Bitmine Immersion Technologies (BMNR)

Published 2026-03-17 • by thebearcave

Original Post ↗SEC:
[All][10-K][10-Q]
Market Intel:
Yahoo Finance 📊TradingView 📈Koyfin 🎯

Thesis Summary

Culper Research alleges that Ethereum's 'Fusaka' upgrade impaired tokenomics, facilitated widespread scamming via 'address poisoning,' and that Bitmine's claimed bullish activity is based on fraudulent transaction data.

Quantitative Overlay

Detailed Deep Dive

Culper Research published on cryptocurrency Ether (ETH) and Bitmine Immersion Technologies (NYSE: BMNR — $8.59 billion), a publicly traded Ethereum treasury company. Culper alleged that “Ethereum’s December 2025 Fusaka upgrade has impaired ETH tokenomics” and highlighted that Ethereum’s founder, Vitalik Buterin, has sold meaningful ETH crypto holdings in recent months. Culper claimed the Fusaka upgrade to Ethereum’s protocol has had disastrous effects in the Ethereum ecosystem and enabled widespread scamming. Culper wrote:

> “We engaged in a comprehensive on-chain analysis of every single ETH transaction from January 2025 through February 2026, and found that address poisoning – in which attackers ‘dust’ or ‘poison’ victim wallets with negligible-value transactions to induce mistaken/fraudulent transfers – has been the key driver of the increased activity that [Bitmine Chairman Tom Lee] cites as supposedly bullish for ETH.”