On October 16, 2025, B. Riley Securities initiated coverage of BitMine Immersion Technologies Inc. (BMNR) with a 'Buy' rating. However, BMNR's stock price declined by 4.22% to $51.53, possibly influenced by the broader market downturn, with major indices like the S&P 500 and NASDAQ Composite also experiencing declines. Additionally, Tom Lee, chair of BitMine, recently expressed concerns about the digital asset treasury sector, noting that valuations are collapsing and many firms trade below their underlying asset value, which could impact investor sentiment towards BMNR.