BitMine Immersion Technologies (BMNR)
Market Price (11/3/2026): $19.95 | Market Cap: $12.0 BilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (11/3/2026): $19.95Market Cap: $12.0 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1022% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -51% Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Weak multi-year price returns3Y Excs Rtn is -11% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.7 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15832% Expensive valuation multiplesP/SPrice/Sales ratio is 176x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -479%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -481% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87% 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 1022% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -51% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns3Y Excs Rtn is -11% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.7 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -15832% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 176x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -479%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -481% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -87% |
| 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. |
Qualitative Assessment
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BitMine Immersion Technologies (BMNR) stock has gained about 15% since 7/31/2026 because of the following key factors:
1. Substantial Growth in Ethereum Holdings and Treasury Strategy. BitMine Immersion Technologies significantly increased its Ethereum (ETH) holdings, reinforcing its position as the largest ETH treasury globally. As of November 1, 2026, the company's total assets, including cryptocurrency, cash, marketable securities, and speculative investments, were valued at $14.5 billion. This treasury included 6,060,506 ETH tokens, valued at approximately $2,261 per ETH, representing about 4.9% of the total Ethereum supply. The company consistently acquired ETH, having purchased it every week since initiating its ETH Treasury Strategy on June 30, 2025; for example, 8,573 ETH were acquired in the week ending November 1, 2026.
2. Expansion of Ethereum Staking Operations and Revenue Potential. The company continued to expand its Ethereum staking operations through its Made in America VAlidator Network (MAVAN) platform, which was launched earlier in 2026. As of November 1, 2026, BitMine had staked 5,227,037 ETH, valued at approximately $11.8 billion. This growth in staked ETH led to increased revenue projections, with estimated annualized staking rewards potentially reaching $415 million upon full staking.
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BitMine Immersion Technologies (BMNR) stock has gained about 15% since 7/31/2026 because of the following key factors:
1. Substantial Growth in Ethereum Holdings and Treasury Strategy. BitMine Immersion Technologies significantly increased its Ethereum (ETH) holdings, reinforcing its position as the largest ETH treasury globally. As of November 1, 2026, the company's total assets, including cryptocurrency, cash, marketable securities, and speculative investments, were valued at $14.5 billion. This treasury included 6,060,506 ETH tokens, valued at approximately $2,261 per ETH, representing about 4.9% of the total Ethereum supply. The company consistently acquired ETH, having purchased it every week since initiating its ETH Treasury Strategy on June 30, 2025; for example, 8,573 ETH were acquired in the week ending November 1, 2026.
2. Expansion of Ethereum Staking Operations and Revenue Potential. The company continued to expand its Ethereum staking operations through its Made in America VAlidator Network (MAVAN) platform, which was launched earlier in 2026. As of November 1, 2026, BitMine had staked 5,227,037 ETH, valued at approximately $11.8 billion. This growth in staked ETH led to increased revenue projections, with estimated annualized staking rewards potentially reaching $415 million upon full staking.
3. Favorable Macroeconomic Sentiment in the Cryptocurrency Market. The broader cryptocurrency market experienced a positive trend during the period, contributing to investor confidence in crypto-focused companies like BitMine. Ethereum was reported as the best-performing macro asset in the third calendar quarter of 2026, outperforming the S&P 500 by 6,728 basis points. BitMine's Chairman, Tom Lee, further articulated this positive outlook in October 2026, stating that a "full-blown crypto bull market is underway, and the cycle is likely to be the largest," citing increasing institutional interest and development on the Ethereum blockchain by major financial entities.
4. Inclusion in the Russell 1000 Large-Cap Index. BitMine Immersion Technologies was added to the Russell 1000 Large-cap Index on June 26, 2026. This inclusion, occurring just prior to the analysis period, likely enhanced the company's visibility, liquidity, and appeal to a broader range of institutional investors, contributing to the positive stock performance.
