Tearsheet

BitMine Immersion Technologies (BMNR)

Market Price (12/25/2025): $29.46 | Market Cap: $6.9 Bil
Sector: Financials | Industry: Diversified Capital Markets

BitMine Immersion Technologies (BMNR)

Market Price (12/25/2025): $29.46
Market Cap: $6.9 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%	Meaningful short interest Short 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 level Op 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%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84%		Expensive valuation multiples P/SPrice/Sales ratio is 1,130x
2	Megatrend and thematic drivers Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.		Stock price has recently run up significantly 6M Rtn6 month market price return is 572%, 12M Rtn12 month market price return is 251%
3			Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40%
4			Not cash flow generative CFO/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%
5			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 8961%
6			High stock price volatility Vol 12M is 732%
7			Key risks BMNR 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.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84%
2	Megatrend and thematic drivers Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.
3	Meaningful short interest Short 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%
4	Not profitable at operating income level Op 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%
5	Expensive valuation multiples P/SPrice/Sales ratio is 1,130x
6	Stock price has recently run up significantly 6M Rtn6 month market price return is 572%, 12M Rtn12 month market price return is 251%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 40%
8	Not cash flow generative CFO/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%
9	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 8961%
10	High stock price volatility Vol 12M is 732%
11	Key risks BMNR 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

	12/25/25	2024	2023	2022
Share Price CYE	$29.46	$7.80	$13.10	$14.20
Market Cap CYE ($ Bil)	6.9	0.0	0.0	0.0
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.5	0.5	0.0	0.0
Enterprise Value ($ Bil)	6.4	0.0	0.0	0.0
Valuation Ratios
P/S TTM	1,134.5	30.9	9.9	54.0
P/EBIT TTM	15.7	0.4	-10.8	-14.7
P/E TTM	19.8	0.5	-9.9	-14.1
P/FCF TTM	-1,326.2	-36.1	-308.3	-24.5
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8	2.8
P/EBIT TTM (Sector)	8.0	8.3	7.3	7.6
P/E TTM (Sector)	12.0	11.6	10.1	9.4
P/FCF TTM (Sector)	8.8	8.8	7.8	6.5

	12/25/25	2024	2023
Share Price CYE	$29.46	$7.80	$13.10
Market Cap CYE ($ Bil)	6.9	0.0	0.0
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.5	0.5	0.0
Enterprise Value ($ Bil)	6.4	0.0	0.0
Valuation Ratios
P/S TTM	1,134.5	30.9	9.9
P/EBIT TTM	15.7	0.4	-10.8
P/E TTM	19.8	0.5	-9.9
P/FCF TTM	-1,326.2	-36.1	-308.3
Sector Ratios
P/S TTM (Sector)	3.3	3.1	2.8
P/EBIT TTM (Sector)	8.0	8.3	7.3
P/E TTM (Sector)	12.0	11.6	10.1
P/FCF TTM (Sector)	8.8	8.8	7.8

	BMNR	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	94.2%	7.3%
Rev Chg LTM	84.1%	6.1%
Rev Chg 3Y Avg	248.5%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	-0.4
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	-5,949.7%	18.8%
CFO/Rev LTM	-68.1%	20.4%
Net Inc Mgn	5,719.1%	13.1%
VALUATION	HIGH
P/S	1,134.5	3.2
P/CFO	-1,666.6	15.7
P/FCF	-1,326.2	20.6
P/E	19.8	23.5

AI Analysis | Feedback

Metric	Value	Date	Source
Total Crypto and Cash Holdings	13.7 billion	11022025	Link
Ethereum (ETH) Holdings	3395422	11022025	Link
Percentage of ETH Token Supply Owned	2.8%	11022025	Link
Bitcoin (BTC) Holdings	192	11022025	Link
Unencumbered Cash	389 million	11022025	Link
Stake in Eightco Holdings (ORBS)	62 million	11022025	Link
Combined Trading Volume Share of BitMine and MSTR in Global DAT Trading Volume	88%	11032025	Link

null

BMNR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Based on the available information for BitMine Immersion Technologies (BMNR) for the approximate time period from August 31, 2025, to December 25, 2025, a stock movement of -32.7% was not observed. Instead, the company experienced substantial positive performance and developments during this period. Therefore, specific key points explaining a -32.7% decline cannot be provided. The information indicates: **1. BitMine Immersion Technologies (BMNR) showed a significant increase of 343.09% over the last year.** **2. The stock has skyrocketed more than 600% over the past six months.** **3. BitMine Immersion Technologies reached a historic milestone in December 2025 by crossing 4 million ETH in its treasury, solidifying its position as the world's largest corporate Ethereum treasury.** **4. The company announced its total crypto and cash holdings of $13.2 billion as of December 22, 2025.** **5. BitMine Immersion Technologies reported a substantial net income of $333.88 million for the last quarter, representing a significant increase from the previous quarter.** Show more

