Key takeaways
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Large market players are gradually reducing their exposure, creating sustained selling pressure on Bitcoin, Ether and XRP.
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Global macroeconomic tightening, including expectations of rate hikes from the Bank of Japan and muted reactions to Fed cuts, are weighing on risk appetite.
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Buyer demand is weakening, with slower cash accumulation and fewer aggressive buyers falling than in previous cycles.
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Bitcoin is testing critical long-term technical levels that have historically preceded extended pullbacks.
BitMine Immersion Technologies (ticker: BMNR) reported holding 3,967,210 Ether (ETH) as of December 14, 2025. Along with its Ether position, the company disclosed holdings of 193 Bitcoin (BTC), a $38 million stake in Eightco Holdings (Nasdaq: ORBS), and $1 billion in cash.
Overall, BitMine described its combined “crypto + total cash + moonshots” holdings as worth approximately $13.2 billion to $13.3 billion at the time of writing.
The overall figure of almost 4 million ETH stands out immediately.
But what really matters is not just the size of the cryptocurrency stack; it’s how that stack compares to the value the public market places on BitMine stock.
Overview of BitMine valuation at the end of December 2025
For companies that primarily act as crypto treasuries, discussions about valuation tend to start with a simple question: How much is crypto worth, and how does that compare to the company’s market cap once the number of shares is taken into account?
At the end of December 2025, BitMine Immersion Technologies (BMNR) was valued by the public market at approximately $13 billion, with shares trading between $30 and $30 and an estimated 425.8 million shares outstanding.
On December 17, the company added another $140 million in ETH to its Ether stack, according to Arkham.
This valuation puts the company in an unusual position: its market capitalization is largely 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 traditional operational metrics and more influenced by the market value of its digital asset treasury, expectations regarding dilution from prior funding, and how investors evaluate a publicly traded proxy for ETH exposure.
Although the stock has generated strong gains over the past year, valuation screens and third-party models indicate that it is trading at high multiples to current earnings, reflecting the market’s desire to value BMNR primarily as a large-scale crypto treasury vehicle rather than a conventional operating company.
Treasury Valuation and Why Dilution Matters
Since BMNR is a publicly traded stock, its market capitalization is simple: stock price times shares outstanding. But the count of shares is not a trivial detail; it is essential to understand what each action actually represents.
BitMine’s 2025 funding activity included a private investment in a public equity transaction. As noted in filings with the United States Securities and Exchange Commission, the transaction involved the issuance of 36,309,592 shares at $4.50 per share, as well as pre-funded warrants exercisable into up to 11,006,444 additional shares, as well as other warrant packages related to the same financing.
For investors and traders interested in crypto treasury companies, the key point is simple. What matters is how much of the crypto treasury each stock represents. This depends on the number of shares and share equivalents in existence.
A company can significantly increase its ETH holdings. At the same time, it can also increase the number of shares outstanding. When this happens, the treasury stock value per share may not increase. The size of crypto holdings and the number of shares are important.
In other words, a growing ETH balance does not automatically translate into a proportional increase in value per share.
Why “4 million ETH” does not settle the valuation debate
Even with unusually transparent crypto disclosures, a clear NAV comparison still requires the full balance sheet to be meaningful.
This includes:
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Assets, such as ETH, BTC, cash, stock holdings, and any operating assets
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Liabilities, including debts, accounts payable, lease obligations or other claims ranking higher than common equity
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Fully diluted number of shares, which includes outstanding shares as well as exercisable warrants and pre-funded warrants.
A snapshot of a press release provides clarity on assets, but it does not alone resolve questions regarding liabilities or total dilution.
What it establishes is something more structural: BitMine’s ETH position is now large enough that the company’s stock 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 returns; it is a mechanical reality of scale.
Accounting and disclosure implications
There is another layer to note. In the United States, accounting rules for crypto assets have changed. In accordance with updated standards published by the Financial Accounting Standards Board, many crypto assets are now valued at fair value, with the changes impacting directly on the bottom line for fiscal years beginning after mid-December 2024.
For a company holding billions of dollars of ETH, this means that fluctuations in cryptocurrency prices can translate into significant swings in reported profits, even if the company doesn’t sell any tokens. As a result, some investors may rely more on asset value frameworks rather than traditional earnings-based multiples when thinking about valuation.
Furthermore, U.S. regulators have consistently emphasized that issuers related to cryptocurrencies face significant risks, including price volatility, custody and cybersecurity issues, and risks related to market structure. These risks don’t disappear just because crypto is on companies’ balance sheets.
What BitMine Valuation Signals for ETH Investors
For Ether investors, the valuation of BMNR shares matters less as a signal about ETH fundamentals and more as a thinking mechanism.
BitMine holds around 4 million ETH. For this reason, its stocks increasingly serve as a corporate proxy for ETH exposure. When the price of ETH moves, BMNR shares tend to move with it.
However, the stock is also affected by factors that ETH investors don’t typically face. These include share dilution, financing structure, liabilities and disclosure risk. As a result, changes in BMNR’s stock price may amplify or distort ETH price movements rather than clearly reflecting them.
In practical terms, BMNR may attract capital seeking exposure to ETH via public markets, but it does not represent additional on-chain demand or a clear price signal for Ether itself. Instead, it highlights how ETH fits into traditional equity structures, where company decisions, not protocol fundamentals, increasingly determine the pricing of that exposure.
