Form 4: Bitmine Immersion CEO Jonathan Bates Resigns

Jonathan Bates has resigned as Chief Executive Officer and Director of Bitmine Immersion Technologies, Inc., effective November 12, 2025, and is no longer subject to Section 16 reporting.

Summary

• Jonathan Bates resigned as Chief Executive Officer and Director of Bitmine Immersion Technologies, Inc. (BMNR) effective November 12, 2025.
• This Form 4 filing indicates that Bates is no longer subject to Section 16 of the Securities Exchange Act of 1934.
• Bates directly holds 399,000 shares of common stock, of which 300,000 are subject to a prepaid variable forward contract.
• Indirect holdings include 210,000 shares via BFAM Partners, LLC, 96,818 shares via BFAM & Co., LLC, 252,044 shares via Progression Asset Management Corporation (PAMC), and 15,427 shares via The Entrust Group, Inc. Custodian FBO Jonathan Bates IRA.
• An additional 100,000 shares held by PAMC are also subject to a prepaid variable forward contract.
• Bates is the 100% owner and shareholder of PAMC, and owns 90% of BFAM Partners, LLC and BFAM & Co., LLC, with a trust for his children owning the remaining 10% of each BFAM entity.

Sentiment

Score: 5

Explanation: The filing is a factual report of a management change and insider ownership status, without providing performance data or strategic updates that would typically influence a strong positive or negative sentiment.

Negatives

• The resignation of the Chief Executive Officer and a Director could introduce uncertainty regarding the company's future leadership and strategic direction.
• The existence of prepaid variable forward contracts on a significant portion of the reporting person's direct and indirect holdings (300,000 direct, 100,000 indirect) indicates an obligation to sell shares, which could be perceived negatively by the market.

Risks

• Leadership transition risk due to the resignation of the CEO and a Director.
• Potential market perception issues related to a significant insider's departure and the nature of their shareholdings (prepaid variable forward contracts).

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Management Comments

• The Reporting Person is voluntarily filing this Form 4 to indicate that he is no longer subject to Section 16 of the Securities Exchange Act of 1934, as amended.

Industry Context

This filing does not provide information to analyze broader industry trends or competitors.

Management Changes

Corporate Governance

Related Party Transactions

• Jonathan Bates' indirect beneficial ownership through BFAM Partners, LLC, BFAM & Co., LLC, and Progression Asset Management Corporation (PAMC) constitutes related party dealings, as Bates is a significant owner of these entities.

Stakeholder Impact

• Shareholders may experience uncertainty due to the CEO's resignation and the implications of the prepaid variable forward contracts on a significant portion of the insider's holdings.
• Employees may face uncertainty regarding future leadership and strategic direction.
• The Board of Directors will need to manage the transition and appoint new leadership.

Key Dates

Keywords

Bitmine Immersion Technologies, BMNR, Jonathan Bates, CEO resignation, Director resignation, Form 4, insider trading, beneficial ownership, prepaid variable forward, Section 16, corporate governance