Stock Movement Drivers

Fundamental Drivers

The -43.5% change in BMNR stock from 9/24/2025 to 12/24/2025 was primarily driven by a -11599.4% change in the company's Shares Outstanding (Mil).

	9242025	12242025	Change
Stock Price ($)	51.90	29.35	-43.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5.45	6.09	11.79%
P/S Multiple	19.10	1130.25	5817.83%
Shares Outstanding (Mil)	2.01	234.71	-11599.42%
Cumulative Contribution			-760848.07%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
BMNR	-43.5%
Market (SPY)	4.4%	60.9%
Sector (XLF)	4.0%	37.3%

Fundamental Drivers

The 571.8% change in BMNR stock from 6/25/2025 to 12/24/2025 was primarily driven by a 60233.4% change in the company's P/S Multiple.

	6252025	12242025	Change
Stock Price ($)	4.37	29.35	571.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4.63	6.09	31.77%
P/S Multiple	1.87	1130.25	60233.45%
Shares Outstanding (Mil)	1.98	234.71	-11734.04%
Cumulative Contribution			-9249627.20%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
BMNR	571.8%
Market (SPY)	14.0%	11.7%
Sector (XLF)	8.8%	13.8%

Fundamental Drivers

The 251.4% change in BMNR stock from 12/24/2024 to 12/24/2025 was primarily driven by a 17847.4% change in the company's P/S Multiple.

	12242024	12242025	Change
Stock Price ($)	8.35	29.35	251.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3.31	6.09	84.14%
P/S Multiple	6.30	1130.25	17847.39%
Shares Outstanding (Mil)	2.50	234.71	-9304.92%
Cumulative Contribution			-3042155.77%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
BMNR	251.4%
Market (SPY)	15.8%	7.5%
Sector (XLF)	14.9%	9.1%

Fundamental Drivers

null
null

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
BMNR	130.3%
Market (SPY)	48.9%	7.5%
Sector (XLF)	53.2%	8.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BMNR Return	83%	13%	-76%	-8%	-40%	282%	3%
Peers Return	�	�	�	�	-3%	83%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
BMNR Win Rate	58%	50%	25%	50%	42%	50%
Peers Win Rate	�	�	�	�	45%	67%
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 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	BMNR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-88.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	731.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	785 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	82.9%	51.3%
2020 Covid PandemicTime to Breakeven	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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About BitMine Immersion Technologies (BMNR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

AI Analysis | Feedback

Here are 1-2 brief analogies for BitMine Immersion Technologies (BMNR):

Imagine a **Tesla Gigafactory**, but instead of building electric vehicles, it's an automated production line for digital currency (Bitcoin).
Like a **Google data center**, but instead of powering search and services, it's exclusively used to generate Bitcoin.

AI Analysis | Feedback

Bitcoin Mining: The company operates and manages facilities dedicated to validating transactions and generating new Bitcoin through computational processing.

AI Analysis | Feedback

BitMine Immersion Technologies (BMNR) operates primarily as a Bitcoin mining company. Its business model involves owning and operating specialized ASIC (Application-Specific Integrated Circuit) mining machines housed in proprietary immersion cooling containers to mine Bitcoin.

Consequently, BMNR does not have "major customers" in the traditional sense, as companies that sell products or services typically do. Instead, its revenue is generated directly from the Bitcoin network through the successful mining of Bitcoin blocks, for which it receives Bitcoin as a reward. This Bitcoin can then be held or sold on the open market for fiat currency.

Therefore, BMNR does not sell primarily to other companies or to individuals as its primary revenue stream, but rather generates its revenue by producing a digital asset (Bitcoin) through its mining operations.

AI Analysis | Feedback

Bitmain Technologies Ltd.

