Bitmine Immersion Technologies, Inc. (BMNR): A Bull Case Theory 

We came across a bullish thesis on Bitmine Immersion Technologies, Inc. on Amit’s Substack’s Substack by Amits Deep Dives. In this article, we will summarize the bulls’ thesis on BMNR. Bitmine Immersion Technologies, Inc.’s share was trading at $31.91 as of December 2nd.

Ethereum

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BitMine Immersion Technologies (BMNR) represents one of the most ambitious plays in digital asset investing since MicroStrategy’s Bitcoin strategy, aiming to accumulate 5% of all Ethereum to unlock network effects through proof-of-stake power laws. Led by Tom Lee, BMNR leverages capital markets to accelerate Ethereum accumulation by issuing shares at a premium to net asset value (NAV), enabling accretive dilution that grows ETH per share faster than direct ownership. The firm’s approach mirrors MicroStrategy’s model but applies it to Ethereum, which Lee believes is becoming the backbone of institutional blockchain adoption as Wall Street migrates onto decentralized infrastructure.

Ethereum’s unmatched uptime, smart contract capabilities, and dominance in tokenization and stablecoins make it the preferred choice for institutions like BlackRock and Robinhood, which are already building financial applications on its network. This shift, supported by regulatory clarity through initiatives such as the SEC’s Project Crypto and the Genius Act, underpins Lee’s “1971 moment” thesis—comparing Ethereum’s role in digital finance to the dollar’s ascendancy after leaving the gold standard. BMNR’s execution has been extraordinary, growing ETH per share nearly 10x within weeks of launch and raising over $1 billion weekly, becoming one of the most liquid U.S. equities.

If successful in maintaining its premium, BitMine’s treasury model allows it to compound Ethereum holdings rapidly while generating staking income and governance influence. The 5% ownership target could establish BMNR as the central institutional validator for Ethereum, unlocking future revenue streams from staking-as-a-service and infrastructure partnerships, offering investors an asymmetric exposure to Ethereum’s institutional future.

Previously we covered a bullish thesis on Iris Energy Limited (IREN) by Anxious-Criticism652 in May 2025, which highlighted its shift from Bitcoin mining to AI-driven digital infrastructure. The company’s stock price has appreciated approximately 350.87% since our coverage as the hybrid AI/crypto thesis played out strongly. The thesis still stands as IREN continues scaling compute capacity sustainably. Amit’s Deep Dives shares a similar outlook but emphasizes Ethereum accumulation through Bitmine Immersion Technologies (BMNR).

Bitmine Immersion Technologies, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held BMNR at the end of the second quarter which was 0 in the previous quarter. While we acknowledge the risk and potential of BMNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BMNR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.