State of Michigan Retirement System Takes $3.12 Million Position in BitMine Immersion Technologies, Inc. $BMNR

State of Michigan Retirement System purchased a new stake in shares of BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 60,000 shares of the company’s stock, valued at approximately $3,116,000.

A number of other large investors also recently bought and sold shares of the stock. CNB Bank acquired a new stake in shares of BitMine Immersion Technologies during the 3rd quarter worth approximately $26,000. Quintet Private Bank Europe S.A. purchased a new stake in BitMine Immersion Technologies during the third quarter worth $30,000. Guerra Advisors Inc acquired a new stake in BitMine Immersion Technologies during the third quarter valued at $31,000. HM Payson & Co. acquired a new stake in BitMine Immersion Technologies during the third quarter valued at $35,000. Finally, American Capital Advisory LLC purchased a new position in BitMine Immersion Technologies in the third quarter valued at $36,000.

Key Stories Impacting BitMine Immersion Technologies

Here are the key news stories impacting BitMine Immersion Technologies this week:

• Positive Sentiment: Management continues to buy Ethereum aggressively — recent purchases included roughly 40,000 ETH and an ~$83 million buy, signalling strong conviction in a ETH recovery. Bitmine Aggressively Expands Ethereum Treasury with $83 Million Purchase
• Positive Sentiment: Scale: BitMine reports ETH holdings of ~4.326 million tokens and total crypto + cash holdings of about $10.0 billion — large exposure that could produce outsized gains if ETH recovers. Bitmine Announces ETH Holdings Reach 4.326 Million Tokens
• Positive Sentiment: Bullish narrative from leadership: CEO Tom Lee and company commentary call the ETH decline an attractive entry and foresee a V-shaped recovery, which can attract risk-on investors. Is Ethereum’s 62% Dip an Attractive Entry Point? BitMine’s Tom Lee Thinks So
• Neutral Sentiment: BitMine kept buying despite reporting a very large unrealized loss (reported as roughly $7.5 billion), a mixed signal — it shows capital access but increases mark-to-market volatility and leverage-like exposure. Tom Lee’s BitMine Buys More Ethereum Despite $7.5 Billion Unrealized Loss
• Negative Sentiment: Deeper ETH concentration plus a leadership shake-up triggered investor concern about governance, concentration risk and execution — a primary driver of the share-price decline. Bitmine Immersion Technologies (BMNR) Is Down 10.7% After Deepening Its Massive Ethereum Bet And Leadership Shake-Up
• Negative Sentiment: Analysts and investors are questioning valuation and risk management given the aggressive ETH bet, large mark-to-market losses, and very negative margins — increasing downside if crypto prices stay weak. Bitmine’s Aggressive Ethereum Bet Raises Questions On Risk And Valuation

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BMNR shares. Zacks Research raised shares of BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. B. Riley Financial cut their price objective on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Finally, Cantor Fitzgerald assumed coverage on BitMine Immersion Technologies in a research report on Monday, January 5th. They set an “overweight” rating and a $39.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, BitMine Immersion Technologies currently has a consensus rating of “Buy” and a consensus price target of $43.00.

BitMine Immersion Technologies Stock Performance

NYSEAMERICAN BMNR opened at $19.95 on Wednesday. The stock’s 50 day simple moving average is $29.56 and its 200-day simple moving average is $40.29. BitMine Immersion Technologies, Inc. has a 1-year low of $3.20 and a 1-year high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last announced its quarterly earnings data on Tuesday, January 13th. The company reported ($0.05) earnings per share for the quarter. BitMine Immersion Technologies had a negative net margin of 67,546.19% and a positive return on equity of 7.89%. The firm had revenue of $2.29 million during the quarter.

BitMine Immersion Technologies Announces Dividend

The firm also recently announced an annual dividend, which was paid on Monday, December 29th. Shareholders of record on Monday, December 8th were paid a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date of this dividend was Monday, December 8th.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.