[Form 4] BITMINE IMMERSION TECHNOLOGIES, INC. Insider Trading Activity
Jonathan Robert Bates, Director and CEO of Bitmine Immersion Technologies, Inc. (BMNR), entered into two prepaid variable forward contracts on 09/22/2025 covering an aggregate Base Amount of 150,000 common shares (50,000 for himself and 100,000 for Progression Asset Management Corporation). In exchange for the contracts he received cash payments of $2,389,663 and $4,779,326, respectively, totaling $7,168,989. The contracts require delivery on a settlement date after September 11, 2028, with the final number of shares to be delivered determined by a formula tied to the stock's settlement price, subject to a $90.00 cap and a $53.30 floor.
Bates pledged the covered shares as security but retained voting rights during the pledge while being obligated to pay the Bank the economic benefits of dividends. The 100,000-share amount is held indirectly by Progression Asset Management Corporation, a company wholly owned by Bates.
Jonathan Robert Bates, Direttore e Amministratore Delegato di Bitmine Immersion Technologies, Inc. (BMNR), ha stipulato due contratti forward variabili prepagati il 22/09/2025 coprenti un importo di base aggregate di 150.000 azioni ordinarie (50.000 per lui e 100.000 per Progression Asset Management Corporation). In cambio dei contratti ha ricevuto pagamenti in contanti di $2,389,663 e $4,779,326, rispettivamente, per un totale di $7,168,989. I contratti prevedono la consegna in una data di regolamento successiva al 11 settembre 2028, con il numero finale di azioni da consegnare determinato da una formula legata al prezzo di regolamento delle azioni, soggetta a un $90.00 cap e a un $53.30 floor.
Bates ha messo le azioni coperte a garanzia ma ha mantenuto i diritti di voto durante la garanzia, pur essendo obbligato a pagare alla Banca i benefici economici dei dividendi. L’importo di 100.000 azioni è detenuto indirettamente da Progression Asset Management Corporation, una società interamente controllata da Bates.
Jonathan Robert Bates, Director y CEO de Bitmine Immersion Technologies, Inc. (BMNR), firmó dos contratos de forwards variables prepagados el 22/09/2025 que cubren un monto base agregado de 150.000 acciones ordinarias (50.000 para él y 100.000 para Progression Asset Management Corporation). A cambio de los contratos recibió pagos en efectivo de $2,389,663 y $4,779,326, respectivamente, por un total de $7,168,989. Los contratos exigen la entrega en una fecha de liquidación posterior al 11 de septiembre de 2028, con el número final de acciones a entregar determinado por una fórmula vinculada al precio de liquidación de las acciones, sujeto a un tope de $90.00 cap y a un piso de $53.30 floor.
Bates comprometió las acciones cubiertas como garantía pero conservó los derechos de voto durante la garantía mientras tenía la obligación de pagar al Banco los beneficios económicos de los dividendos. La cantidad de 100.000 acciones es mantenida indirectamente por Progression Asset Management Corporation, una empresa de propiedad total de Bates.
제이슨 로버트 베이츠, Bitmine Immersion Technologies, Inc. (BMNR)의 이사이자 최고경영책임자(CEO)는 2025년 9월 22일 두 건의 선불형 가변 선도계약을 체결했다. 총 기본 금액은 150,000주의 보통주로 구성되며(그 자신을 위해 50,000주, Progression Asset Management Corporation을 위해 100,000주). 계약 대가로 그는 각각 2,389,663달러와 4,779,326달러의 현금을 받았고 합계 7,168,989달러이다. 계약은 2028년 9월 11일 이후의 결제일에 인도하도록 되어 있으며, 인도될 최종 주식 수는 주가 결제가에 연계된 공식에 의해 결정되며, 상한은 90.00달러, 하한은 53.30달러로 설정되어 있다.
베이츠는 보유 주식을 담보로 제공하되 담보 설정 중에도 의결권을 유지했고, 배당의 경제적 이익을 은행에 지급해야 할 의무가 있다. 100,000주에 해당하는 수량은 베이츠가 전적으로 소유한 Progression Asset Management Corporation이 간접적으로 보유하고 있다.
