UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 13, 2025
BITMINE IMMERSION TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-42675 | 84-3986354 | ||
|
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
10845 Griffith Peak Dr. #2
Las Vegas, NV 89135
(Address of principal executive office) (Zip Code)
(404) 816-8240
(Registrants’ telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 | BMNR | NYSE American LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging Growth Company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On October 13, 2025, Bitmine Immersion Technologies, Inc. (the “Company”) published a presentation (the “Presentation”) that Tom Lee, Chairman of the Board of Directors of the Company, presented at the Token2049 Global Conference in Singapore (the “Token 2049 Conference”) on October 12, 2025. A copy of the Presentation is attached as Exhibit 99.1 and is incorporated herein by reference.
On October 13, 2025, the Company released a video (the “Video”) of Tom Lee’s keynote address at the Token 2049 Conference given on October 12, 2025. A copy of the transcript for the Video is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
On October 13, 2025, the Company issued a press release (the “Press Release”) announcing the Presentation and Video as well as providing an update on the Company’s operations. A copy of the Press Release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
The information under this Item 7.01, including Exhibits 99.1 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Presentation (October 12, 2025) | |
99.2 |
||
| 99.3 | Press Release, dated October 13, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Bitmine Immersion Technologies, Inc. | ||
| Dated: October 14, 2025 | By: | /s/ Jonathan Bates |
| Name: | Jonathan Bates | |
| Title: | Chief Executive Officer | |
Exhibit 99.1








































Exhibit 99.2
Tom Lee’s BitMine Chairman’s Message (Keynote from Token2049 Singapore)
We’ve been writing about crypto for about nine years now, and at that time Bitcoin was originally $963 and as of September 26th, as you can see, Bitcoin has been the OG asset class returning over a 100 x since then. It’s had twice the return of Nvidia, which has been a 65 x and has dramatically outperformed gold, which has roughly tripled in that same nine year period.
And as an aside, Ethereum has outperformed even Bitcoin delivering a 500 x in that period of time. Okay, so let me level set the reason I think 2025 is the biggest macro shift since. The gold standard, I’ve got to take you back to 1971. And in 1971, the dollar went fully synthetic. That was the year that Nixon ended the convertibility of dollars into gold.
Now think about that for a moment. In 1971, the dollar no longer represented anything except another dollar or a promise to repay and when we think about that, most people said, well, gold was the trade in 1971. That’s true, but it wasn’t really the big opportunity in 1971, the financial system had to suddenly think of ways to make sure that dollar remained dominant, because if the dollar wasn’t convertible into gold, another currency could be dominant.
And so what Wall Street did was they created a huge market for the dollar. Money market funds, futures, debit cards, mortgage backed securities, currency swaps, interest rate swaps, index futures, zero coupons, CDOs, et cetera. That was the innovation that followed 1971, and in fact, seven of the top 30 largest companies in the world now are financial institutions.
Okay, well,another thing is happening today, which is that Wall Street and AI are building on the blockchain. And in the US the groundwork was laid with a Genius Act, which set the stage for a stable coin boom. Then the SEC launched Project Crypto, which is moving Wall Street onto the blockchain. And there, of course, are two other pieces of legislation underway in Washington.
One is the Clarity Act and the other is the Bitcoin strategic reserve bill.
And what that means is that we now have a new moment in 2025, which is we now have more things becoming synthetic. And so that’s why Bitcoin, of course, remains the OG in our view. Because you now have a digital store of value. But I think you want to think about the other side of that ledger. What is Wall Street going to do?
And in our view. Wall Street is going to play a, a very significant role in creating a market for digital assets and in and in our view, the biggest winner here is Ethereum. So let’s think about what it means for Bitcoin’s upside. If gold today is at 4,000 per ounce, and maybe it’ll get to 5,000 per ounce.
Well, we want to think about what Bitcoin’s gold to Bitcoin to gold ratio is. You know, what percentage of Bitcoin’s network value should mirror that of gold? And if it’s only at 10%, then you get $140,000 value for Bitcoin. I think that number is too low. I think it’s going to basically match gold’s value or even exceed it.
And that’s how you get to the 1.4 to $2.2 million of value per Bitcoin. So, we’re still quite bullish on Bitcoin here at around 110,000. But let’s think about this other story arc that’s going to develop, which is Wall Street is going to innovate on the blockchain over the next 10 to 15 years. Okay? And part of this story arc is, and we’ve already seen it, is that we’re talking about stable coins, which is tokenized dollars.
So that’s almost like the 1971 moment, but we’re talking about tokenized equities, tokenizing credit, real estate reputation, and eventually intellectual property. All things that are measured in the economy today, and I think there’s going to be invisible measures that get monetized on the blockchain: data collection, royalty payments, loyalty programs, agentic, ai, and even important things like proof of human.
So a lot will happen on crypto. And we already know Ethereum has experienced this ChatGPT moment because of stable coins. Here’s just a list of different companies and entities that are building stablecoin projects, and you might wonder why does the US government care about stable coins? Well, it’s the same reason the US cared about the synthetic dollar staying strong today.
The US dollar is 27% of GDP, but it’s 57% of Central bank reserves. That 57% shows you that Wall Street’s efforts to make the dollar the standard of transactions after 1971 was effective. It’s 88% of financial market trades. Okay? But it’s basically a hundred percent of stable coin denomination. So by moving to a synthetic dollar tokenized on a blockchain, the dollar could become even more dominant and collectively stable.
Stablecoins are the 12th largest holder of treasuries in the world. By the way, that’s at about 280 billion of stablecoin outstanding treasuries. Secretary Bestin thinks it could be a $4 trillion market, but it once stablecoins own more than 1 trillion of treasuries. They will become the single largest holder of treasuries in the world.
It’s not that far away. And equally important, when companies build on the blockchain, they do essentially re-architect their business. They’re able to actually become more efficient. And I think there’s a lot of reasons for this. And by the way, as a side note. Many of you wonder how does AI fit into this idea of building on the blockchain?
A 16 Z had a nice white paper. There’s 11 sort of use cases for what you want to build on the blockchain around ai. I’m just going to highlight a few things like number three, forward compatible proof of personhood. You know, that’s like a project like Worldcoin. Number six, keeping AI vibe, coding apps in sync.
I think an example of this is a device I’m wearing, which is you critter, and this is measuring the CO2, wherever you are. The ideal number is 420, and it’s currently at 980. So there’s a lot of rebreathing of air in this room, and they actually say you shouldn’t make any important decisions when the CO2 is above 600.
Okay but you might, and we get asked all the time, what is the benefit of Wall Street building on the blockchain? They’ll say that banks work fine. I don’t see how JP Morgan can become more profitable. Well, actually, companies that are natively built on the blockchain are inherently more profitable.
For instance, Tether is raising capital at a $500 billion valuation. Look at the list of the 12 largest banks in the world. Tether is the second largest. I mean, think about that. Tether is 50% bigger than Bank of America, and Bank of America is a giant. It’s twice the size of Citi Group. Twice the size of Morgan Stanley.
It’s even bigger than Goldman Sachs. Okay? But here’s what’s interesting. If you look at the number of employees at Tether. Okay. JP Morgan is a $869 billion market cap company with 317,000 employees. That’s a market value of $2.8 million per employee. Tether has 150 employees. That’s less than JP Morgan’s analyst class.
You know, it’s probably like the June analyst class, and so that means Tether has a market value of $3.3 billion per employee. I think that’s what you have to realize. Tether, which is a native blockchain company using public chains, has a value nearly the size of JP Morgan and with only 150 employees.
So as exhibit A, in my opinion. Clearly building companies and rebuilding Wall Street in the blockchain is very profitable. Okay, so now I want to sort of fork this into the idea of why this benefits Ethereum and even how you think about Digital Asset Treasuries. So as I said, this 1971 moment is happening to Ethereum in 2025.
And why is that? Well, all these firms on Wall Street. Need to be building something on a blockchain and they want to build it on a neutral public chain. And as you can see, there are many companies choosing to do this on Ethereum. In fact, if you look at something like value locked on public chains, Ethereum is the chain of choice. So they have 68% of all total value locked. And of course, TVL has acted as the floor for Ethereum in the last few cycles.
Even Swift, as you know, a few days ago, announced that they’re going to run some experiments with on chain migration using a layer two on Ethereum. So again, Swift is a company that is showing that they want to use a public chain. Not a corporate chain.
