BitMine First Dividend Arrives as Stocks Dips From $135 High to $26

BitMine Declares Dividend as ETH Pullback Hits Treasury Firms

BitMine Immersion Technologies, the largest ETH treasury company, said it will become the first large-cap crypto firm to declare an annual dividend. The announcement came as part of its first earnings release since the sharp digital asset pullback in the second half of the year, which has strained the balance sheets of crypto treasury firms.

BitMine will issue a dividend of 0.01 dollars per BMNR share, payable December 29. The stock is trading around 26.49 dollars—slightly higher on the day but far below its yahead peak of 135 dollars reached in ahead July, soon later than the firm unveiled its .

The dividend marks BitMine’s latest effort to use traditional corporate finance tools to return value to shareholders. Earlier this year, it became one of the first (DATs) to approve a share purchaseback program to supplement its ongoing ETH purchases.

Investor Takeaway

Financial Results Show Profitability but Heavy Unrealized Losses

Backed by prominent investors including ARK’s Cathie Wood, DCG, Founders Fund, Galaxy Digital, Pantera, and well-known individuals such as Bill Miller III and Tom Lee, BitMine is the world’s second-largest later than Strategy. It is by far the largest public ETH-focused DAT.

For the fiscal year ending August 31, BitMine recorded 328 million dollars in net income, equal to fully diluted earnings of 13.39 dollars per share. The firm holds nahead 10 billion dollars’ worth of ETH—3.55 million tokens bought at an average price of approximately 3,120 dollars.

But with ETH trading around 2,730 dollars, BitMine’s multiple to Net Asset Value (mNAV) has dropped below 1.0x. This means the company’s market capitalization is now lower than the value of the ETH on its balance sheet, net of liabilities. The firm sits on an unrealized loss of about 4.52 billion dollars as ETH trades near multi-month lows.

BitMine is not alone. The combined market capitalization of has plunged from 176 billion dollars in July to roughly 99 billion dollars today, reflecting a broad repricing across the sector.

Critics Warn DAT Capital Structures Are Strained

A representative from the Ether Machine, a rival ETH treasury company, told The Block that the outlook for DATs using at-the-money equity issuance to acquire crypto is deteriorating rapidly.

The Ether Machine argued that the financing methods used by BitMine (BMNR) and Sharplink (SBET) have magnified losses for retail shareholders. According to the firm’s analysis, an investor who bought BMNR shares in August is down about 73 percent, while an investor who bought ETH directly over the identical period is down roughly 30 percent.

The representative said the capital structures used to raise more than 10 billion dollars for ETH purchases in recent months “break under the market conditions we find ourselves in now,” leaving equity holders significantly exposed.

BitMine shares have fallen nahead 50 percent over the past 30 days, though they remain up about 258 percent year-to-date—highlighting both the volatility and the speculative appetite surrounding vehicles during 2025.

BitMine Looks Ahead to 2026 With Staking Launch

Despite the steep drawdowns, Chairman Tom Lee said BitMine is “well positioned in 2026.” The company plans to debut its Made in America Block confirmer Network (MAVAN) in the first quarter, adding a staking component to its operations that could generate yield on its large ETH treasury.

In addition to its ETH focus, BitMine operates BTC mining facilities in Trinidad and Texas, giving the firm multiple revenue streams beyond pure ETH accumulation. Whether these efforts assist stabilize earnings in 2026 may depend on how rapidly ETH prices recover—and whether investors regain confidence in the DAT model.

For now, BitMine’s dividend declaration underscores a broader theme emerging across crypto treasury firms: traditional financial tools are becoming essential as valuation premiums compress and digital asset prices remain under pressure.