BitMine Immersion Technologies (BMNR)
Market Price (12/20/2025): $31.24 | Market Cap: $7.3 BilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (12/20/2025): $31.24Market Cap: $7.3 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -363 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5950% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Expensive valuation multiplesP/SPrice/Sales ratio is 1,208x | |
| Stock price has recently run up significantly6M Rtn6 month market price return is 580%, 12M Rtn12 month market price return is 256% | ||
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -86% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52919% | ||
| High stock price volatilityVol 12M is 735% | ||
| Key risksBMNR key risks include [1] its extreme concentration in and financial dependency on Ethereum (ETH) and [2] weak operating performance coupled with significant stock overvaluation concerns. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -363 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5950% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 1,208x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 580%, 12M Rtn12 month market price return is 256% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -86% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 52919% |
| High stock price volatilityVol 12M is 735% |
| Key risksBMNR key risks include [1] its extreme concentration in and financial dependency on Ethereum (ETH) and [2] weak operating performance coupled with significant stock overvaluation concerns. |
Valuation, Metrics & Events
BMNR Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
BitMine Immersion Technologies (BMNR) stock performance between August 31, 2025, and December 20, 2025, showed a complex picture with some upward movements despite a requested overall decline. While a specific -28.1% drop for the entire period cannot be definitively attributed to particular events based on available information for a future timeframe, several factors may influence the stock's volatility.
1. Increased Ethereum Holdings and Cryptocurrency Market Influence: BitMine Immersion Technologies, as a Bitcoin and Ethereum Network Company, has significantly increased its Ethereum holdings, reaching 3.97 million tokens by December 15, 2025, making it the largest ETH treasury in the world. This strategic accumulation, particularly during market weaknesses, reflects confidence in cryptocurrency stabilization. However, the stock's performance is intrinsically linked to the volatile cryptocurrency market, with Ethereum retesting lower levels in mid-December 2025, which could impact BMNR's valuation.
2. Analyst Rating Adjustments: B. Riley decreased its price target for BitMine Immersion Technologies from $90.00 to $47.00 in a report on November 20, 2025, while maintaining a "buy" rating. Zacks Research also adjusted its rating to "hold" on October 17, 2025. Such revisions in analyst sentiment, even with overall positive recommendations, can influence investor perception and stock price movements.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMNR Return | 83% | 13% | -76% | -8% | -40% | 265% | -1% |
| Peers Return | � | � | � | � | -3% | 65% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| BMNR Win Rate | 58% | 50% | 25% | 50% | 42% | 50% | |
| Peers Win Rate | � | � | � | � | 45% | 65% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BMNR Max Drawdown | -43% | -91% | -80% | -37% | -85% | -45% | |
| Peers Max Drawdown | � | � | � | � | -47% | -42% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: MARA, RIOT, CLSK, HUT, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | BMNR | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -88.0% | -25.4% |
| % Gain to Breakeven | 731.1% | 34.1% |
| Time to Breakeven | 785 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -45.3% | -33.9% |
| % Gain to Breakeven | 82.9% | 51.3% |
| Time to Breakeven | 28 days | 148 days |
Compare to
In The Past
BitMine Immersion Technologies's stock fell -88.0% during the 2022 Inflation Shock from a high on 3/22/2022. A -88.0% loss requires a 731.1% gain to breakeven.
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Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| BitMine Immersion Technologies Earnings Notes | |||
| With BitMine Immersion Technologies Stock Sliding, Have You Assessed The Risk? | Return | ||
| BitMine Immersion Technologies Stock Jumps 10% In A Day, Time To Buy The Stock? | Buy or Fear | ||
| ARTICLES | |||
| Time To Buy BitMine Immersion Technologies Stock? | December 9th, 2025 | ||
| Crypto Shockwaves Hammer Bitmine Immersion Stock | November 21st, 2025 | ||
| BitMine Immersion’s Path To 2x Growth | August 27th, 2025 | ||
| Buy Or Fear Bitmine Immersion Technologies Stock After 8x Rally? | July 1st, 2025 |
Trade Ideas
Select past ideas related to BMNR. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BitMine Immersion Technologies
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.36 |
| Mkt Cap | 4.8 |
| Rev LTM | 653 |
| Op Inc LTM | -233 |
| FCF LTM | -888 |
| FCF 3Y Avg | -532 |
| CFO LTM | -322 |
| CFO 3Y Avg | -173 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 86.4% |
| Rev Chg 3Y Avg | 85.3% |
| Rev Chg Q | 131.5% |
| QoQ Delta Rev Chg LTM | 19.4% |
| Op Mgn LTM | -59.4% |
| Op Mgn 3Y Avg | -61.5% |
| QoQ Delta Op Mgn LTM | 5.0% |
| CFO/Rev LTM | -78.2% |
| CFO/Rev 3Y Avg | -54.4% |
| FCF/Rev LTM | -138.8% |
| FCF/Rev 3Y Avg | -161.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.8 |
| P/S | 7.4 |
| P/EBIT | 10.3 |
| P/E | 15.2 |
| P/CFO | -21.9 |
| Total Yield | 4.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -18.9% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.7% |
| 3M Rtn | -14.3% |
| 6M Rtn | 107.9% |
| 12M Rtn | 57.5% |
| 3Y Rtn | 278.6% |
| 1M Excs Rtn | 6.8% |
| 3M Excs Rtn | -16.9% |
| 6M Excs Rtn | 103.6% |
| 12M Excs Rtn | 13.4% |
| 3Y Excs Rtn | 178.3% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/21/2025 | -0.1% | 11.2% | |
| 12/11/2024 | 8.1% | -41.4% | -43.0% |
| 7/18/2024 | 4.0% | 4.2% | 14.0% |
| 2/28/2024 | 16.4% | 4.5% | 1.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 2 |
| # Negative | 1 | 1 | 2 |
| Median Positive | 8.1% | 4.5% | 7.7% |
| Median Negative | -0.1% | -41.4% | -43.0% |
| Max Positive | 16.4% | 11.2% | 14.0% |
| Max Negative | -0.1% | -41.4% | -43.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 8312025 | 11212025 | 10-K 8/31/2025 |
| 5312025 | 7022025 | 10-Q 5/31/2025 |
| 2282025 | 4142025 | 10-Q 2/28/2025 |
| 11302024 | 1102025 | 10-Q 11/30/2024 |
| 8312024 | 12092024 | 10-K 8/31/2024 |
| 5312024 | 7152024 | 10-Q 5/31/2024 |
| 2292024 | 4152024 | 10-Q 2/29/2024 |
| 11302023 | 1122024 | 10-Q 11/30/2023 |
| 8312023 | 12142023 | 10-K 8/31/2023 |
| 5312023 | 7142023 | 10-Q 5/31/2023 |
| 2282023 | 4132023 | 10-Q 2/28/2023 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |