Bitmine Immersion Technologies, Inc 8-K, filed Oct 7, 2026
Bitmine Immersion Technologies, Inc. (BMNR)
About this 8-K
Bitmine Immersion Technologies, Inc filed this 8-K on October 7, 2026.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 7.01 Regulation FD Disclosure.
On October 7, 2026, Bitmine Immersion Technologies, Inc. (the “Company”) published a presentation (the “Presentation”) delivered by Tom Lee, Executive Chairman of the Board of Directors of the Company, at the Token2049 Global Conference in Singapore. A copy of the Presentation is attached as Exhibit 99.1 and is incorporated herein by reference.
On October 7, 2026, the Company released a video (the “Video”) of the Presentation. A copy of the transcript for the Video is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
On October 7, 2026, the Company issued a press release (the “Press Release”) announcing the Presentation and Video. A copy of the Press Release is attached as Exhibit 99.3 and is incorporated herein by reference
The information under this Item 7.01, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Presentation, dated October 7, 2026. | |
| 99.2 | Transcript of Video, dated October 7, 2026. | |
| 99.3 | Press Release, dated October 7, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Bitmine Immersion Technologies, Inc. | ||
| Dated: October 7, 2026 | By: | /s/ Young Kim |
| Name: | Young Kim | |
| Title: | Chief Financial Officer and Chief Operating Officer | |
Exhibit 99.1
Exhibit 99.2
Bitmine Immersion Technologies, Inc. (NYSE: BMNR, NYSE: BMNP)
Chairman’s Message — October 2026
“The Crypto Bull Market Is Underway and the Cycle Is Likely to Be the Largest”
Video Transcript
Tom Lee: Hi there, this is Tom Lee. I’m the Chairman of Bitmine Immersion Technologies, and this is our Chairman’s Message for the month of October 2026. The title of my presentation is “The Crypto Bull Market Is Underway, and the Cycle Is Likely to Be the Largest.”
There’s a few things I want to cover. The first is to explain to you why a full-blown crypto bull market is underway. Foremost, we have institutions like Franklin Templeton, Fidelity, and others saying that a crypto bull market is underway. That’s never happened in any of the past cycles.
Another thing to note is Bitcoin moved above the 200-day moving average on August 19th. That last happened August 24th, 2025, and as you can see on this chart, Bitcoin made a huge move to over 100,000. In fact, since 2010, whenever Bitcoin is above its 200-day moving average, the 6-month forward return averages 193%, with a positive win ratio of 80%. That’s pretty powerful odds. And since 2012, for instance, there have been 9 crosses above the 200-day moving average. Eight of the nine were bull market flags.
The flows into Bitcoin ETFs also turned positive year-to-date. That won’t happen in a bear market.
And look at performance. In the third quarter, crypto crushed other macro assets by a country mile. Ethereum outperformed the S&P by 6,500 basis points. Keep in mind, this came in the midst of a hawkish Fed, surging oil prices, global bond yields rising, and tightening financial conditions. So the outperformance of crypto in the face of all that is a sign of a bull market.
And Tom DeMark, the exclusive advisor to Bitmine, says, “We’re confident that Ethereum markets will continue to trade higher. When a market rallies 100% off the low, it is often an indication of a potential trend reversal.”
And lastly, keep in mind, October 5th is the cycle bottom of the four-year cycle, meaning the bear market for Bitcoin ended, and a bull market is starting. So, as you can see, it’s all maths.
Now, we think this crypto bull market should be larger than the past cycles, basically the biggest bull market we’ve ever seen. And I’ll give you some reasons. The first is tokenization. In our view, tokenization is a far bigger driver than other bull markets. In 2016-2017, it was an ICO boom, primarily retail. In the 2019-2021 era, it was the NFTs, primarily retail. Last year was a stablecoin boom, but it got cut short because of the October 10th massive debt deleveraging slash auto-deleveraging event. But it’s different now. BlackRock wants to put most of its assets as tokenized assets. Robinhood’s Vlad Tenev says we’re at the beginning of a super cycle. In fact, he thinks everything that runs on traditional rails will eventually become on-chain slash tokenized.
And it’s a huge addressable market. Total liquid assets globally is around $200 trillion, but just the top three, stocks, bonds, and credit, would be $160 trillion. For every dollar that’s been tokenized or TVL’d on an L1 blockchain, it creates about $1 value for the blockchain. So if 10% moves on-chain, that creates a $16 trillion market.
