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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): July 28, 2025

 

BITMINE IMMERSION TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-42675   84-3986354

(State or other jurisdiction

of incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

10845 Griffith Peak Dr. #2

Las Vegas, NV89135

(Address of principal executive office) (Zip Code)

 

(404) 816-8240

(Registrants’ telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001   BMNR   NYSE American LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

 

Emerging Growth Company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

On July 25, 2025, the Board of Directors (the “Board”) of Bitmine Immersion Technologies, Inc. (the “Company”) approved a share repurchase program (the “2025 Repurchase Program”) providing for the repurchase of up to $1,000,000,000 of the Company’s outstanding shares of common stock, par value $0.0001 per share (the “Common Stock”). Under the 2025 Repurchase Program, the Company is authorized to repurchase shares of Common Stock through open market purchases, privately-negotiated transactions, accelerated share repurchases, or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Repurchase Program does not obligate the Company to repurchase shares of Common stock and the specific timing and amount of repurchases will vary based on available capital resources and other financial and operational performance metrics, market conditions, securities law limitations, and other factors.

 

In connection with the 2025 Repurchase Program, on July 28, 2025, the Company entered into an Open Market Share Repurchase Agreement (the “Repurchase Agreement”) with Cantor Fitzgerald & Co. (the “Broker”) whereby the Broker has agreed to act as a non-exclusive agent on behalf of the Company to repurchase shares of Common Stock in the open market pursuant to Rule 10b-18 of the Exchange Act. The Repurchase Agreement will continue in effect until terminated by either the Company or the Broker, with or without cause, upon written notice to the other party. The Company will pay Broker a commission at a rate of $0.02 for each share of Common Stock repurchased pursuant to the Repurchase Agreement.

 

The foregoing description of the Repurchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Repurchase Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

 

On July 29, 2025, the Company issued a press release (the “Press Release”) announcing the 2025 Repurchase Program and the Repurchase Agreement. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

The information under this Item 7.01, including Exhibit 99.1, 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
10.1   Open Market Share Repurchase Agreement, dated July 28, 2025.
99.1   Press Release, dated July 29, 2025
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: July 29, 2025 By: /s/ Jonathan Bates
  Name: Jonathan Bates
  Title: Chief Executive Officer

 

 

 

 

Exhibit 10.1

 

OPEN MARKET SHARE REPURCHASE AGREEMENT

 

This OPEN MARKET SHARE REPURCHASE AGREEMENT (the “Agreement”) is made and entered into as of July 28, 2025 by and between CANTOR FITZGERALD & CO. (“Broker”) and Bitmine Immersion Technologies, Inc. (the “Company”).

 

Whereas, the Company wishes to repurchase shares of its common stock (the “Stock”) which is listed on the New York Stock Exchange American under BMNR in accordance with this Agreement and to carry out the tasks set forth herein;

 

Whereas Broker has agreed to act as a none-exclusive agent on behalf of the Company and repurchase shares of the Stock pursuant to this Agreement (the “Repurchase Program”),

 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth herein, the parties hereby agree as follows:

 

(1) APPOINTMENT OF BROKER; PURCHASING PROCEDURES.

 

a) The Company hereby appoints Broker as its non-exclusive agent to purchase the Stock on behalf of Company in the open market. It is the Company’s intention that such purchases benefit from the safe harbor provided by Rule 10b-18 (“Rule 10b-18”) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

b) Unless otherwise agreed to, the Company will provide Broker with instructions on a daily basis in respect of the Repurchase Program regarding the total number of Stock Broker is authorized to purchase and target amounts of Stock to be acquired during the day succeeding such instruction and the maximum price or the range of prices to be paid therefore. Except as otherwise provided in this Agreement, Broker shall determine, in its sole discretion, the timing, amount, prices and manner of purchase of Securities on any day, so long as such purchases are consistent with the instruction provided by the Company for such day.

 

(2) COMPANY REPRESENTATIONS, WARRANTIES, AND COVENANTS.