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Stock Movement Drivers
Fundamental Drivers
The 13.1% change in BMNR stock from 7/31/2026 to 11/2/2026 was primarily driven by a 13.1% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.28 | 19.54 | 13.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61 | 61 | 0.0% |
| P/S Multiple | 155.8 | 176.2 | 13.1% |
| Shares Outstanding (Mil) | 552 | 552 | 0.0% |
| Cumulative Contribution | 13.1% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BMNR | 13.1% | |
| Market (SPY) | 0.7% | 51.8% |
| Sector (XLF) | 1.1% | 18.0% |
Fundamental Drivers
The -8.7% change in BMNR stock from 4/30/2026 to 11/2/2026 was primarily driven by a -69.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.40 | 19.54 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 61 | 266.2% |
| P/S Multiple | 582.2 | 176.2 | -69.7% |
| Shares Outstanding (Mil) | 455 | 552 | -17.6% |
| Cumulative Contribution | -8.7% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BMNR | -8.7% | |
| Market (SPY) | 4.9% | 52.2% |
| Sector (XLF) | 10.8% | 18.9% |
Fundamental Drivers
The -58.1% change in BMNR stock from 10/31/2025 to 11/2/2026 was primarily driven by a -99.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.64 | 19.54 | -58.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 61 | 1022.4% |
| P/S Multiple | 17.2 | 176.2 | 926.7% |
| Shares Outstanding (Mil) | 2 | 552 | -99.6% |
| Cumulative Contribution | -58.1% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BMNR | -58.1% | |
| Market (SPY) | 11.2% | 55.0% |
| Sector (XLF) | 11.3% | 29.2% |
Fundamental Drivers
The 77.7% change in BMNR stock from 10/31/2023 to 11/2/2026 was primarily driven by a 13152.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.00 | 19.54 | 77.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 61 | 13152.3% |
| P/S Multiple | 58.2 | 176.2 | 202.9% |
| Shares Outstanding (Mil) | 2 | 552 | -99.6% |
| Cumulative Contribution | 77.7% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BMNR | 77.7% | |
| Market (SPY) | 86.0% | 9.1% |
| Sector (XLF) | 85.7% | 8.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMNR Return | 13% | -76% | -8% | -40% | 248% | -28% | -63% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | -20% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BMNR Win Rate | 50% | 25% | 50% | 42% | 50% | 45% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BMNR Max Drawdown | -99% | -84% | -64% | -89% | -81% | -60% | |
| Peers Max Drawdown | -71% | -89% | -57% | -61% | -60% | -63% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | BMNR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.0% | -18.8% |
| % Gain to Breakeven | 47.1% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.7% | -9.5% |
| % Gain to Breakeven | 14.6% | 10.5% |
| Time to Breakeven | 1 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.8% | -6.7% |
| % Gain to Breakeven | 44.4% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.6% | -24.5% |
| % Gain to Breakeven | 345.7% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.5% | -19.2% |
| % Gain to Breakeven | 55.0% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
In The Past
BitMine Immersion Technologies's stock fell -32.0% during the 2025 US Tariff Shock. Such a loss loss requires a 47.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BMNR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.0% | -18.8% |
| % Gain to Breakeven | 47.1% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.8% | -6.7% |
| % Gain to Breakeven | 44.4% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.6% | -24.5% |
| % Gain to Breakeven | 345.7% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.5% | -19.2% |
| % Gain to Breakeven | 55.0% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -46.6% | -3.7% |
| % Gain to Breakeven | 87.2% | 3.9% |
| Time to Breakeven | 164 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.0% | -12.2% |
| % Gain to Breakeven | 100.0% | 13.9% |
| Time to Breakeven | 1257 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -70.0% | -6.8% |
| % Gain to Breakeven | 233.3% | 7.3% |
| Time to Breakeven | 1374 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -65.3% | -0.2% |
| % Gain to Breakeven | 188.5% | 0.2% |
| Time to Breakeven | 3 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -33.3% | -53.4% |
| % Gain to Breakeven | 50.0% | 114.4% |
| Time to Breakeven | 7 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.7% | -8.6% |
| % Gain to Breakeven | 36.4% | 9.5% |
| Time to Breakeven | 200 days | 47 days |
In The Past
BitMine Immersion Technologies's stock fell -32.0% during the 2025 US Tariff Shock. Such a loss loss requires a 47.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BitMine Immersion Technologies (BMNR)
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Chi Tsang, Chief Executive Officer and Director
Chi Tsang was appointed Chief Executive Officer and to the Board of Directors on November 14, 2025. He is the founder and Managing Partner of m1720, a US venture capital firm established in 2023 that invests in early-stage US AI startups. Mr. Tsang also serves as the Chief Financial Officer and a Director of FutureCrest Acquisition Corp. Prior to these roles, he spent a decade at HSBC, concluding his tenure in 2022 as Head of Asia and TMT Global Banking.
