BitMine’s nearly 4M ETH treasury puts its late-2025 stock valuation under the microscope

As of mid-December 2025, BitMine Immersion Technologies reported holding 3,967,210 ETH, plus Bitcoin, cash and an equity stake, with total crypto and cash assets of about $13.2 billion-$13.3 billion. Its market capitalization of roughly $13 billion leaves the stock trading largely as a proxy for its digital asset treasury, making dilution, full balance sheet details and shifting accounting rules central to how investors judge BMNR’s equity value.