 

a) The Company represents, warrants, and covenants that, prior to the implementation of the Repurchase Program, and in connection therewith (the foregoing representations and warranties shall each be deemed repeated on each day on which the Company places an order with Broker):

 

(i) it is not in possession of material non-public information and has no knowledge of a material fact or material change with respect to Company that has not been generally disclosed;

 

(ii) it is not subject to any legal, regulatory or contractual restriction or undertaking that would prevent the open market repurchase of its Stock;

 

(iii) it is entering into this Agreement in good faith and not as part of any scheme to evade insider trading prohibitions;

 

(iv) it will provide Broker with a copy of resolutions duly adopted by the Company’s Board of Directors authorizing the open market share repurchase;

 

 

 

 

(v) it will provide Broker with a corporate resolution or secretary’s certificate identifying the undersigned and other specified individuals with the authority to implement the open market share repurchase by, among other things, engaging a broker-dealer to act as the Company’s agent for such purposes, establishing and maintaining an account on behalf of the Company for the Repurchase Program and to transact in and instruct such broker or dealer on the account to effect the Repurchase Program (“Authorized Persons”), such document must include specimen signatures of all Authorized Persons;

 

(vi) it will pay Broker a commission at a rate of $0.02 for each share of Stock purchased;

 

(vii) it will provide a Form W-9 certifying the taxpayer identification number of the entity purchasing the Stock;

 

(viii) it will provide Broker with trade reporting and security delivery instructions, as outlined in Attachment A, for the daily trade reporting and account statements as well as the delivery of the Stock purchased by Broker on the Company’s behalf; and

 

(ix) it will provide Broker with all necessary information regarding (i) any previous Stock purchases executed by the Company or an affiliated purchaser, as may be required for Broker to calculate the Company’s volume limitations under Rule 10b-18 and (ii) the intention on the part of any affiliated purchaser to purchase Stock on any day, including any purchase of a “block” (as defined in Rule 10b-18) pursuant to the once-a-week block exception contained in Rule 10b-18(b)(4) under the Exchange Act, if such purchase is to be effected otherwise than through Broker pursuant to this Agreement.

 

b) The Company further agrees that it will transfer funds for purchases of Stock that Broker makes on behalf of the Company as set forth on Attachment A or upon request by Broker, but in no case later than the settlement date stipulated on the applicable Trade Recap.

 

c) The Company acknowledges that other than to the extent of its representations and covenants herein, Broker shall not be responsible for Company’s compliance with Rule 10b-18. The Company specifically acknowledges that the requirements of Rule 10b-18 may not be met in the event that the Company purchases Stock through more than one broker or dealer on any single day. It is understood that Company may rotate its repurchase program; provided, however that Company covenants to use only one broker-dealer to make purchases of Stock under the Repurchase Program on any day in accordance with Rule 10b-18(b)(1).

 

d) The Company covenants not to take any action knowingly that would violate or cause any purchases of Stock by Broker to violate Rule 10b-18 and or, to the extent applicable, Exchange Act Rule 10b5-1 (“Rule 10b5-1”) or any other applicable law.

 

2

 

 

(3) BROKER REPRESENTATIONS, WARRANTIES, AND COVENANTS.

 

a) Broker, acting as non-exclusive agent on behalf of Company, represents, warrants, and covenants that, prior to the implementation of the Repurchase Program, and in connection therewith (the foregoing representations and warranties shall each be deemed repeated on each day on which the Broker executes an order hereunder for Company):

 

(i) Broker will execute all open-market purchases of Stock in accordance with the timing, price and volume restrictions contained in subparagraphs (2), (3) and (4) of paragraph (b) of Rule 10b-18, it being understood that Broker shall not be responsible for delays between the execution and reporting of a trade in the Stock, any reporting errors of the principal exchange on which the Stock is traded or third party reporting systems or other circumstances reasonably beyond Broker’s control.

 

(ii) Broker will execute purchases of Stock pursuant to instructions provided to Broker by Company or its designee. Broker has no obligation to accept, or to execute or cancel, all or any part of any order that you seek to execute or cancel, as the case might be.

