BitMine Immersion Technologies (BMNR) has disclosed holding nearly 4 million Ether (ETH) as of December 14, 2025, alongside 193 Bitcoin (BTC), a $38 million equity stake in Eightco Holdings, and $1 billion in cash. This positions BitMine's crypto and cash holdings at approximately $13.2 billion to $13.3 billion, closely aligning with its market capitalization of around $13 billion. The company's valuation is heavily influenced by its digital asset treasury, particularly its substantial ETH holdings, rather than traditional operating metrics. This reflects a market perception of BMNR as a large-scale crypto treasury vehicle. However, the valuation is also affected by share dilution from prior financing activities, which impacts the value of the crypto treasury per share. For Ether investors, BMNR's stock acts as a proxy for ETH exposure, with its price movements closely tied to ETH's market performance. However, factors such as share dilution and corporate liabilities can distort this relationship, highlighting the complexities of embedding crypto assets within traditional equity structures.