AI Analysis | Feedback

Jonathan Bates Chief Executive Officer and Director

Jonathan Bates was appointed Chief Executive Officer of BitMine Immersion Technologies in May 2022. He previously served as Chairman of the Board of Directors since July 2021 until June 2025. Mr. Bates manages Innovative Digital Investors Emerging Technology, LP ("IDI"), an investment fund that is BitMine's largest shareholder. IDI converted approximately $2.1 million of existing indebtedness into a new class of preferred stock and invested an additional $900,000 in preferred stock to support the company's growth.

Raymond Mow Chief Financial Officer and Director

Raymond Mow serves as the Chief Financial Officer and a Director of BitMine Immersion Technologies. He has received shares for services, increasing his beneficial ownership in the company.

Erik Nelson President and Director

Erik Nelson is the President and a Director of BitMine Immersion Technologies. He previously held the position of Chief Executive Officer before Jonathan Bates's appointment in May 2022.

Ryan Ramnath Chief Operating Officer

Ryan Ramnath serves as the Chief Operating Officer for BitMine Immersion Technologies. He has an Independent Contractor Agreement to continue in this role, with the agreement automatically renewing annually.

Thomas Lee Chairman of the Board of Directors

Thomas Lee was appointed Chairman of the Board of Directors of BitMine Immersion Technologies on June 28, 2025. He is the Founder of Fundstrat and the Chief Investment Officer (CIO) of Fundstrat Capital, which currently manages over $1.5 billion in assets.

AI Analysis | Feedback

BitMine Immersion Technologies (BMNR) faces several significant risks, primarily stemming from its concentrated exposure to the volatile cryptocurrency market, particularly Ethereum (ETH). Here are the key risks to the business: 1. Extreme Volatility and Concentration in Ethereum (ETH) BitMine Immersion Technologies' business model and financial stability are heavily dependent on the price performance of Ethereum. The company holds a substantial amount of ETH as a treasury asset and its profitability is materially affected by the volatile nature of ETH prices. Rapid technological changes, competition from alternative blockchain networks, protocol upgrades, and chain instability within the Ethereum ecosystem could negatively impact the value and liquidity of BMNR's ETH holdings. Furthermore, the company's extreme concentration in Ethereum, with a large portion of its assets allocated to ETH and a minor Bitcoin position, exposes it to singular asset risk. A persistent weakness in the ETH/BTC ratio, where Ethereum underperforms Bitcoin, also poses a significant valuation risk if this trend becomes structural. 2. Regulatory Uncertainty in the Digital Asset Market The evolving and often unclear regulatory landscape surrounding digital assets, cryptocurrencies, and blockchain technology presents a significant risk to BMNR. Changes in laws and policies can lead to increased compliance costs, restrictions on operations, or impact the value and liquidity of digital assets. Regulatory scrutiny on stablecoins and decentralized finance (DeFi) platforms, which are integral to the broader crypto ecosystem, could also diminish investor confidence in crypto-reliant equities like BMNR. 3. Financial Performance and High Valuation Concerns Despite reporting significant income improvements from unrealized gains on digital asset holdings, BitMine Immersion Technologies has shown signs of weak operating performance and financial condition. The company has faced negative operating margins and, at times, substantial losses. Its stock has also been flagged as significantly overvalued by some analyses, trading at a steep price-to-earnings multiple compared to industry peers. This high valuation, coupled with the company's dependency on a volatile asset, suggests that its stock price is highly sensitive to market sentiment and prone to rapid declines, as evidenced by past substantial drops following market downturns or "overvalued" warnings.

AI Analysis | Feedback

The increasing consolidation within the Bitcoin mining industry, marked by the rise of vertically integrated competitors and large-scale operators with proprietary access to ultra-low-cost energy sources, constitutes a clear emerging threat. This structural shift grants these entities significant operational cost advantages and potentially preferential access to the latest mining hardware, making it increasingly difficult for BMNR to compete on cost, secure advantageous energy contracts, and maintain profit margins in a rapidly evolving market.

AI Analysis | Feedback

BitMine Immersion Technologies (BMNR) operates in several addressable markets, primarily centered around digital asset mining infrastructure and a significant Ethereum treasury strategy.

Immersion Cooling for Data Centers

The global market for data center immersion cooling, a core technology used by BitMine, demonstrates substantial growth.