Jonathan Robert Bates, Directeur et PDG de Bitmine Immersion Technologies, Inc. (BMNR), a conclu deux contrats à terme prépayés à variation variable le 22/09/2025 couvrant un montant de base agrégé de 150 000 actions ordinaires (50 000 pour lui et 100 000 pour Progression Asset Management Corporation). En échange des contrats, il a reçu des paiements en espèces de $2,389,663 et $4,779,326, respectivement, pour un total de $7,168,989. Les contrats prévoient une livraison à une date de règlement postérieure au 11 septembre 2028, le nombre final d’actions à livrer étant déterminé par une formule liée au prix de règlement de l’action, sous réserve d’un plafond de $90.00 cap et d’un plancher de $53.30 floor.
Bates a mis en gage les actions couvertes comme garantie, mais a conservé les droits de vote pendant le gage tout en étant obligé de payer à la Banque les avantages économiques des dividendes. Le montant de 100 000 actions est détenu indirectement par Progression Asset Management Corporation, une société entièrement détenue par Bates.
Jonathan Robert Bates, Direktor und CEO von Bitmine Immersion Technologies, Inc. (BMNR), schloss am 22.09.2025 zwei prepaid variable forward contracts ab, die einen Gesamtbasiswert von 150.000 Stammaktien abdecken (50.000 für ihn persönlich und 100.000 für Progression Asset Management Corporation). Im Gegenzug erhielt er Bargeldzahlungen von $2,389,663 und $4,779,326, insgesamt $7,168,989. Die Verträge sehen eine Lieferung zu einem Abrechnungsdatum nach dem 11. September 2028 vor, wobei die endgültige Anzahl der zu liefernden Aktien durch eine Formel bestimmt wird, die am Erfüllungspreis der Aktie hängt, unterliegt jedoch einer Obergrenze von $90.00 cap und einem Untergrenze von $53.30 floor.
Bates verpfändete die abgedeckten Aktien als Sicherheit, behielt aber während der Verpfändung die Stimmrechte und war gleichzeitig verpflichtet, dem Bank die wirtschaftlichen Vorteile von Dividenden zu zahlen. Die Menge von 100.000 Aktien wird indirekt von Progression Asset Management Corporation gehalten, einer Firma, die vollständig Bates gehört.
جوناثان روبرت بيتس، المدير التنفيذي والمدير التنفيذي لشركة Bitmine Immersion Technologies, Inc. (BMNR)، دخل في عقدين مقدمين متغيرين للأمام في 22/09/2025 يغطيان مبلغاً أساسياً إجمالياً قدره 150,000 سهم عادي (50,000 له و100,000 لـ Progression Asset Management Corporation). مقابل العقود تلقى دفعات نقدية قدرها $2,389,663 و $4,779,326، على التوالي، بإجمالي $7,168,989. تتطلب العقود التسليم في تاريخ تسوية بعد 11 سبتمبر 2028، ويتم تحديد العدد النهائي من الأسهم التي ستُسلَّم بواسطة صيغة مرتبطة بسعر تسوية السهم، وبحد أقصى $90.00 cap وبحد أدنى $53.30 floor.
رهن بيتس الأسهم المغطاة كضمان مع احتفاظه بالحقوق التصويتية أثناء الرهن، مع التزامه بدفع الفوائد الاقتصادية من الأرباح للبنك. والمقدار 100,000 سهم مُحتجز بشكل غير مباشر من Progression Asset Management Corporation، وهي شركة مملوكة بالكامل لبيتس.
