We came across a bullish thesis on Bitmine Immersion Technologies, Inc. on TopSecretStocks’s Substack. In this article, we will summarize the bulls’ thesis on BMNR. Bitmine Immersion Technologies, Inc.’s share was trading at $19.47 as of February 11th.
BitMine is an Ethereum-focused digital asset treasury company led by Thomas J. Lee, CFA, who serves as Chairman of the Board. The company’s strategy is anchored in what management calls “The Alchemy of 5%,” a long-term objective to accumulate 5% of the total Ethereum network. BitMine is currently positioned as the world’s largest Ethereum Treasury company, holding more than 2.9% of all ETH in circulation, which gives it unparalleled scale and influence within the Ethereum ecosystem. Management views Ethereum as the future backbone of global finance, and BitMine’s model is designed to monetize this conviction through both asset ownership and infrastructure participation.
As an ETH Treasury company, BitMine operates as a core part of crypto infrastructure. Because Ethereum is a proof-of-stake blockchain, BitMine actively secures the network through staking its ETH holdings, generating recurring yield rather than relying solely on asset price appreciation. Through its proprietary America Validator Network (MAVAN), the company earns an approximate 2.9% staking yield, translating into roughly $400 million of annualized income. This combination of balance sheet strength and yield generation differentiates BitMine from more speculative crypto exposure and provides a foundation of operating cash flow.
Within the broader Digital Asset Treasury (DAT) market, BitMine ranks second in both size and liquidity and, alongside MicroStrategy, accounts for over 92% of total DAT trading volume, underscoring its institutional relevance. The company is also highly liquid, ranking #39 globally by five-day average daily dollar volume.
Looking ahead, BitMine plans to continue expanding its ETH ownership toward the 5% target, scale MAVAN staking operations, and selectively pursue “BitMine MoonShots,” small, high-conviction investments designed to enhance long-term Ethereum network value. Collectively, these factors position BitMine as a leveraged, income-generating, and strategically critical vehicle for investors seeking concentrated exposure to Ethereum’s long-term adoption.
Previously, we covered a bullish thesis on IREN Limited (IREN) by Anxious-Criticism652 in May 2025, which highlighted the company’s transition from Bitcoin mining to AI cloud infrastructure, zero-debt balance sheet, scalable power capacity, and high-margin GPU deployments. IREN’s stock price has appreciated by approximately 367.87% since our coverage. TopSecretStocks shares a similar but emphasizes on Ethereum treasury accumulation and staking yield generation through Bitmine Immersion Technologies, Inc.
Bitmine Immersion Technologies, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held BMNR at the end of the third quarter which was 2 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.