The global market size was estimated at USD 1.3 billion in 2024 and is projected to reach USD 7.2 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 18.3% from 2025 to 2034.
Other estimates indicate the global data center immersion cooling market is valued at USD 4.87 billion in 2025 and is forecast to reach USD 11.10 billion by 2030, registering a 17.91% CAGR.
Another projection suggests the global market could exceed USD 72 billion by 2034.
North America is a significant region within this market, with its segment of the immersion cooling market expected to be worth USD 958.5 million by 2032, growing at a CAGR of 24.7%. In 2024, North America held a leading global revenue share of 35.4% in the immersion cooling market.

Cryptocurrency Mining

BitMine's origins and ongoing operations include Bitcoin mining and hosting services.

The global cryptocurrency mining market is estimated to be valued at USD 2.44 billion in 2025 and is expected to reach USD 4.43 billion by 2032, exhibiting a CAGR of 8.9% from 2025 to 2032.
Another forecast indicates the global market is projected to grow from USD 2.77 billion in 2025 to approximately USD 8.24 billion by 2034, expanding at a CAGR of 12.90%.
North America is a dominant region in the cryptocurrency mining market, with the U.S. holding the largest share, while the Asia-Pacific region is anticipated to experience the fastest growth.

High-Performance Computing (HPC)

Immersion cooling is also a key technology for High-Performance Computing (HPC), which encompasses intensive computational tasks.

The global High-Performance Computing market is projected to grow from USD 60.2 billion in 2025 to USD 124.2 billion by 2035, at a CAGR of 7.5%.
North America dominated the global HPC market, accounting for a revenue share of 41.6% in 2024. The U.S. HPC market is projected to grow at a 7.8% CAGR between 2025 and 2032.

Ethereum Treasury

BitMine has significantly pivoted to become an Ethereum treasury company, aiming to accumulate a large percentage of the total Ethereum supply. This strategy makes the overall value and market capitalization of Ethereum a key addressable "market" for their asset holdings.

As of November 2025, BitMine held 2,830,151 ETH valued at USD 9.72 billion. As of November 6, 2025, Bitmine Immersion Technologies controlled around 2.8% of the circulating supply of Ethereum, with 3.4 million ETH valued at approximately USD 11.39 billion.

AI Analysis | Feedback

BitMine Immersion Technologies (BMNR) is strategically positioning itself for future revenue growth through several key initiatives over the next 2-3 years: * Aggressive Ethereum (ETH) Accumulation and Treasury Strategy: BitMine is actively pursuing a strategy to acquire a substantial portion of Ethereum's total circulating supply, with an ambitious goal of holding up to 5%. This positions the company as a major "Ethereum treasury company," similar to MicroStrategy's model with Bitcoin. The appreciation in the value of these accumulated ETH holdings is expected to be a significant driver of revenue. * Staking of ETH Holdings for Passive Income: A core element of BitMine's strategy involves staking its substantial Ethereum holdings. This process generates passive income, contributing to the company's overall revenue. Staking also supports the Ethereum network's security and decentralization. * Expansion of Data Center Capabilities and AI-driven Immersion Cooling Demand: BitMine is committed to enhancing its data center infrastructure to facilitate sustainable growth and meet market demands. There is a particular focus on catering to the increasing demand for AI-driven immersion cooling, which represents a growth area within the technology and advanced computing sectors. * Bitcoin Mining and Related Services: BitMine's business lines also include Bitcoin mining operations and synthetic Bitcoin mining. Additionally, the company offers advisory and mining services to other companies interested in generating Bitcoin-denominated revenues. This diversified approach to cryptocurrency operations provides multiple avenues for revenue generation.

AI Analysis | Feedback

Share Repurchases

On July 29, 2025, BitMine Immersion Technologies announced a stock repurchase program to acquire up to $1 billion of its outstanding common stock.
This stock repurchase program is open-ended, allowing the company to repurchase shares from time to time in the open market and through negotiated transactions.

Share Issuance

In June 2025, BitMine completed an $18 million public offering by issuing 2,250,000 shares at $8.00 per share.
Around June 30, 2025, the company entered a private placement agreement to raise $250 million by selling 55.6 million shares at $4.50 each.
On September 22, 2025, BitMine announced a registered direct offering of 5.22 million shares at $70.00 per share, expecting approximately $365.24 million in gross proceeds, with potential for an additional $913 million if 10.44 million warrants are exercised.

Inbound Investments

In June 2025, BitMine raised $250 million through a private placement to expand infrastructure, improve cybersecurity, and advance towards carbon neutrality, with investors including Fundstrat co-founder Tom Lee.
As of August 9, 2025, ARK Invest made a $182 million infusion, and Founders Fund invested in roughly 5 million shares, both supporting BitMine's Ethereum acquisition strategy.
As of November 3, 2025, the company is supported by institutional investors such as ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.