And of course, as you can see, a lot of this is being built on Ethereum, whether it’s BlackRock, JPMorgan, even Robinhood. And Ethereum benefits from the deepest community. More developers combined than every other blockchain. So this is the tokenization wave. It’s institutional, unlike the prior waves.
Second, there’s a wealth transfer element here. Vlad Tenev recently mentioned there’s a $100 trillion wealth transfer underway, and I think many investors don’t realize it’s already happening. For instance, in just the last three years, look at that, over a trillion and a half dollars has been inherited from someone who’s passed away, probably someone who’s a baby boomer, to someone who’s a millennial or a Gen X. And that, of course, changes the mix of what they own. In the crypto bull market of 2019-2021, there was some inheritance, but it was a small effect, about $450 billion. But look at this upcoming bull market. There may be as much as $1.5 to $2 trillion being inherited. Again, a pronounced allocation away from credit towards digital assets and equities.
I think a lot of this allocation comes from private equity and private credit, which are going to face tremendous headwinds as yields have risen. And keep in mind, there’s institutional FOMO, because if crypto was the best performing macro asset in the midst of financial conditions tightening, imagine what will happen in the fourth quarter, again, as a bull market is starting.
The DATs are going to contribute to a larger bull market as well. DATs are a friend in a bull market, although a lot of people question the role of DATs, especially because only four DATs trade above NAV, including Bitmine. These other DATs will recover in the bull market, so think about that. They’re going to be absorbing supply. So in a bull, the DATs support the L1s. For instance, Ethereum DATs combined own $21 billion of Ethereum. That’s 7% less of the network available, and in other bull markets, there wasn’t this entity that absorbed that much supply. So guess what? If demand’s recovering and supply has shrunk, we should expect big price moves.
And keep in mind, crypto is an AI downstream story. We’ve talked about this before, but as memory and chips corrected, the Mag 7, software, and crypto should gain, and that’s exactly how it’s played out. And we know why. Agents are going to carry digital wallets, and they’re a rising share of all traffic, and of course, we have to worry about their capabilities. We have to keep humans in the loop. And of course, that’s why crypto plays a role.
And that takes us to Bitmine. We think it’s really well positioned to outperform this cycle. So the first thing the company’s doing is maximizing its exposure to ETH in this bull market. Ethereum has been range-bound for the last five years. But it broke out of those ranges in the past. A 227x move in 2016. A 54x move in 2019-2020. And with tokenization and agentic AI, could this be a 25x move? Probably. And look at what happens with Bitmine’s share price. Bitmine is 90% correlated to the move in ETH. So if ETH gets to $22,000, that’s $300 to $500 for Bitmine shares. If ETH gets to $62,000, that’s $1,200 to $1,500 per share. And Bitmine’s currently at $26.
Bitmine is also reaching a 5% target of Ethereum supply, because that optimizes shareholder value. The company accomplished a lot in its first year of operations, but notably, we reached almost 6 million ETH. And we’re pretty close to our 5% target. Here’s the progress we made since June 30th of last year, and you can see it took 15 months to get to 6 million ETH. And that all happened in the middle of a bear market. So we need to get about 100,000 more ETH, and that’s about it.
Here’s the thing. All that accumulation took place in this bear market here. And now we’re done stacking while a bull market is starting. So if we’re done stacking, but ETH goes up a lot, you can imagine that we’ll outperform Ethereum.
And DATs track the price of treasuries, but they should outperform, and that’s what we’ve done. Bitmine outperformed in 2025 by 48,000 basis points versus Ethereum. Think about that. From June 30th to December 31, Ethereum was up 22%. Bitmine was up 500%. And in 2026, in the middle of a bear market, Bitmine was up 3%, while Ethereum’s down 9%. And in total, 53,500 basis points of outperformance since inception. I’d say we’re clearly outperforming ETH.
One of the reasons we did that is we executed the largest crypto buyback ever. On July 14th, Bitmine began a stock buyback, which was pretty much at the lows. Then we bought back 21 million shares, the largest crypto buyback ever, $350 million, and we completed that on August 17th. But as you can see, that helped establish the low for Bitmine’s stock price.
And we issued an ETH credit. And I don’t know if you’ve really appreciated how much it’s outperformed. We issued this at $80 a share on June 2026, and it’s currently $99. So pretty substantial outperformance. But consider this. It’s been in the middle of a big bond bear market. Treasuries are down 8% in that same timeframe. Investment grade down 6, high yield down 3, and yet Bitmine has gained 24% on price. That is pretty substantial outperformance as credit. And as you can see, the cost of debt for Bitmine’s perpetual preferreds, or the cost of funds, really, is 9.56%. It’s much lower than that of a Bitcoin or a Solana Treasury.
