BitMine Immersion Technologies

• A blockchain token designed to track the price of BitMine Immersion Technologies, Inc. (NYSE: BMNR), which moved from NYSE American to the New York Stock Exchange in April 2026.

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Headquarters: Las Vegas, Nevada, United States

• CEO: Chi Tsang

• Chairman: Tom Lee

• Listed on: NYSE (BMNR)

• Sector: Digital asset treasury

• BitMine runs an Ethereum treasury strategy and is the largest corporate holder of ETH, with close to 4% of total supply, most of it staked.

• It also has an immersion-cooled bitcoin mining operations background.

• Its share price moves closely with Ethereum, and purchases are funded largely by issuing shares, so holders carry both crypto volatility and dilution risk.

• Its main asset is a large Ethereum treasury, most of it staked.

• Staking rewards on that ETH are its principal source of income.

• Legacy bitcoin mining hosting and hardware sales contribute a small share.

• Purchases are funded mainly by issuing new shares.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It is the largest corporate holder of ETH.

• Staking generates income from holdings that would otherwise sit idle.

• It offers ETH exposure through a listed equity.

Cons:

• The share price can trade at a premium or discount to the value of its ETH.

• Continued share issuance dilutes existing holders.

• Results move closely with the price of a single crypto asset.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.