Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-01-20

Bitmine Immersion Technologies (BMNR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,602,740
Jonathan Bates total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
78.11%
Say-on-pay support, latest vote
Companies that benchmark against BMNR
No companies currently name BMNR as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Jonathan Bates$300,000$935,000$367,740$1,602,740
Former Chief Executive Officer
Raymond Mow120,000425,0001,011,273
Chief Financial Officer
Erik Nelson120,000170,000756,273
President

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Jonathan Bates$1,602,740$622,120+980,620
Raymond Mow1,011,2731,011,273+0
Erik Nelson756,273756,273+0

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

05

Incentive-plan design — the Compensation Discussion & Analysis

The Board believes in providing a competitive total compensation package to executives through a combination of base salary, annual performance bonuses, and long-term equity awards, designed to attract, retain, and reward qualified executives while aligning their interests with corporate performance and stockholder interests.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policytrue
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-01-15140,246,62439,301,6655,590,89078.11%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-01-1578.11%a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lori LoveIndependent · Audit (Chair)$256,650$256,650
Michael MaloneyIndependent · Audit · Investment230,250230,250
Chi TsangEmployee director · Newly elected0
Robert SechanIndependent · Nominating and Corporate Governance · Compensation · Investment · Newly elected
Thomas LeeIndependent · Board Chair · Newly elected
Jason EdgeworthIndependent · Compensation · Investment (Chair) · Newly elected
David SharbuttIndependent · Audit · Nominating and Corporate Governance (Chair) · Newly elected
Olivia HoweIndependent · Nominating and Corporate Governance · Compensation (Chair) · Newly elected
09

Board fee structure and ownership guideline

Annual cash retainer$0
Annual equity retainer$180,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)45,000 / 45,000 / 45,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$0
Equity awards (grant-date value)$486,900
All other compensation$0
Total cost of the board$486,900

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Bitmine Immersion Technologies2025Jonathan Bates$300,000$367,740$1,602,740

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Jonathan BatesDEF 14A2025-12-090001493152-25-026868Section “Summary Compensation Table” · page 22. As printed: 1,602,740. Filing ↗
2Section 01, Raymond MowDEF 14A2025-12-090001493152-25-026868Section “Summary Compensation Table” · page 22. As printed: 1,011,273. Filing ↗
3Section 01, Erik NelsonDEF 14A2025-12-090001493152-25-026868Section “Summary Compensation Table” · page 22. As printed: 756,273. Filing ↗
4Section 08, Lori LoveDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: 256,650. Filing ↗machine: span 368268–368275
5Section 08, Michael MaloneyDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: 230,250. Filing ↗machine: span 367580–367587
6Section 08, Chi TsangDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: 0. Filing ↗
7Section 08, Robert SechanDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: —. Filing ↗
8Section 08, Thomas LeeDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: —. Filing ↗
9Section 08, Jason EdgeworthDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: —. Filing ↗
10Section 08, David SharbuttDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: —. Filing ↗
11Section 08, Olivia HoweDEF 14A2025-12-090001493152-25-026868Section “Director Compensation”. As printed: —. Filing ↗
12Section 06, 2026 voteForm 8-K2026-01-200001493152-26-002762Item 5.07 · say-on-pay result. As reported: 78.11% (votes for as printed: 140,246,624). Filing ↗
13Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
14Section 09b board cost (computed)ComputedcomputedCash 0 + equity 486,900 + all other 0 = 486,900, summed across the director compensation table rows.machine: formula: Σ = 486,900
15Bitmine Immersion Technologies (subject), Section 10b CEO totalDEF 14A2025-12-090001493152-25-026868CEO total compensation as printed in Bitmine Immersion Technologies's own proxy. As printed: 1,602,740. Filing ↗