BitMine reports earnings and announces first annual crypto dividend plan
BitMine Immersion Technologies, the largest Ethereum-focused asset management company founded by Tom Lee, released its financial results on Friday, announcing that it plans to become “the first large-cap cryptocurrency company to declare annual dividends.”
According to the Friday press release, the company reported net income of $328 million for the fiscal year ending August 31, equivalent to $13.39 in fully diluted earnings per share. BitMine holds nearly $10 billion worth of ETH — a total of 3.55 million ETH acquired at an average price of around $3,120.
BMNR shares trade slightly above $26, far below the yearly high of $135 reached in early July shortly after the company revealed its ETH acquisition strategy.
BMNR daily chart. Source: TradingView
Amid broader crypto-market weakness, ETH-focused BitMine has seen its mNAV fall below 1x. With ETH trading near multi-month lows, the company is facing an unrealized loss of roughly $4.52 billion.
Investors to receive symbolic dividends
Alongside the earnings report, BitMine announced it will pay annual dividends of $0.01 per BMNR share. The dividends, scheduled for distribution on December 29, represent BitMine’s latest effort to increase shareholder value through traditional equity-focused capital strategies. In July, the company became one of the first DATs to approve a stock buyback plan in addition to ongoing ETH purchases.
Backed by leading investors — including ARK’s Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, and private investors such as Wall Street figures Bill Miller III and Tom Lee — BitMine is the second-largest crypto treasury firm after Strategy and by far the largest publicly traded ETH-focused DAT.
However, a representative of rival ETH firm Ether Machine told The Block that the outlook for crypto-oriented DATs financed through at-the-money issuance “is bleak.”
“The way BitMine (BMNR) and Sharplink (SBET) raised more than $10 billion to buy ETH over the past six months is a capital-management lever that doesn’t work in current market conditions, leaving retail shareholders exposed to far greater losses than if they had simply bought ETH,” the representative said.
According to Ether Machine’s calculations, “an August BMNR buyer is down about 73%, compared to a direct ETH buyer — who would be down around 30% — given that ETH traded above $4,000 for much of the month.”
BitMine is far from the only DAT whose valuation has fallen amid crypto-market weakness. According to The Block, the combined market capitalization of crypto treasury companies has dropped from $176 billion in July to about $99 billion today.
Despite the results, BitMine chairman Tom Lee stated the company is “well positioned for 2026.” BitMine’s staking initiative, the Made in America Validator Network (MAVAN), is slated to launch in Q1, enabling the company to expand its mining operations. BitMine also noted that it conducts bitcoin mining in Trinidad and Texas.
As we wrote, BMNR shares rise 6% after the shutdown, highlighting investor interest in Ethereum
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