B. Riley Revises BitMine (BMNR) Price Target to $25, Implying 59% Upside from $15.69

B. Riley lowered its price target for BitMine Immersion Technologies (BMNR) to $25 from $33 as of July 18, 2026, still implying roughly 59% upside from the stock's current trading level near $15.69. The revision reflects lower Ethereum valuations rather than an abandoned thesis on the digital-asset treasury model.

BitMine holds 5,770,038 ETH as of July 12, 2026, representing about 4.8% of Ethereum's 120.7 million circulating supply. Of that position, 4,917,189 ETH is staked, generating yield that the company uses to fund operations without issuing dilutive equity. Bear scenarios estimate downside to $6–$11 if Ethereum falls below $1,200, the level at which forced share issuance would become likely.