And, on AI, there’s a lot of talk about Ethereum as the place where you’re going to be building AI products. Okay, so what does this all mean? Well, here’s Ethereum’s price history since 2018. It made its high in 2021. Okay? And then you can see this huge, massive consolidation over the last four years. And we’re beginning to break out of this range.
I would look at the prior period of consolidation. Ethereum was consolidating from 2018 to 2020, and then the token went from $90 to 4,866 or more than a 50 x return. The low for this cycle was 13 point 85. So where will Ethereum go? I mean, one, I have some thoughts I’ll share. But again, if you look at this chart, it’s not bearish.
Okay? This is a bullish chart and another chart to think about is Ethereum’s price ratio to Bitcoin. It’s currently at 0.036. The average has been 0.047, and the high in 2021 was 0.087. I think that these numbers matter because to me, Ethereum is having its 2025 moment. Like 1971, I think its price ratio should at least recover to its prior high of 0.087.
So what does that mean? Well, if you look at Bitcoin’s price and we think it’ll be at least 250,000 by the end of this year. Okay. That’s the rows, so it’s the second to last row. If Ethereum price ratio gets to its eight year average of 0.0479. That implies 12,000 per Ethereum token. If it gets to its 2021 high, which I think is justifiable given how much is happening fundamentally on Ethereum, that’s $22,000 per Eth.
Okay. But I don’t think that’s the ceiling. Sorry, another waypoint is that Ethereum becomes the payment rails of the future, and so its network value matches Bitcoin, well, that would be $62,000 per Eth token. So with Eth at 4,100, as you can see, each of these three values represents tremendous upside.
Okay, so let me get to this last point about if you’re interested in Ethereum, why would you consider owning a digital asset treasury company? Now we post this on our website at BitMine every month called the Chairman’s Message. But I’m going to run through this quick because I want to cover this in a few minutes to try to have q and a.
But an ETH treasury goal is to increase your Ethereum holding per share because they can issue stock at a premium, buy more ETH. Okay? And the case study to watch is MicroStrategy who once went from 13 to $335 per share. The way MicroStrategy did this was issuing shares to buy more Bitcoin and in the five years since MicroStrategy started the strategy, Bitcoin was a 10 x 11,000 to 108,000.
But MicroStrategy stock went up by 25 times, meaning they outperformed Bitcoin by using their treasury strategy and BitMine is following the playbook. BitMine is the second largest crypto treasury in the world. Raising capital at a pace faster than MicroStrategy. But one of the keys, of course, is BitMine and there’s a lot of treasury stocks out there is one of the most liquid names.
It is ranked number 26 in the US stock market today and trading $2.6 billion a day. BitMine trades more per day than Visa and Open Door, and it trades almost as much as Marvell Technologies or ION Q on a daily basis. Now that’s been an advantage because you can see when you look at the 200 treasuries out there BitMine and MicroStrategy represent 84% of all the trading volume.
So that’s where the institutional flows are going be going in terms of companies holding the stock. And that’s allowed BitMine to grow its treasury holdings rapidly. You can see that in the roughly nine weeks since the company started. The Ethereum held per share has increased by nine times, so that velocity means we’ve vastly outperformed Ethereum.
So if you’re looking to be bullish on Ethereum, an Ethereum treasury stock can deliver you more Ethereum every day, but that’s not where it ends. Ethereum treasury companies, I believe, are crypto infrastructure businesses because Ethereum’s a proof of stake. Companies will stake their Ethereum in exchange for providing network security and that generates a yield.
And we believe over time, anybody who tokenizes on Ethereum is going to ultimately stake ETH for the same security reason. And that’s the strategy of BitMine, that we’re going to be a community participant in really making sure the Ethereum Foundation and Ethereum developers are successful on Defi. And the company will make moonshot investments to seed these crossover Wall Street to crypto entities.
One of the first investments was BitMine’s investment into Eightco, which is Orbs and the World Coin Project. So, that’s it in a nutshell. Thank you everybody.
