BMNR Form 4: Bates reports PVFs, steps down as CEO and Director
Rhea-AI Filing Summary
Bitmine Immersion Technologies (BMNR) insider Jonathan Bates filed a Form 4 reflecting beneficial ownership and derivative positions and noted a leadership change. The filing lists 399,000 common shares held directly and additional indirect holdings of 210,000 (BFAM Partners, LLC), 96,818 (BFAM & Co., LLC), 252,044 (Progression Asset Management Corporation), and 15,427 (IRA).
The filing discloses prepaid variable forward contracts covering 300,000 of the directly held shares and 100,000 of the PAMC-held shares. Bates retains voting rights in these shares and may elect to deliver a cash equivalent at maturity. The earliest transaction date is November 12, 2025.
In the remarks, Bates states that, effective November 12, 2025, he resigned as Chief Executive Officer and Director and is voluntarily filing to indicate he is no longer subject to Section 16.
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Insights
Insider reports PVFs and resigns; effects depend on future updates.
Jonathan Bates reports direct and indirect share holdings, plus prepaid variable forward (PVF) contracts on 300,000 directly held shares and 100,000 PAMC shares. PVFs are obligations that can settle in shares or cash; the filing states he retains voting rights and may deliver a cash equivalent at maturity.
The remarks note Bates resigned as CEO and Director effective November 12, 2025, and he is no longer subject to Section 16 reporting. Without additional context on succession or strategic implications, the investment impact is unclear from this excerpt.
Subsequent company disclosures may clarify leadership transition details and any effects on strategy or execution.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Prepaid Variable Forward (obligation to sell) | -- | -- | -- |
| holding | Prepaid Variable Forward (obligation to sell) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- An aggregate of 300,000 of the 399,000 shares of common stock held directly by the Reporting Person is subject to a prepaid variable forward contract, as disclosed in the Form 4 and Form 4/A filed by the Reporting Person with the U.S. Securities and Exchange Commission (the "SEC") on September 24, 2025. The Reporting Person retains voting rights in these shares and may elect to deliver a cash equivalent in lieu of the shares at the maturity date. 100,000 of the 252,044 shares of common stock held by Progression Asset Management Corporation ("PAMC") is subject to a prepaid variable forward contract, as disclosed in the Form 4 filed by the Reporting Person with the SEC on September 24, 2025. The Reporting Person retains voting rights in these shares and may elect to deliver a cash equivalent in lieu of the shares at the maturity date. The Reporting Person is the 100% owner and shareholder of PAMC. The Reporting Person owns 90% of BFAM Partners, LLC ("BFAM") and BFAM & Co., LLC ("BFAM & Co"), respectively, and a trust established for his children owns the remaining 10% of each of the respective BFAM entities (BFAM and BFAM & Co.)