And lastly, we want to leverage our substantial scale to optimize opportunities in both tokenization and the Ethereum ecosystem. Foremost is MAVAN. It’s the largest single staking operator in the world, managing $2 billion of other people’s crypto. But as you can see, this is allowing us to also generate substantial staking rewards, about a million dollars per day.
And we have our moonshot in Eightco. It’s the largest holder of World tokens. That’s the crypto project founded by Sam Altman, but it owns a big stake in OpenAI. And you can see similar companies are trading at six times NAV. I do think Eightco is a great investment for us.
We’re also the largest corporate shareholder in Beast Industries. MrBeast owns and acquires Step Financial. We believe they’re going to be creating a financial services empire that is the Gen Z, Gen Alpha for Robinhood, Chime, and SoFi.
And we’ve led the investment in the Ethereum Foundation spin-offs. ETH Labs, Ethereum Institutional, and ETH Systems. We’re the lead investor, of course. We all want to support the ecosystem.
So, in conclusion, the big money is not in the buying and selling, but in the waiting, according to Charlie Munger. He is the original HODL. And of course, this is coming at a time when we may have the largest crypto bull market ever. Thanks for listening, and I’ll speak to you soon.
Exhibit 99.3
Bitmine Immersion Technologies (BMNR) Releases October Chairman’s Message: “Crypto Bull Underway — This Cycle Likely the Largest”
Bitmine perpetual preferred gained 24% since issuance compared to -8% decline of US long term bonds
Bitmine remains supported by a premier group of institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas “Tom” Lee to support Bitmine’s goal of acquiring 5% of ETH
NORWALK, Conn., October 7, 2026 /PRNewswire/ — (NYSE: BMNR) Bitmine Immersion Technologies, Inc. (“Bitmine” or the “Company”) a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced the release of the October 2026 Chairman’s Message titled “Crypto Bull Underway — This Cycle Likely the Largest.”
In the October Chairman’s Message, Thomas “Tom” Lee, Chairman of Bitmine, explains why Bitmine’s leadership believes a full-blown crypto bull market is underway and why this cycle could potentially be the largest. Lee also addresses Bitmine’s 5% target level on ETH holdings, its outperformance of ETH since inception, and BMNP’s outperformance since issuance:
| ● | In Lee’s view, the signals of a full-blown bull market are mounting. Large institutions are calling a crypto bull market, a first for any cycle. Bitcoin moved above its 200-day moving average on Aug. 19, 2026, a cross that has flagged a bull market 8 of 9 times since 2012. Bitcoin ETF flows have turned positive year-to-date, and crypto outperformed other macro assets in 3Q 2026 despite a hawkish Fed, surging oil prices and tightening financial conditions. Tom DeMark, advisor to Bitmine, believes Ethereum markets will continue to trade higher. |
| ● | Lee sees four forces that could amplify this cycle well beyond past crypto bull markets: |
| ○ | tokenization, with BlackRock, JPMorgan, Robinhood and others building on Ethereum, an institutional wave unlike the retail-driven ICO and NFT booms; | |
| ○ | flows from a multi-trillion-dollar generational wealth transfer; | |
| ○ | digital asset treasury companies (DATs) permanently reducing supply; and | |
| ○ | crypto as a downstream AI story. |
| ● | Bitmine is nearing its 5% target of the ETH supply, set to optimize shareholder value. Bitmine accumulated 6 million ETH in 15 months, partially during a bear market, and expects to reach its target just as Bitmine believes a bull market is starting. | |
| ● | BMNP, Bitmine’s Series A Preferred Stock, is up 24% from its $80 issue price while U.S. Treasuries, investment grade and high yield bonds have fallen. “That is pretty substantial outperformance as credit,” said Lee. At a 9.56% current yield, BMNP also gives Bitmine the lowest cost of funds among crypto treasury credit. |
| ● | Bitmine has outperformed ETH by over 50,000bp since inception, supported by the largest crypto treasury company stock buyback program ever authorized. |
| ● | Lee also discusses how Bitmine is leveraging its substantial scale to strengthen the Ethereum ecosystem, including through MAVAN, its funding of Ethereum Foundation spin-offs, and its moonshot investments. |
The Chairman’s message can be found here:
https://www.Bitminetech.io/chairmans-message
The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/
To stay informed, please sign up at: https://Bitminetech.io/contact-us/
About Bitmine
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), together with its subsidiaries (“Bitmine” or the “Company”), is a blockchain technology infrastructure company operating across institutional digital asset staking and validation services, bitcoin mining, and strategic digital asset management. As the world’s leading Ethereum Treasury company, it implements an innovative digital asset strategy for institutional investors and public market participants. The Company provides institutional-grade staking and validation infrastructure—through which it earns staking rewards and validation income—alongside bitcoin mining activities. Bitmine holds digital assets strategically, generating yield on those holdings to support liquidity and capital formation. Since 2025, the Company has expanded its blockchain infrastructure capabilities, including developing and deploying MAVAN, its institutional staking and validation platform. The Company’s activities further include investments in early-stage blockchain opportunities (“moonshot” investments) and ancillary mining, hosting, and consulting services.