Young Kim, Chief Financial Officer, Chief Operating Officer, and Director
Young Kim was appointed Chief Financial Officer, Chief Operating Officer, and a member of the Board of Directors effective January 1, 2026. He is a seasoned investment executive with over two decades of experience managing multi-billion dollar global franchises. From 2021 to 2025, Mr. Kim served as a Partner and Senior Portfolio Manager at Axiom Investors, and from 2011 to 2021, he was a Senior Portfolio Manager at Columbia Threadneedle Investments, where he helped lead over $7 billion in emerging markets assets. His background includes earlier roles in investment research, venture capital, business development, and software engineering, combining software engineering expertise with investment experience. He studied at MIT and Harvard Business School.
Thomas "Tom" Lee, Chairman of the Board
Thomas "Tom" Lee serves as the Chairman of the Board. He founded the company as a mining operation and has been instrumental in its strategic shift towards a treasury-focused model. Mr. Lee is also associated with Fundstrat.
Erik Nelson, President and Corporate Secretary
Erik Nelson serves as the President and Corporate Secretary of BitMine Immersion Technologies. He previously served as a director until November 11, 2025, and continues in his current roles.
Michael Maloney, Director
Michael Maloney is a Director and a member of the Audit Committee for BitMine Immersion Technologies, Inc.
AI Analysis | Feedback
The key risks to BitMine Immersion Technologies (BMNR) primarily stem from its strategic pivot to becoming an Ethereum treasury company and the inherent nature of the cryptocurrency market.
- Extreme Volatility and Single-Asset Concentration Risk (Ethereum): BitMine Immersion Technologies' business model is heavily focused on accumulating and managing Ethereum (ETH) as its primary treasury reserve asset, with an ambitious goal of controlling up to 5% of Ethereum's total supply. This strategy exposes the company to significant single-asset concentration risk, meaning its value is highly correlated with and extremely sensitive to the volatile price fluctuations of Ethereum. The company's stock provides amplified exposure to Ethereum, causing it to rise faster when ETH gains value but fall more sharply during price drops.
- Massive Share Dilution from Stock Sales: A major risk for investors is the substantial share dilution resulting from BitMine's frequent issuance of new shares. The company often uses at-the-market offerings and other equity raises to fund its aggressive accumulation of Ethereum. This practice increases the number of outstanding shares, which reduces the ownership percentage and can decrease the per-share value for existing shareholders, especially if shares are sold at lower prices or in large volumes.
- Regulatory Uncertainty in the Digital Asset Industry: The cryptocurrency and digital asset industry, in which BitMine Immersion Technologies operates, is subject to rapidly evolving and often unpredictable regulatory frameworks across different jurisdictions. Changes in digital asset policies and regulations can significantly impact the company's Bitcoin mining operations, its financial valuations, and its overall business model, posing an ongoing threat to its stability and future prospects.
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BitMine Immersion Technologies (BMNR) operates in the cryptocurrency mining sector, notably utilizing immersion cooling technology for its operations, and provides advisory services related to Bitcoin. The addressable markets for its main products and services can be primarily identified through the immersion cooling market, particularly within data centers and cryptocurrency mining applications.
The global data center immersion cooling market was valued at approximately USD 1.52 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 8.52 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 18.81% from 2025 to 2034. Another report estimates the global immersion cooling market to reach USD 10.9 billion by 2035, growing at a CAGR of 19.8% from USD 1.7 billion in 2025.
Specifically, cryptocurrency mining constitutes a notable segment within the broader immersion cooling market, holding approximately 21% of its market share. The North American region holds a significant portion of the global immersion cooling market, accounting for approximately 39% of the market share.
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Expected Drivers of Future Revenue Growth for BitMine Immersion Technologies (BMNR)
BitMine Immersion Technologies (BMNR) is positioned for future revenue growth over the next 2-3 years through several key drivers, primarily centered around its aggressive Ethereum (ETH) treasury strategy and expanding cryptocurrency operations.
