State of Michigan Retirement System Invests $3.12 Million in BitMine Immersion Technologies, Inc. $BMNR

State of Michigan Retirement System bought a new position in BitMine Immersion Technologies, Inc. (NYSEAMERICAN:BMNR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 60,000 shares of the company’s stock, valued at approximately $3,116,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wellington Shields & Co. LLC bought a new position in shares of BitMine Immersion Technologies during the 3rd quarter valued at $218,000. Prime Capital Investment Advisors LLC purchased a new stake in BitMine Immersion Technologies during the third quarter valued at about $359,000. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $9,277,000. Checchi Capital Advisers LLC bought a new position in shares of BitMine Immersion Technologies during the third quarter valued at about $211,000. Finally, J.W. Cole Advisors Inc. purchased a new position in shares of BitMine Immersion Technologies in the third quarter worth about $812,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. B. Riley Financial dropped their target price on BitMine Immersion Technologies from $90.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Zacks Research raised BitMine Immersion Technologies to a “hold” rating in a research note on Friday, October 17th. Finally, Cantor Fitzgerald started coverage on shares of BitMine Immersion Technologies in a report on Monday, January 5th. They issued an “overweight” rating and a $39.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $43.00.

Trending Headlines about BitMine Immersion Technologies

Here are the key news stories impacting BitMine Immersion Technologies this week:

• Positive Sentiment: Management continues to buy Ethereum aggressively — recent purchases included roughly 40,000 ETH and an ~$83 million buy, signalling strong conviction in a ETH recovery. Bitmine Aggressively Expands Ethereum Treasury with $83 Million Purchase
• Positive Sentiment: Scale: BitMine reports ETH holdings of ~4.326 million tokens and total crypto + cash holdings of about $10.0 billion — large exposure that could produce outsized gains if ETH recovers. Bitmine Announces ETH Holdings Reach 4.326 Million Tokens
• Positive Sentiment: Bullish narrative from leadership: CEO Tom Lee and company commentary call the ETH decline an attractive entry and foresee a V-shaped recovery, which can attract risk-on investors. Is Ethereum’s 62% Dip an Attractive Entry Point? BitMine’s Tom Lee Thinks So
• Neutral Sentiment: BitMine kept buying despite reporting a very large unrealized loss (reported as roughly $7.5 billion), a mixed signal — it shows capital access but increases mark-to-market volatility and leverage-like exposure. Tom Lee’s BitMine Buys More Ethereum Despite $7.5 Billion Unrealized Loss
• Negative Sentiment: Deeper ETH concentration plus a leadership shake-up triggered investor concern about governance, concentration risk and execution — a primary driver of the share-price decline. Bitmine Immersion Technologies (BMNR) Is Down 10.7% After Deepening Its Massive Ethereum Bet And Leadership Shake-Up
• Negative Sentiment: Analysts and investors are questioning valuation and risk management given the aggressive ETH bet, large mark-to-market losses, and very negative margins — increasing downside if crypto prices stay weak. Bitmine’s Aggressive Ethereum Bet Raises Questions On Risk And Valuation

BitMine Immersion Technologies Price Performance

Shares of BMNR opened at $19.95 on Wednesday. The company’s fifty day moving average price is $29.56 and its 200-day moving average price is $40.29. BitMine Immersion Technologies, Inc. has a 1-year low of $3.20 and a 1-year high of $161.00.

BitMine Immersion Technologies (NYSEAMERICAN:BMNR) last issued its quarterly earnings results on Tuesday, January 13th. The company reported ($0.05) EPS for the quarter. The firm had revenue of $2.29 million for the quarter. BitMine Immersion Technologies had a positive return on equity of 7.89% and a negative net margin of 67,546.19%.

BitMine Immersion Technologies Announces Dividend

The firm also recently declared an annual dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 8th were issued a $0.01 dividend. This represents a yield of 3.0%. The ex-dividend date was Monday, December 8th.

About BitMine Immersion Technologies

BitMine Immersion Technologies, Inc (NYSE American: BMNR) is an engineering and technology company specializing in immersion cooling solutions for digital asset mining and high-performance computing (HPC) applications. The company develops proprietary direct-to-chip systems that submerge servers in non-conductive dielectric fluids to efficiently remove heat, enabling clients to achieve higher processing density and improved energy efficiency.

BitMine offers turnkey services spanning system design, equipment supply, installation and ongoing maintenance.