors Strategy's bitcoin playbook: raising capital by selling shares and using leverage to acquire more ether. The stock trades at a significant premium to NAV, relying on continued ETH price appreciation and aggressive share issuance at a premium valuation to fuel growth. The strategy faces risks of potential sharp declines in crypto prices, which could quickly erode NAV and expose BMNR to losses. Bitmine Immersion Technologies, Inc. ( BMNR ) is a newly formed entity working on building the world's premium Ethereum treasury. The company lists itself as the #2 global crypto treasury behind Strategy ( MSTR ) in a generally new market strategy to boost NAV via acquiring crypto. My investment thesis is slightly Bullish on the stock up above $60 based on momentum in the crypto treasury concept. Source: Finviz Exponential Growth In just months, BitMine has gone from limited mining equipment a few months ago to nearly $11 billion in crypto assets. The company lists the following crypto assets as of September 14: Ethereum ( ETH-USD ) - 2,151,676 tokens Bitcoin ( BTC-USD ) - 192 tokens Eightco ( ORBS ) - 13.7 million units Cash - $569 million With Ethereum trading at just below $4,500 per token now, BitMine has a massive position worth ~$9.7 billion. The other positions are relatively small in comparison. Source: TradingView BitMine acquires new tokens via selling shares and will potentially sell convertible debt in the future. The company intends to continue selling shares at a premium to raise NAV, which naturally works well when the underlying crypto asset rises. The company raised $250 million in a private placement back in June to launch the Ethereum treasury and concept and within weeks had the cash to acquire $500 million worth of ETH. The digital asset traded at just around $3K at that point has now risen more than 50% in just a few months. The company is run by Chairman Tom Lee of Fundstrat, who has become like an evangelist for Ethereum. In his view, the crypto is a leader in blcokchain technology and AI agents leading to much higher prices in the future. Tom Lee is closely following the plan that pushed Strategy to massive gains. Strategy focused on a bitcoin treasury strategy and has accumulate Bitcoins while boosting the debt to an incredible level. BitMine has the philosophy that the treasury stock plan will drive excess gains, similar to Strategy. The stock is up 25x versus only a 10x gain in the spot price of bitcoin since the plan launched back in 2020. Source: BitMine Immersion Sept. '25 presentation Naturally, a big part of the initial success story is the crypto asset having a major buyer like BitMine Immersion driving higher Ethereum prices due to being a constant buyer. As in this case, Tom Lee is an influential analyst constantly given air time on major media like CNBC . Chairman Tom Lee makes a compelling case for a big Ethereum rally due to the ratio between ETH and BTC over time. Ethereum has become a more viable digital asset due to the dominance in stablecoins and real world payment opportunities to the make the coin potentially more valuable. Under this scenario, the forecast is for Ethereum to rally from ~$4,500 now to $62,500 over time based on a BTC price rally to $250K. In addition, the forecast is for the ratio to close with ETH becoming more valuable compared to BTC due to the payments potential. Source: BitMine Immersion Sept. '25 presentation NAV Boost BitMine Immersion has boosted the diluted share count from 67 million shares on launching this Ethereum treasury strategy on July 14 and now has reached 260+ million shares. One of the initial issues with the treasury concept via selling shares is that the company hasn't done a great job of reporting the updated share counts. The stock valuation has now surged to $10.6 billion, in essence inline with the crypto holdings. BitMine started off with a NAV of only $4 based on the 67 million shares after closing the $250 million private placement to a NAV of $23 per share in just 19 days. Source: BitMine Immersion Sept. '25 presentation As of August 25, the BitMine fully diluted shares outstanding was 221,515,180. The company boosted the NAV to $39.84 per share with a crypto plus cash holdings of $8.8 billion. BitMine has now boosted the holdings to $10.8 billion. The company has grown the holdings value by $2+ billion in the period when ETH is down ~$300 from $4,800, suggesting somewhere around 40 million shares were sold to push the shares outstanding to at least 260 million. The NAV is around $41 per share and the stock trades at $61 to close the week. BitMine can continue selling shares at a huge premium and using the money to buy more ETH, which works week if the crypto price continues to rally. Ethereum has a current advantage of being the focus of the majority of stablecoins. The U.S. government just approved the Genius Act, which moves forward the stablecoins concept to a potential $2 trillion opportunity in the future. The big risk is naturally crypto prices falling and turning around to where the NAV dips in a huge disconnect from the stock trading at a premium. As is the case in Strategy, a big issue arises when crypto prices fall, especially after Strategy buys tokens above $100K and raised the average cost far above the original $11K purchase price of BTC. The company could easily find itself with bitcoin trading at the same price in the future as the average purchase price despite the price rising substantially above the original price. BitMine has definitely made a compelling case for a further rally in Ethereum. Under this scenario, the stock will end up much higher and the NAV will rise substantially, though a lot is unknown about the financials of the business such as any revenue generated by Ethereum staking. Takeaway The key investor takeaway is that BitMine Immersion is a risky play using the new crypto treasury concept. The company has successfully implemented the strategy over the last few months and the potential exists to ride Ethereum much higher similar to how Strategy did with bitcoin considering Ethereum is only back to 2021 highs while bitcoin has soared.