Forward Looking Statements
This transcript contains statements that constitute “forward-looking statements.” The statements in this transcript that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding progress and achievement of the Company’s goals regarding ETH acquisition and staking, the long-term value of Ethereum, continued growth and advancement of the Company’s Ethereum treasury strategy and the applicable benefits to the Company. In evaluating these forward-looking statements, you should consider various factors, including BitMine’s ability to keep pace with new technology and changing market needs; BitMine’s ability to finance its current business, Ethereum treasury operations and proposed future business; the competitive environment of BitMine’s business; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine’s control, including those set forth in the Risk Factors section of BitMine’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of BitMine’s filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About BitMine
BitMine is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine’s operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas.
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
https://x.com/bmnrintern
For investor and media inquiries, please contact:
Marcy Simon
Marcy@agentofchange.com
+19178333392
Exhibit 99.3
BitMine Immersion (BMNR) Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion.
BitMine now owns greater than 2.5% of the ETH token supply, now at halfway point as it moves towards the ‘Alchemy of 5%’
BitMine releases October Chairman’s Message discussing Ethereum supercycle
BitMine leads Crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of BMNR stock
BitMine Crypto + Cash Holdings + “Moonshots” total $12.9 billion, including 3.03 million ETH Tokens, unencumbered cash of $104 million, and other crypto holdings
BitMine is the 22nd most traded stock in the US, trading $3.5 billion per day (5-day avg)
BitMine remains supported by a premier group of institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee to support BitMine’s goal of acquiring 5% of ETH
LAS VEGAS, October 13, 2025 /PRNewswire/ — (NYSE AMERICAN: BMNR) BitMine Immersion Technologies (“BitMine” or the “Company”) a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, today announced crypto BitMine crypto + cash + “moonshots” holdings totalling $13.4 billion.
As of October 12th at 6:00pm ET, the Company’s crypto holdings are comprised of 3,032,188 ETH at $4,154 per ETH (Bloomberg), 192 Bitcoin (BTC), $135 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and unencumbered cash of $104 million.
BitMine crypto holdings reigns as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc (MSTR), which owns 640,031 BTC valued at $73 billion. BitMine remains the largest ETH treasury in the world.
“The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of. We acquired 202,037 ETH tokens over the past few days pushing our ETH holdings to over 3 million, or 2.5% of the supply of ETH.” said Thomas “Tom” Lee of Fundstrat, Chairman of BitMine. “We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
The GENIUS Act and SEC’s Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold.
Bitmine also published the October Chairman’s Message. This month, we are posting Chairman Lee’s keynote at Token 2049 held in Singapore, where Lee discusses the Ethereum Supercycle. The related presentation is also posted on the BitMine website.
“Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future’ and this creates advantages for investors, at the expense of traders,” continued Lee. “This Chairman’s Message explains our framework for why we see Ethereum in a Supercycle driven by the AI and Wall Street moving into the blockchain.”
BitMine is now one of the most widely traded stocks in the US. According to data from Fundstrat, the stock has traded average daily dollar volume of $3.5 billion (5-day average, as of October 10, 2025), ranking #22 in the US, behind Coinbase (rank #21) and ahead of UnitedHealth (rank #23) among 5,704 US-listed stocks (statista.com and Fundstrat research).
“BitMine continues to attract institutional investor capital as our high liquidity is appealing. The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume. We continue to lead our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock,” said Lee.
The company recently released a corporate presentation, which can be found here:
https://bitminetech.io/investor-relations/
The Chairman’s message can be found here:
https://www.bitminetech.io/chairmans-message
To stay informed, please sign up at: https://bitminetech.io/contact-us/
About BitMine
BitMine is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine’s operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas.
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
https://x.com/bmnrintern
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements.” The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding progress and achievement of the Company’s goals regarding ETH acquisition and staking, the long-term value of Ethereum, continued growth and advancement of the Company’s Ethereum treasury strategy and the applicable benefits to the Company. In evaluating these forward-looking statements, you should consider various factors, including BitMine’s ability to keep pace with new technology and changing market needs; BitMine’s ability to finance its current business, Ethereum treasury operations and proposed future business; the competitive environment of BitMine’s business; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine’s control, including those set forth in the Risk Factors section of BitMine’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of BitMine’s filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
SOURCE BitMine Immersion Technologies, Inc.
MEDIA CONTACT:
Marcy Simon
Marcy@agentofchange.com
+19178333392