B. Riley raised the firm’s price target on Bitmine Immersion (BMNR) to $33 from $30 and keeps a Buy rating on the shares. BitMine Immersion launched MAVAN, its institutional-grade Ethereum staking platform, marking a key shift from passive ETH treasury management to active staking infrastructure, with about 67% of holdings already staked and potential annualized rewards of roughly $285M at full deployment, the analyst tells investors in a research note. Early adoption has been strong, and management plans to expand MAVAN to additional chains and services, supporting incremental revenue, diversification, and upside to the company’s below-target multiple, B. Riley adds.
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