LAS VEGAS — Bitmine Immersion Technologies, Inc., a Las Vegas-based company specializing in Bitcoin mining, announced that its common stock has been approved for listing on the NYSE American stock exchange. The company expects trading to begin on or around June 5, 2025, under the stock symbol “BMNR.” Following the listing, Bitmine’s common stock will cease trading on the OTCQX Best Market, where it is currently listed.

Bitmine Immersion Technologies focuses on Bitcoin mining using immersion cooling technology, a method that submerges mining computers in a specialized dielectric fluid to maintain optimal operating temperatures. The company operates industrial-scale digital asset mining, sells mining equipment, and provides hosting services. It also offers a Mining-as-a-Service (MaaS) model, allowing businesses to mine Bitcoin without managing their own data centers or technical operations. Clients receive direct Bitcoin payouts through this service.

The company has recently expanded its operations significantly. In November 2024, Bitmine acquired 3,000 ASIC mining computers, increasing its deployed mining capacity threefold starting in January 2025. As of the first quarter of 2025, the company reported revenue of $1,200,830, a 135% increase from $511,308 in the same period the previous year. The number of active miners grew from 1,606 to 4,640 over the same period. Despite the revenue growth, Bitmine recorded a net loss of $654,228 for the third quarter of 2024 and $2,478,632 for the first nine months of that year.

To meet NYSE American listing requirements, Bitmine completed a 1-for-20 reverse stock split on May 16, 2025, effective at 9:00 a.m. Eastern Time. The reverse split was approved by the company’s board of directors and majority stockholders in December 2024. Shareholders with fractional shares resulting from the split will receive cash payments.

Bitmine has also launched a Bitcoin Treasury Advisory Practice, offering consulting services on Bitcoin custody, regulatory compliance, and treasury strategies. In a recent transaction, the company secured a $4 million deal with a U.S. exchange-listed company, including a $3.2 million lease for 3,000 Bitcoin ASIC miners and an $800,000 consulting agreement for its MaaS and treasury services.

The company operates with an initial hosting capacity of 50 megawatts and plans to expand further across North America and the Caribbean. Bitmine has stated its commitment to achieving carbon neutrality by the end of 2024, emphasizing sustainable practices in its mining operations.

Jonathan Bates, Bitmine’s Chief Executive Officer and Chairman, leads the company with over 30 years of experience in the financial industry. The management team also includes Michael Maloney, a director with expertise in digital asset regulation and prior roles at Coinmint and Galaxy Digital.

The transition to NYSE American is expected to mark a new phase for Bitmine as it seeks to expand its presence in the cryptocurrency mining sector. The listing follows a period of operational growth and strategic initiatives aimed at positioning the company within the evolving digital asset market.

---

Filed under: Bitcoin - @ June 3, 2025 3:21 am