Outbound Investments

Proceeds from an $18 million public offering in June 2025 were used to acquire bitcoin.
The $250 million private placement in June/July 2025 had its proceeds earmarked for Ethereum accumulation.
The company's strategic focus is on the accumulation of cryptocurrency, particularly Ethereum, with a stated goal of acquiring 5% of the total ETH supply.

Capital Expenditures

In November 2024, BitMine announced the purchase of 3,000 ASIC Mining Computers from Luxor Technology Corporation, significantly expanding its mining fleet.
The company utilizes proprietary immersion cooling technology and advanced ASIC mining technologies in its operations.
BitMine employs a flexible leasing model for mining hardware to minimize upfront capital expenditure.

	Best Bets In Financials Sector
What You Pay
P/E	19.8	13.2	9.1	9.0	26.4	19.4	8.5	11.3	14.0	36.3	12.7
P/EBIT	15.6	10.5	5.7	6.9	19.8	15.1	6.2	9.0	10.8	24.6	8.1
What You Get
Rev Chg Q	94.2%	-35.5%	17.8%	-0.7%	-3.0%	19.0%	7.6%	6.0%	16.3%	13.3%	11.9%
Rev Chg LTM	84.1%	24.0%	-4.9%	2.2%	5.8%	18.1%	8.9%	10.2%	21.1%	22.2%	3.9%
Rev Chg 3Y Avg	�	429.4%	22.0%	1.2%	8.9%	32.4%	10.3%	7.6%	23.5%	19.7%	2.1%
FCF/Rev 3Y Avg	-100.4%	847.0%	120.8%	62.2%	61.9%	60.8%	58.4%	55.6%	54.7%	49.8%	49.6%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	BitMine Immersion Technologies Earnings Notes
2	With BitMine Immersion Technologies Stock Sliding, Have You Assessed The Risk?	Return
3	BitMine Immersion Technologies Stock Surges 10% In A Single Day, Time To Buy The Stock?	Buy or Fear

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BMNR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.4%	12.4%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.8%	0.8%	-0.5%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.4%	-5.4%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	7.1%	7.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-11.5%	-11.5%	-12.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for BitMine Immersion Technologies

Peers to compare with:

Financials

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher M.
Mkt Price	29.35	9.94	13.92	11.40	52.80	16.22	15.07
Mkt Cap	6.9	3.7	4.8	3.2	5.6	6.4	5.2
Rev LTM	6	919	637	766	668	206	653
Op Inc LTM	-363	-625	-324	-107	403	-142	-233
FCF LTM	-5	-1,323	-1,631	-1,024	-752	-522	-888
FCF 3Y Avg	-2	-736	-906	-794	-302	-328	-532
CFO LTM	-4	-891	-566	-461	-104	-182	-322
CFO 3Y Avg	-2	-554	-229	-237	-59	-116	-173

Growth & Margins

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher M.
Rev Chg LTM	84.1%	53.5%	103.6%	102.2%	88.7%	35.4%	86.4%
Rev Chg 3Y Avg	-	82.7%	37.8%	87.8%	135.5%	-	85.3%
Rev Chg Q	94.2%	91.7%	112.6%	150.5%	279.5%	197.5%	131.5%
QoQ Delta Rev Chg LTM	11.8%	15.1%	17.6%	21.3%	21.4%	30.0%	19.4%
Op Mgn LTM	-5,949.7%	-68.0%	-50.8%	-14.0%	60.3%	-68.7%	-59.4%
Op Mgn 3Y Avg	-2,127.1%	-57.8%	-80.1%	-34.8%	35.9%	-65.1%	-61.5%
QoQ Delta Op Mgn LTM	-5,897.9%	7.5%	18.4%	2.5%	0.9%	25.0%	5.0%
CFO/Rev LTM	-68.1%	-97.0%	-88.8%	-60.2%	-15.5%	-88.4%	-78.2%
CFO/Rev 3Y Avg	-64.8%	-98.4%	-42.8%	-44.0%	-20.6%	-75.2%	-54.4%
FCF/Rev LTM	-85.5%	-144.0%	-256.0%	-133.6%	-112.5%	-252.7%	-138.8%
FCF/Rev 3Y Avg	-100.4%	-123.8%	-207.0%	-199.5%	-61.5%	-204.0%	-161.7%

