Summary

• Bitmine Immersion now holds $9.65B in Ethereum, making it the largest corporate ETH treasury with 5.62M ETH staked for ~2.99% yield.
• BMNR issued 9.50% Series A Perpetual Preferred Stock, raising $280M in gross proceeds but introducing a $350M senior claim and considerable dividend obligations.
• BMNR trades at a 2.6% discount to adjusted NAV, with market pricing neither ETH upside nor staking compounding into current valuation.
• I recommend a Buy on BMNR, contingent on disciplined preferred issuance and ETH price recovery, while noting dilution and crypto volatility risks.

When I first covered Bitmine Immersion (BMNR) last July, the company was still a relatively small Bitcoin miner just transitioning to a digital assets treasury business model. Bitmine had ~$3.3 million in revenue at the time, and

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