Jonathan Robert Bates，Bitmine Immersion Technologies, Inc.（BMNR）的董事兼首席执行官，在2025年9月22日签署了两份预付可变远期合约，覆盖基础金额合计为150,000股普通股（他本人50,000股，Progression Asset Management Corporation 100,000股）。作为合同对价，他分别获得了2,389,663美元和4,779,326美元的现金支付，总计7,168,989美元。合同要求在2028年9月11日之后的结算日进行交割，最终应交付的股票数量由与股票结算价相关的公式确定，受90.00美元上限和53.30美元下限的约束。
贝茨将所覆盖的股票抵押但在抵押期间保留表决权，同时有义务向银行支付股息的经济利益。100,000股的数量由Progression Asset Management Corporation间接持有，该公司由贝茨全资拥有。
- Upfront cash received: Bates obtained $7,168,989 in aggregate proceeds from the two prepaid variable forward contracts.
- Retained voting rights: Bates kept voting control of the pledged shares during the pledge term, maintaining governance influence.
- Pledged shares as collateral: 150,000 shares are pledged to secure obligations, creating a secured counterparty claim on those shares.
- Obligation to deliver shares: Contracts may require delivery of up to the Base Amount (150,000 shares) on settlement, potentially reducing Bates' future equity holdings.
- Dividend economics payable to Bank: Bates is obligated to pay the economic benefits of dividends to the counterparty while retaining voting rights.
Insights
TL;DR: CEO entered prepaid forward contracts, pledging 150,000 shares as collateral while keeping voting control and receiving $7.17M in proceeds.
The transaction indicates management monetizing equity exposure through a prepaid variable forward structure while preserving voting authority. Pledging the underlying shares creates secured obligations and transfers dividend economics to the counterparty, which can affect the company's shareholder composition at settlement. The indirect holding via Progression Asset Management Corporation should be disclosed clearly to avoid confusion about beneficial ownership. Documentation outlines capped and floored settlement mechanics that determine final share delivery.
TL;DR: Two prepaid variable forwards provide immediate liquidity of $7.17M against 150,000 shares, with settlement contingent on future share price within cap/floor bands.
The structure yields significant upfront cash while leaving final share delivery variable, dependent on a formula using a $90 cap and $53.30 floor at maturity. This converts equity exposure into a financed position with potential future dilution if settlement requires full delivery of the Base Amount. The agreements mature after September 11, 2028, so market and credit exposure extend for nearly three years. Retained voting rights mean governance influence remains with Bates during the contract term.
Jonathan Robert Bates, Direttore e Amministratore Delegato di Bitmine Immersion Technologies, Inc. (BMNR), ha stipulato due contratti forward variabili prepagati il 22/09/2025 coprenti un importo di base aggregate di 150.000 azioni ordinarie (50.000 per lui e 100.000 per Progression Asset Management Corporation). In cambio dei contratti ha ricevuto pagamenti in contanti di $2,389,663 e $4,779,326, rispettivamente, per un totale di $7,168,989. I contratti prevedono la consegna in una data di regolamento successiva al 11 settembre 2028, con il numero finale di azioni da consegnare determinato da una formula legata al prezzo di regolamento delle azioni, soggetta a un $90.00 cap e a un $53.30 floor.
Bates ha messo le azioni coperte a garanzia ma ha mantenuto i diritti di voto durante la garanzia, pur essendo obbligato a pagare alla Banca i benefici economici dei dividendi. L’importo di 100.000 azioni è detenuto indirettamente da Progression Asset Management Corporation, una società interamente controllata da Bates.
Jonathan Robert Bates, Director y CEO de Bitmine Immersion Technologies, Inc. (BMNR), firmó dos contratos de forwards variables prepagados el 22/09/2025 que cubren un monto base agregado de 150.000 acciones ordinarias (50.000 para él y 100.000 para Progression Asset Management Corporation). A cambio de los contratos recibió pagos en efectivo de $2,389,663 y $4,779,326, respectivamente, por un total de $7,168,989. Los contratos exigen la entrega en una fecha de liquidación posterior al 11 de septiembre de 2028, con el número final de acciones a entregar determinado por una fórmula vinculada al precio de liquidación de las acciones, sujeto a un tope de $90.00 cap y a un piso de $53.30 floor.