 

b) At the end of each day on which Broker executes purchases of Stock on the Company’s behalf, Broker will provide to the Company a trade recap showing the number of shares of Stock purchased, the average price of the shares of Stock, the principal dollar amount of the transactions, the commissions or commission equivalent charged, the aggregate dollar amount due to Broker, and the trade date and the settlement date of such purchases (“Trade Recap”). Unless otherwise specified, all purchases made on behalf of the Company will settle two (2) business days after the trade date.

 

(4) TERM AND TERMINATION.

 

a) This Agreement is effective as of the date listed above and will continue in effect until terminated by either party at any time, with or without cause, upon written notice to the other party.

 

b) This Agreement will remain in effect with respect to all transactions executed prior to such termination.

 

(5) MISCELLANEOUS

 

a) This Agreement, along with any Rule 10b5-1 stock repurchase plan Broker executes with the Company concurrently or subsequently to this Agreement, if any, constitutes the entire Agreement between the parties with respect to the subject matter hereof, and supersedes any previous agreements, promises, and representations, whether written or oral, between parties.

 

b) The Company acknowledges and agrees that this agreement is a “securities contract,” as such term is defined in Section 741(7) of Title 11 of the United States Code, as it may be amended (the “Bankruptcy Code”), entitled to all of the protections given such contracts under the Bankruptcy Code.

 

c) Any notice, request, demand or other communication pursuant to this Agreement must be given in writing as specified below using one of the following methods: personal delivery, Registered or Certified Mail (in each case, return receipt requested and postage prepaid), nationally recognized overnight courier with tracking (all fees prepaid) or e-mail. A Notice is effective upon the earlier of (i) the date the Notice is actually received by the addressee, or (ii) (A) if sent by Registered or Certified Mail, two (2) business days after the Notice is sent, (B) if sent by nationally recognized overnight courier, one (1) business days after the Notice is sent, or (C) if sent by e-mail, upon written acknowledgement by the other party, which may also be by e-mail (each such notice, request, demand or other communication, a “Notice”).

 

3

 

 

If sent to Company1:   If sent to Broker:
     
10845 Griffith Peak Drive #2   General Counsel
Las Vegas, NV 89135   Cantor Fitzgerald & Co.
    110 East 59th Street
with a copy (which shall not constitute notice) to:   New York, NY 10022
Winston & Strawn LLP   smerkel@cantor.com
c/o Michael Blankenship   with a copy to:
800 Capitol Street, Suite 2400   10bPlans@cantor.com
Houston, TX 77002    
mblankenship@winston.com    
(713) 651-2678    

 

d) The Company agrees to indemnify and hold Broker (and its directors, officers, employees and affiliates) harmless from and against all claims, liabilities, losses, damages and expenses (including reasonable attorneys’ fees and costs) (collectively, “Losses”)arising out of or attributable to: (i) any material breach by the Company of this Repurchase Program and Agreement (including the Company’s representations, warranties, and covenants), and (ii) any material violation by the Company of applicable laws or regulations; provided, however, that Company shall have no indemnification obligations to the extent the losses result direct and primarily from the gross negligence or willful misconduct of the Broker or any other indemnified person. This indemnification shall survive the termination of this Agreement.

 

e) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR ANY ALLEGED BREACH THEREOF, SHALL BE SETTLED BY BINDING AND NON-APPEALABLE ARBITRATION TO BE ADMINISTERED BY THE FINRA DISPUTE RESOLUTION PROCESS IN NEW YORK, NEW YORK, IN ACCORDANCE WITH ITS RULES THEN IN EFFECT, AND JUDGMENT UPON THE AWARD RENDERED BY THE ARBITRATOR(S) MAY BE ENTERED IN ANY COURT HAVING JURISDICTION.

 

f) No amendment or modification of this Agreement will be effective unless it is in writing and signed by each of the parties hereto. If any provision of this Agreement is held illegal, void or unenforceable, the remainder of this Agreement will remain in effect. Any headings appearing on this Agreement are for convenience only and do not affect the interpretation of this Agreement. This Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together will constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), which shall be accepted as if they were original execution signatures.

 

g) By executing this Agreement, the Company represents that it is authorized to enter into this Agreement. Upon executing and returning one copy of this Agreement to the undersigned, this Agreement shall become a binding Agreement between the Company and Broker.

