Summary Bitmine is aggressively building an Ethereum stake, aiming for 5% of all ETH and currently holding 4.168 million tokens. To fund its purchases, Bitmine has heavily diluted shareholders, taking shares outstanding from 4.3 million to 455 million in under a year. Bitmine announced a $200 million equity investment in Beast Industries, marking its second venture investment after Eightco Holdings. During 2025, one of the more intriguing names in the market was Bitmine Immersion Technologies ( BMNR ). The company quickly went from a relatively small firm to one with a double-digit billion market cap in just a couple of quarters. Bitmine was initially focused on purchasing the cryptocurrency Ethereum, of which it hopes to one day own 5%, but it has started to branch out into other meaningful investments. With the company releasing some quarterly data last week as well as holding its shareholder meeting, I'm here today to update where things stand. Previous Coverage of the Name My most recent article on Bitmine Immersion came back in October, at which point the company had recently passed the halfway point of its target to own 5% of Ethereum. I discussed how the company had planned on selling a lot of its own shares to raise capital for these purchases and how management thought that Ethereum was undervalued compared to Bitcoin based on historical trading patterns. Since that article, Bitmine shares have lost more than 45% of their value, compared to a more than 4% rise in the S&P 500. Ethereum Stake Builds As of last Monday, the company was nearly 70% of the way to its goal of holding 5% of all Ethereum. At that time, Bitmine held almost 4.168 million Ethereum, as well as nearly $1 billion in cash, as well as some Bitcoin and its "moonshots", or other investments. The company has also staked more than 1.25 million Ethereum already, and it earns money from this process that could eventually get to around $500 million in pre-tax income a year or more. To achieve this large stake in Ethereum, Bitmine has significantly diluted investors over time. In last week's 10-Q filing , the company detailed that it had nearly 455 million shares outstanding as of January 12th, a more than 100-fold increase from the just over 4.3 million shares that were outstanding as of July 1st of last year. As of last week, the company had about $3.1 billion left on its equity sales program to raise additional capital when needed. The 10-Q filing also showed the company's results for the three-month period ending at the end of November 2025. Total revenues came in at about $2.3 million, nearly double what was seen a year earlier. However, due to large general and administrative expenses, along with a large write-down on its crypto holdings, the company's operating loss was nearly $5.5 billion. Cash burn was a little more than $228 million in the period, but I'm not worried about that in the near term since the company is constantly raising money through that equity sales program. A New Use of Capital Before the company's shareholder meeting started, we got major news from Bitmine. It was announced on Thursday morning that the company would be making a $200 million equity investment in Beast Industries. For those unfamiliar with Beast Industries, it is the company founded by YouTube creator Jimmy Donaldson, also known as MrBeast. In addition to its entertainment offerings, including Beast Games that is streamed on Amazon ( AMZN ) Prime, the company is likely in your local grocery store with its Feastables snack brand. This is the second investment for Bitmine, but a much bigger one, after its September 2025 purchase of $20 million in Eightco Holdings ( ORBS ), a company looking to hold 800 million Worldcoin tokens. According to Google, Eightco is advancing the AI revolution by building a technology infrastructure layer essential to the future of authentication, verification, and Proof of Human ("PoH"). So far, Bitmine has had a nice gain on its purchase of ORBS shares at $1.46, although they were doing much better a few months ago. Thoughts on the Shareholder Meeting The Beast Industries investment was made to coincide with the company's first shareholder meeting that took place last week, a livestream of which can be seen here . A good portion of the meeting was just reviewing updates of presentations that the company has shown off before, detailing why it thinks Ethereum prices will soar and such. While the company has not yet released totals for the votes that took place, it does appear that they suggested the initial results said all efforts passed. This would include dramatically increasing the authorized share count from 500 million to 50 billion, allowing for future stock sales to continue for more Ethereum and other purchases. Perhaps my biggest takeaway from the meeting is that Bitmine is going to have its "moonshots", or other bets, be up to 5% of its portfolio. It's already made the two investments I've detailed above, but that percentage of its current portfolio would mean about $750 million in total. That number should grow quite a bit more as the company gets to its 5% of Ethereum target, meaning it could eventually spend over $1 billion on other investments. For investors, this does provide some diversification when owning BMNR shares, as opposed to the stock being 100% reliant on Ethereum. The Current Valuation Picture Given last week's finish and the updated share count shown above, Bitmine finished last week with a market cap of about $14.15 billion. This assumes no shares were sold during the week, which would obviously push the number higher. Given the Bitcoin and Ethereum positions mentioned in last Monday's update that I cited above, the total value of Bitmine's cash, investments, and crypto holdings as of this weekend was a little north of $15 billion. This is before counting any gains or losses on any potential new positions that were added during the week. Interestingly enough, this basically means that Bitmine shares are trading at a little bit of a discount to their overall cash and crypto holdings. When I last covered the name, the stock was trading at a premium in the high teens, or even low 20s, percentage-wise, depending on what the share count actually was at that moment in time. When I first covered this stock a few months before that, the premium was more than double. Final Thoughts and Recommendation Last week was an interesting one for Bitmine Immersion, as the company made its first major investment outside of Ethereum. The company bought a $200 million stake in Beast Industries, the first of what appears to be many purchases that take aim at the continually changing financial landscape and today's largest creators. Bitmine is also making solid progress on its quest to own 5% of Ethereum, and it hopes to hit that target this year. Shares now trade at a discount to the entire asset base here, as investors have been a little wary of this space in recent months. I'm continuing to rate this stock as a hold here today. As I've said multiple times previously and with others like Strategy ( MSTR ), your view of the stock here depends on how you view the crypto space. If you are a long-term believer that the prices of Ethereum, Bitcoin, etc., will soar, then this is a name you may want to be in, although you might be better off just buying an ETF focused on a specific cryptocurrency.