BMNR: Achieved $348.6M net income in 2025 after pivoting to an ETH-centric treasury model

Shifted to an ETH-focused treasury and advisory model in 2025, reporting $348.6M net income on $6.1M revenue, driven by $805M in unrealized digital asset gains. Raised significant capital, became the largest ETH holder, and faces ongoing market, regulatory, and operational risks.

Original document: BitMine Immersion Technologies, Inc. [BMNR] SEC 10-K Annual Report — Nov. 21 2025