Valuation

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher M.
Mkt Cap	6.9	3.7	4.8	3.2	5.6	6.4	5.2
P/S	1,130.2	4.0	7.6	4.2	8.3	30.9	8.0
P/EBIT	15.6	3.0	26.2	7.8	14.9	-93.9	11.3
P/E	19.8	4.0	29.5	8.8	27.1	-90.4	14.3
P/CFO	-1,660.4	-4.1	-8.5	-7.0	-53.9	-34.9	-21.7
Total Yield	5.1%	25.1%	3.4%	11.3%	3.7%	-1.1%	4.4%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-1.4%	-18.1%	-26.4%	-41.8%	-	-18.9%	-18.9%
D/E	0.0	1.0	0.2	0.3	0.1	0.2	0.2
Net D/E	-0.1	0.8	0.1	-0.1	0.1	-0.0	0.0

Returns

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher M.
1M Rtn	-5.6%	-11.3%	0.3%	-0.7%	34.5%	-2.9%	-1.8%
3M Rtn	-43.5%	-43.7%	-22.6%	-21.1%	39.5%	14.7%	-21.9%
6M Rtn	571.8%	-33.6%	39.2%	7.5%	202.6%	321.3%	120.9%
12M Rtn	251.4%	-50.7%	19.3%	6.9%	117.5%	194.9%	68.4%
3Y Rtn	106.8%	174.6%	278.3%	478.7%	-	2,903.7%	278.3%
1M Excs Rtn	-9.0%	-14.7%	-3.1%	-4.1%	31.1%	-6.3%	-5.2%
3M Excs Rtn	-45.7%	-43.1%	-21.8%	-21.6%	46.4%	34.2%	-21.7%
6M Excs Rtn	551.3%	-47.8%	19.6%	-7.4%	169.8%	274.2%	94.7%
12M Excs Rtn	241.2%	-67.1%	3.6%	-14.5%	106.1%	166.2%	54.9%
3Y Excs Rtn	25.2%	75.3%	182.8%	458.9%	-	2,417.8%	182.8%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 8/31	LTM	2025	2024	2023	2022
Period End	8/31/2025	8/31/2025	8/31/2024	8/31/2023	8/31/2022
Filing Date	11/21/2025	11/21/2025	12/9/2024	12/14/2023	12/14/2023
Key Financials
Total Revenue	6	6	3	1	0
Net Income	349	349	-3	-2	-2
EPS	-1.09	13.60	-1.32	-1.00	-1.00
Growth Rates
Total Revenue Growth	84.1%	84.1%	413.0%	50.9%	-
Net Income Growth	10659.3%	10685.4%	-33.6%	-22.9%	-
Margins
Net Income Margin	5719.1%	5719.1%	-99.5%	-382.0%	-468.9%
Cash & Debt
Total Cash	512	512	0	0	0
Total Debt	0	0	2	1	0
Net Debt / (Cash)	-512	-512	1	1	-0
Cash Flows
Net Cash from Operations	-4	-4	-0	-1	-2
Free Cash from Operations	-5	-5	-0	-1	-4
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0

