Company Seeks to Boost Investor Appeal with Dividend and New Product Launch
Tom Lee’s Ethereum treasury firm, BitMine Immersion Technologies, has announced an annual dividend as it endeavors to enhance investor appeal following a significant slump in its stock price. The company revealed in its first earnings report that it will distribute a $0.01 dividend per BMNR share on December 29, positioning itself as "the first large-cap crypto company" to offer such a payout.
In addition to the dividend, BitMine has outlined plans to launch a staking infrastructure product named MAVAN (made-in America Validator Network) in early 2026. This announcement coincides with the company reporting a net income of $328 million for the fiscal year ending August 31, which translates to approximately $13.39 in fully diluted earnings per share.
These strategic moves are being implemented as BitMine confronts a substantial 46% decline in its share price over the past month.
Data from DropsTab estimates that this share price plunge has resulted in BitMine holding an unrealized loss of $4.39 billion on its Ethereum holdings, following a 28% decrease in the cryptocurrency's value over the last month. Tom Lee attributed Ethereum's sharp decline to a drop in market liquidity and function, exacerbated by the largest liquidation event in crypto history occurring on October 10.
🚨 MATT HOUGAN + TOM LEE JUST CALLED IT
Bitwise CIO Matt Hougan and Tom Lee @fundstrat both just called the bottom for this week. 🤯
Two of the most accurate analysts of the last cycle… lining up with the same signal.
If they’re right, this is the moment everyone will look… pic.twitter.com/D3IfK9kR0W
— BMNR Bullz (@BMNRBullz) November 18, 2025
BitMine stands as the largest corporate holder of Ethereum (ETH), possessing 3.55 million tokens valued at approximately $9.7 billion, according to data from StrategicETHReserve. The company's notable shareholders include ARK Invest, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.
10x Research Highlights Structural Concerns for BitMine
Markus Thielen, founder of 10x Research, recently stated that BitMine and other Digital Asset Treasury (DAT) firms are facing significant structural challenges. He noted that their declining share prices are eroding the net asset value (NAV) premiums that previously attracted investor interest.
Thielen explained that DAT firms often utilize complex structures involving asset managers, strategic advisors, and highly compensated promotional figures. These arrangements, he argued, embed fees that "quietly erode returns." He further pointed out that BitMine's leadership compensation and external advisor contracts could potentially extract $157 million annually over a decade.