Bates comprometió las acciones cubiertas como garantía pero conservó los derechos de voto durante la garantía mientras tenía la obligación de pagar al Banco los beneficios económicos de los dividendos. La cantidad de 100.000 acciones es mantenida indirectamente por Progression Asset Management Corporation, una empresa de propiedad total de Bates.
제이슨 로버트 베이츠, Bitmine Immersion Technologies, Inc. (BMNR)의 이사이자 최고경영책임자(CEO)는 2025년 9월 22일 두 건의 선불형 가변 선도계약을 체결했다. 총 기본 금액은 150,000주의 보통주로 구성되며(그 자신을 위해 50,000주, Progression Asset Management Corporation을 위해 100,000주). 계약 대가로 그는 각각 2,389,663달러와 4,779,326달러의 현금을 받았고 합계 7,168,989달러이다. 계약은 2028년 9월 11일 이후의 결제일에 인도하도록 되어 있으며, 인도될 최종 주식 수는 주가 결제가에 연계된 공식에 의해 결정되며, 상한은 90.00달러, 하한은 53.30달러로 설정되어 있다.
베이츠는 보유 주식을 담보로 제공하되 담보 설정 중에도 의결권을 유지했고, 배당의 경제적 이익을 은행에 지급해야 할 의무가 있다. 100,000주에 해당하는 수량은 베이츠가 전적으로 소유한 Progression Asset Management Corporation이 간접적으로 보유하고 있다.
Jonathan Robert Bates, Directeur et PDG de Bitmine Immersion Technologies, Inc. (BMNR), a conclu deux contrats à terme prépayés à variation variable le 22/09/2025 couvrant un montant de base agrégé de 150 000 actions ordinaires (50 000 pour lui et 100 000 pour Progression Asset Management Corporation). En échange des contrats, il a reçu des paiements en espèces de $2,389,663 et $4,779,326, respectivement, pour un total de $7,168,989. Les contrats prévoient une livraison à une date de règlement postérieure au 11 septembre 2028, le nombre final d’actions à livrer étant déterminé par une formule liée au prix de règlement de l’action, sous réserve d’un plafond de $90.00 cap et d’un plancher de $53.30 floor.
Bates a mis en gage les actions couvertes comme garantie, mais a conservé les droits de vote pendant le gage tout en étant obligé de payer à la Banque les avantages économiques des dividendes. Le montant de 100 000 actions est détenu indirectement par Progression Asset Management Corporation, une société entièrement détenue par Bates.
Jonathan Robert Bates, Direktor und CEO von Bitmine Immersion Technologies, Inc. (BMNR), schloss am 22.09.2025 zwei prepaid variable forward contracts ab, die einen Gesamtbasiswert von 150.000 Stammaktien abdecken (50.000 für ihn persönlich und 100.000 für Progression Asset Management Corporation). Im Gegenzug erhielt er Bargeldzahlungen von $2,389,663 und $4,779,326, insgesamt $7,168,989. Die Verträge sehen eine Lieferung zu einem Abrechnungsdatum nach dem 11. September 2028 vor, wobei die endgültige Anzahl der zu liefernden Aktien durch eine Formel bestimmt wird, die am Erfüllungspreis der Aktie hängt, unterliegt jedoch einer Obergrenze von $90.00 cap und einem Untergrenze von $53.30 floor.
Bates verpfändete die abgedeckten Aktien als Sicherheit, behielt aber während der Verpfändung die Stimmrechte und war gleichzeitig verpflichtet, dem Bank die wirtschaftlichen Vorteile von Dividenden zu zahlen. Die Menge von 100.000 Aktien wird indirekt von Progression Asset Management Corporation gehalten, einer Firma, die vollständig Bates gehört.
FAQ
What did Jonathan Bates report on Form 4 for BMNR?
How many BMNR shares are affected and who holds them?
When will the contracts settle and how is settlement determined?
Did Bates keep voting rights or dividends on the pledged shares?
How much cash did Bates receive in total from these transactions?
