BitMine Immersion Technologies (BMNR), a leading Ethereum-focused digital asset treasury firm, released its full-year fiscal 2025 results, reporting $328,161,370 in net income and fully diluted EPS of $13.39. Despite strong headline earnings, the company is grappling with over $4 billion in unrealized losses on its massive ETH treasury, driven by a 45% decline in Ethereum's price since its August peak.
In a strategic move, BitMine announced its first-ever annual dividend of $0.01 per BMNR share, with key dates including a declaration on November 21, 2025, ex-dividend on December 5, 2025, record on December 8, 2025, and payable on December 29, 2025. This positions BitMine as the first large-cap crypto company to issue a dividend, aimed at bolstering shareholder confidence and attracting institutional capital.
Concurrently, BitMine's stock has plunged 49.8% in the past month, nearly double Ethereum's 27.4% drop, eroding its market-to-NAV ratio below 1.0x. The company is advancing its Made-in-America Validator Network (MAVAN), a staking infrastructure initiative, with three pilot providers selected and staking operations scheduled to go live in early 2026. This is intended to support institutional-grade staking and future ETH-yield generation.
Amid broader concerns in the Digital Asset Treasury (DAT) sector, BitMine faces scrutiny from MSCI, which proposes excluding crypto companies with over 50% of their balance sheet in a single asset from passive indexes. The annual shareholder meeting is set for January 15, 2026, at the Wynn Las Vegas, where the company will address its long-term strategy despite short-term volatility.