 

(Signature page to follow)

 

 

 

 

4

 

 

Bitmine Immersion Technologies, Inc.   CANTOR FITZGERALD & CO.
         
By: /s/ Jonathan Bates   By: /s/ Sameer Vasudev
Name: Jonathan Bates   Name: Sameer Vasudev
Title: Chief Executive Officer   Title: Managing Director

 

[Signature page to Open Market Share Purchase Agreement – BMNR – July 28, 2025]

 

5

 

 

Attachment A

 

Trade Reporting Information

 

Recipients of daily email report:

 

Name   Email Address   Telephone
Jonathan Bates   jbates@bitminetech.io    
Raymond Mow   rmow@bitminetech.io    
Thomas Lee   thomas@fundstrat.com    

 

Contact information for account statements, confirmations, etc:

 

Contact:   Jonathan Bates
Mailing Address:   10845 Griffith Peak Dr. #2, Las Vegas, NV 89135
Phone:   (404) 816-8240

 

Delivery of Securities

 

If via DWAC, please provide:

 

Name of transfer agent:   West Coast Stock Transfer, Inc.
Transfer agent contact:   Eddie Tobler
Contact phone number:   (619) 664-4780
DWAC frequency (e.g. daily/weekly/monthly)   Daily

 

If via DVP, please provide:

 

Agent bank number:    
DTC number:    
Institutional ID number:    
Internal ID number:    
Contact person at agent bank:    
Contact phone number:    

 

To wire proceeds to Cantor

 

Bank:  
ABA #:  
Account name:  
Acct #:  
Attn:  
Ref:  

 

6

 

 

Exhibit 99.1

 

BitMine Immersion (BMNR) Announces $1 Billion Stock Repurchase Program

 

BMNR crypto and unencumbered cash total $2.77 billion

 

BMNR total ETH of 625,000 tokens at $2.35 billion

 

BMNR fully diluted commons shares of 121.7 million

 

LAS VEGAS, July 29, 2025 /PRNewswire/ — (NYSE AMERICAN: BMNR) BitMine Immersion Technologies (“BitMine” or the “Company”) today announced that its Board of Directors has approved a stock repurchase program to acquire up to $1 billion of the company’s outstanding common stock. The new stock repurchase program, which is open-ended, allows the company to repurchase its shares from time to time in the open market and in negotiated transactions.

 

“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares,” said Thomas “Tom” Lee, Chairman of BitMine.

 

The company has in excess of $401.4 million of unencumbered cash.

 

As of July 28th at 10:45pm, the company’s ETH holdings total 625,000 tokens at $3,755 per ETH (Bloomberg) and Bitcoin holdings of 192 coins at $118,021 per BTC (Bloomberg).

 

As of July 28th, the current fully diluted common shares outstanding is 121,739,533.

 

The combined net asset value (NAV per share) of cash and crypto is $22.76.

 

The company recently released a corporate presentation, which can be found here: https://bitminetech.io/investor-relations/

 

To stay informed, please sign up at: https://bitminetech.io/contact-us/

 

About BitMine

 

BitMine is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine’s operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas.

 

For additional details, follow on X:

 

https://x.com/bitmnr

https://x.com/fundstrat

https://x.com/bmnrintern

 

Forward Looking Statements

 

This press release contains statements that constitute “forward-looking statements.” The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding progress and achievement of the Company’s goals regarding ETH acquisition and staking, the long-term value of Ethereum, continued growth and advancement of the Company’s Ethereum treasury strategy and the applicable benefits to the Company. In evaluating these forward-looking statements, you should consider various factors, including BitMine’s ability to keep pace with new technology and changing market needs; BitMine’s ability to finance its current business, Ethereum treasury operations and proposed future business; the competitive environment of BitMine’s business; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine’s control, including those set forth in the Risk Factors section of BitMine’s Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 3, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of BitMine’s filings with the SEC are available on the SEC’s website at www.sec.gov. BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

SOURCE BitMine Immersion Technologies, Inc.

 

MEDIA CONTACT:

 

Marcy Simon

Marcy@agentofchange.com

+19178333392