Bitmine Immersion Technologies develops solutions for cryptocurrency mining.
BMNR uses an equity premium (MNAV) to continuously issue shares and accumulate ETH, creating a virtuous loop where NAV per share grows faster than the underlying asset. Unlike Bitcoin treasuries, ETH staking generates ~3% yield ($300M annually on $10B holdings), making it an operating business. Targeting 5% of global ETH supply (~$25B) by January.