$ Mil \| FY: 8/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	8/31/2025	5/31/2025	2/28/2025	11/30/2024	8/31/2024	5/31/2024	2/29/2024	11/30/2023	8/31/2023	5/31/2023	2/28/2023	11/30/2022
Filing Date	11/21/2025	7/2/2025	4/14/2025	1/10/2025	12/9/2024	7/15/2024	4/15/2024	1/12/2024	12/14/2023	7/14/2023	4/13/2023	1/12/2024
Key Financials Quarterly
Total Revenue	1	2	2	1	1	1	1	1	0	0	0	0
Net Income	351	-1	-1	-1	-1	-1	-1	-1	-1	-1	-0	-0
EPS	1.42	-0.31	-0.60	-1.60	-0.33	-0.26	-0.40	-0.40	-0.40	-0.20	-0.20	-0.20
Key Financials TTM
Total Revenue TTM	6	5	5	4	3	3	2	1	1	0	0	1
Net Income TTM	349	-4	-4	-3	-3	-4	-4	-3	-2	-2	-2	-2
Growth Rates Quarterly
Total Revenue Growth	94.2%	67.5%	70.2%	134.9%	178.0%	761.9%	471.2%	402.7%	296.8%	757.9%	-55.3%	-
Net Income Growth	43241.6%	4.8%	-28.2%	-4.8%	30.0%	-24.9%	-193.6%	-97.6%	-66.8%	-7.6%	-174.2%	-
Margins Quarterly
Net Income Margin	26517.8%	-30.4%	-76.2%	-81.2%	-119.4%	-53.4%	-101.2%	-181.9%	-474.1%	-368.5%	-196.9%	-462.7%
Cash & Debt
Total Cash	512	1	0	1	0	0	0	0	0	1	0	-
Total Debt	0	2	3	3	2	2	2	2	1	1	1	0
Net Debt / (Cash)	-512	0	2	2	1	1	1	2	1	1	0	-
Cash Flows Quarterly
FCF from Operations	-6	2	-0	-0	0	-0	-0	-0	-0	0	0	-1
Cash Flows TTM
FCF from Operations TTM	-4	2	-0	-0	-0	-1	-1	-0	-1	-2	-2	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-18.4%	-10.1%	-19.5%	-21.4%	-15.9%	-17.3%	-22.1%	-18.8%	-36.9%	-18.6%	-11.6%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-4.6%	-16.4%	-16.3%	-15.5%	-18.2%	-22.7%	-22.7%	-19.6%	-18.9%	-16.0%	-16.0%	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023
Single Segment	3
Cryptocurrency mining industry		1	0
Total	3	1	0

Price Behavior

Price Behavior

Market Price	$29.35
Market Cap ($ Bil)	0.1
First Trading Date	03/03/2022
Distance from 52W High	-78.3%
	50 Days	200 Days
DMA Price	$30.75	$19.68
DMA Trend	up	down
Distance from DMA	-4.5%	49.1%
	3M	1YR
Volatility	112.8%	761.3%
Downside Capture	791.73	365.01
Upside Capture	383.24	451.76
Correlation (SPY)	60.8%	7.2%

BMNR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	5.36	5.47	5.03	6.95	2.38	1.33
Up Beta	5.55	5.44	4.64	-0.40	1.18	0.37
Down Beta	3.96	3.47	5.68	5.45	0.76	1.26
Up Capture	278%	483%	414%	1413%	1473%	184%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	19	31	55	98	244
Down Capture	585%	536%	432%	222%	143%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	31	65	112	262

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BMNR With Other Asset Classes (Last 1Y)
	BMNR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	233.6%	18.3%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	756.9%	19.0%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.20	0.75	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		9.1%	7.5%	7.9%	1.0%	7.2%	4.4%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BMNR With Other Asset Classes (Last 5Y)
	BMNR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-10.5%	16.3%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	470.6%	18.9%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	1.26	0.72	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		6.6%	2.7%	3.6%	-1.2%	1.6%	3.5%

Based On 10-Year Data

		Comparison of BMNR With Other Asset Classes (Last 10Y)
	BMNR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.7%	13.0%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	472.7%	22.3%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	1.44	0.54	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		9.5%	6.5%	1.1%	1.2%	5.8%	3.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	27,632,368
Short Interest: % Change Since 11302025	1.9%
Average Daily Volume	53,382,632
Days-to-Cover Short Interest	1
Basic Shares Quantity	234,714,000
Short % of Basic Shares	11.8%

Returns Analyses

	Title
0	With BitMine Immersion Technologies Stock Sliding, Have You Assessed The Risk?

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%

	Forward 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

Insider Activity

Expand for Morenull

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

BitMine Immersion Technologies (BMNR)

Market Price (12/25/2025): $29.46 | Market Cap: $6.9 BilSector: Financials | Industry: Diversified Capital Markets

BitMine Immersion Technologies (BMNR)

Market Price (12/25/2025): $29.46Market Cap: $6.9 BilSector: FinancialsIndustry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BMNR Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About BitMine Immersion Technologies (BMNR)

Immersion Cooling for Data Centers

Cryptocurrency Mining

High-Performance Computing (HPC)

Ethereum Treasury

Interactive Breakdown

Better Bets than BitMine Immersion Technologies (BMNR)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for BitMine Immersion Technologies

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/25/2025): $29.46 | Market Cap: $6.9 Bil
Sector: Financials | Industry: Diversified Capital Markets

Market Price (12/25/2025): $29.46
Market Cap: $6.9 Bil
Sector: Financials
Industry: Diversified Capital Markets