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
Cautionary Note on Forward Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include all statements that are not purely historical and can generally be identified by terms such as “expects,” “projects,” “intends,” “plans,” “believes,” “anticipates,” “estimates,” “target,” “goal,” “sees,” “may,” “will,” “would,” “could,” “should,” “potentially,” “likely,” “view,” or similar expressions. This press release, including the October 2026 Chairman’s Message referenced herein, specifically contains forward-looking statements regarding: (i) management’s belief that a full-blown crypto bull market is underway and that the current cycle could potentially be the largest crypto cycle to date; (ii) the Company’s goal of acquiring 5% of the total ETH supply, including its 5% target level on ETH holdings, its expectation that it will reach that target as a bull market is starting, and its belief that such target level optimizes shareholder value; (iii) market signals and indicators referenced by management, including Bitcoin’s 200-day moving average, Bitcoin ETF flows, institutional sentiment, and the relative performance of crypto versus other macro assets, and the belief of the Company’s advisor that Ethereum markets will continue to trade higher; (iv) the forces management believes could amplify the current cycle, including tokenization and institutional adoption of Ethereum, the generational wealth transfer, supply reduction by digital asset treasury companies, and crypto as a downstream artificial intelligence opportunity; (v) the performance, yield, and cost of funds associated with the Company’s Series A Preferred Stock (BMNP) relative to U.S. Treasuries, investment grade and high yield bonds, and other crypto treasury credit; (vi) the Company’s share price performance relative to ETH and its stock buyback program; and (vii) the Company’s plans to leverage its scale to strengthen the Ethereum ecosystem, including through MAVAN, its funding of Ethereum Foundation spin-offs, and its “moonshot” investments. These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied.
Factors that could cause or contribute to such differences include, but are not limited to: the extreme volatility and unpredictability of digital asset prices, including ETH and Bitcoin; the risk that a crypto bull market does not materialize, is shorter or smaller than anticipated, or reverses; the risk that historical market indicators, such as moving average crossovers and ETF flows, are not predictive of future market performance; the Company’s ability to successfully execute its digital asset acquisition strategy and achieve its ETH accumulation targets, including its 5% target level, and the possibility that the Company changes such target or strategy; the risk that anticipated drivers of market growth, including tokenization, institutional adoption, generational wealth transfer, digital asset treasury company activity, and artificial intelligence, do not develop as expected; changes in market conditions affecting the trading price, yield, and volume of the Company’s common stock and Series A Preferred Stock, and changes in interest rates and fixed income markets; the Company’s ability to finance its business operations, stock buyback program, and MAVAN expansion; operational, security, and technological risks associated with the Company’s staking and validation operations, including network failures, slashing events, cybersecurity breaches, and protocol changes; risks related to the Company’s “moonshot” investments and its funding of Ethereum ecosystem initiatives; competition in the digital asset treasury, staking, and mining industries; the Company’s dependence on key personnel and advisors; regulatory developments affecting digital assets, blockchain technology, and staking activities, and actions by the SEC, CFTC, and other regulatory bodies; macroeconomic factors, including inflation, interest rates, energy prices, monetary policy, and general economic conditions; the performance of third-party service providers, exchanges, custodians, and staking partners; and the other risk factors described in the Risk Factors section of the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC on November 21, 2025, the Company’s Quarterly Reports on Form 10-Q, and the Company’s other filings with the SEC, as amended or updated from time to time, copies of which are available at www.sec.gov and at https://Bitminetech.io/investor-relations/. The forward-looking statements contained in this press release are based on information available to management as of the date of this release and reflect management’s current expectations, estimates, and beliefs concerning future events. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Bitmine expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
SOURCE Bitmine Immersion Technologies, Inc.