Jonathan Bates Discloses 967,289 BMNR Shares Following IDI Dissolution
Rhea-AI Filing Summary
Jonathan Robert Bates, CEO and director of BitMine Immersion Technologies, Inc. (BMNR), reported changes to his beneficial ownership following the dissolution of an investment fund. On 08/26/2025 Bates received distributions of common stock previously held by Innovative Digital Investors Emerging Technology LP (IDI). As distributed, 362,044 shares went to Progression Asset Management Corporation (PAMC), an entity he wholly owns, but Bates disclaims beneficial ownership of 110,000 of those shares that are subject to third-party rights, reporting direct beneficial ownership of 252,044 shares from PAMC. Additional distributions recorded on the same date show 96,818 shares held by BFAM Partners, LLC and 15,427 shares held in an IRA custodian, bringing Bates' total reported beneficial ownership to 967,289 shares after the transactions.
Positive
- Increased reported beneficial ownership: Total beneficial ownership reported increased to 967,289 shares following the distributions
- Clear disclosure of complex ownership: Filing explains indirect ownership via PAMC, BFAM and an IRA custodian and disclaims 110,000 shares subject to third-party rights
Negative
- None.
Insights
TL;DR: Ownership reallocation due to fund dissolution increases reported indirect holdings, with some shares disclaimed pending third-party distribution.
The Form 4 documents a non-buy transaction where shares formerly held by IDI were distributed to entities linked to the reporting person. The filing clarifies the structure: PAMC holds 362,044 shares of record but 110,000 are subject to third-party rights and are disclaimed by Bates, leaving 252,044 shares reported as indirectly owned. Separately, Bates reports beneficial interest via BFAM and an IRA custodian. This is an administrative reallocation from a dissolved fund rather than open-market acquisitions, so governance implications are limited to updated ownership disclosures.
TL;DR: The transactions are distributions from a dissolved fund, increasing Bates' reported beneficial ownership to 967,289 shares; no cash paid.
The Form 4 codes the transactions as J(1), indicating non-market distributions with $0 price. The filing lists 252,044 shares indirectly owned via PAMC, 210,000 shares reported under BFAM within the totals, and 15,427 shares held in an IRA. Because these were distributions from IDI upon dissolution, there is no purchase price and no immediate change to the company’s outstanding share count reflected in this filing. The change is material for disclosure of insider holdings but does not reflect typical insider buying or selling activity.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 252,044 | $0.00 | -- |
| Other | Common Stock | 96,818 | $0.00 | -- |
| Other | Common Stock | 15,427 | $0.00 | -- |
Footnotes (1)
- The shares were previously held by Innovative Digital Investors Emerging Technology LP ("IDI"), and were distributed in connection with the dissolution and winding up of IDI. In connection with the dissolution of IDI, 362,044 shares of common stock, previously held by IDI were distributed to Progression Asset Management Corporation ("PAMC"), a California corporation, and an entity wholly owned by the Reporting Person. PAMC continues to hold all 362,044 shares of record; however, pursuant to contractual arrangements, third parties hold rights with respect to 110,000 of such shares, which are expected to be distributed to them at a later date. Accordingly, the Reporting Person disclaims beneficial ownership of the 110,000 shares subject to such rights and reports beneficial ownership of only the remaining 252,044 shares. Includes (i) 210,000 shares owned by BFAM Partners, LLC ("BFAM"), and (ii) 393,000 shares owned by the Reporting Person. Shares are owned by BFAM. The Reporting Person has sole voting and investment power of the shares owned by BFAM. The Reporting Person owns 90% of BFAM, and a trust established for his children owns the remaining 10%.
