BitMine Immersion Technologies (BMNR) has mirrored the pioneering crypto treasury strategy blazed by Strategy (MSTR), formerly known as MicroStrategy, which transformed corporate balance sheets by amassing Bitcoin (BTCUSD) as a reserve asset. However, BMNR diverged by focusing on Ethereum (ETHUSD), leveraging its proof-of-stake network for potential yields through staking and DeFi applications.

This shift propelled BMNR’s stock in 2025, surging over 600% in just six months amid Ethereum’s rally and broader crypto enthusiasm. Yet, despite remaining 250% above its pre-transition trading levels, the shares have plummeted 83% from their 52-week high of $161, reflecting the brutal crypto downturn.

As Ethereum’s price…