- Growth in Ethereum Staking Revenue from MAVAN: A significant driver of future revenue growth for BitMine Immersion Technologies is the anticipated revenue generated from its Ethereum staking operations. The company is set to launch its "Made in America Validator Network" (MAVAN) in early calendar 2026, which is projected to be the largest commercial validator network globally. This initiative aims to maximize treasury yield through ETH staking, with annualized staking revenues expected to reach $252 million at scale.
- Expansion of Ethereum Treasury Holdings: BitMine's core mission, referred to as "the Alchemy of 5%", involves continuously expanding its Ethereum treasury with the goal of acquiring a 5% stake in the Ethereum network. As the company increases its ETH holdings, the base for generating staking rewards grows proportionally, directly contributing to higher potential revenue from staking activities.
- Revenue from Bitcoin Mining and Related Services: While the recent strategic emphasis has been heavily on Ethereum, BitMine Immersion Technologies' business lines also include Bitcoin mining operations, synthetic Bitcoin mining, and the offering of hashrate as a financial product. Additionally, the company provides advisory and mining services to other entities interested in earning Bitcoin-denominated revenues, and offers general Bitcoin advisory to public companies. These diversified services represent ongoing and potential future revenue streams.
- Strategic Investments in Decentralized Finance (DeFi) and Bridging Traditional/Decentralized Finance: BitMine's Chairman, Tom Lee, has highlighted strategic growth pillars for the company that include investing in "DeFi moonshots" and facilitating the connection between traditional finance and decentralized finance. These initiatives suggest a forward-looking approach to generating revenue through participation in the evolving decentralized finance ecosystem and potentially offering new services that bridge these financial realms.
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Share Repurchases
- BitMine Immersion Technologies authorized an open-ended stock repurchase program on July 29, 2025, to acquire up to $1 billion of its outstanding common stock.
- The program allows the company to repurchase shares in the open market and through negotiated transactions.
- Cantor Fitzgerald & Co. was appointed as a non-exclusive agent for open market repurchases.
Share Issuance
- Shares outstanding for the quarter ending November 30, 2025, increased to 0.326 billion, a 13635.39% increase year-over-year.
- In 2025, shares outstanding rose to 0.025 billion, marking an 882.96% increase from 2024.
- A reverse stock split with a ratio of 1:20 was implemented on May 16, 2025.
- A Secondary Public Offering (SPO) on June 6, 2025, raised $18 million through the placement of 2,250,000 shares at $8 per share.
Outbound Investments
- As of February 22, 2026, BitMine Immersion Technologies holds a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings.
- The company's primary treasury strategy focuses on accumulating Ethereum (ETH) for long-term investment, with total ETH holdings reaching 4.535 million tokens and total crypto and cash holdings of $10.3 billion as of March 8, 2026.
- BitMine's staked ETH amounted to 3,040,483 tokens, valued at $6.0 billion, as of March 8, 2026.
Capital Expenditures
- Capital expenditures for Q1 2026 were $376K, representing a 64.1% decrease from the previous quarter.
- Over the last 12 months, reported capital expenditures were -$1.42 million.
- The company's capital expenditures are primarily directed towards supporting its Bitcoin mining operations and associated infrastructure in energy-efficient regions such as Trinidad, Pecos (Texas), and Silverton (Texas).
Peer Outperformance in Diversified Capital Markets
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets ← | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.59 |
| Mkt Cap | 3.5 |
| Rev LTM | 496 |
| Op Inc LTM | -415 |
| FCF LTM | -1,168 |
| FCF 3Y Avg | -858 |
| CFO LTM | -393 |
| CFO 3Y Avg | -263 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.4% |
| Rev Chg 3Y Avg | 73.4% |
| Rev Chg Q | -6.4% |
| QoQ Delta Rev Chg LTM | -2.0% |
| Op Inc Chg LTM | -151.9% |
| Op Inc Chg 3Y Avg | -103.2% |
| Op Mgn LTM | -94.8% |
| Op Mgn 3Y Avg | -78.8% |
| QoQ Delta Op Mgn LTM | -11.6% |
| CFO/Rev LTM | -94.6% |
| CFO/Rev 3Y Avg | -80.7% |
| FCF/Rev LTM | -287.2% |
| FCF/Rev 3Y Avg | -205.3% |
Price Behavior
| Market Price | $19.54 | |
| Market Cap ($ Bil) | 10.8 | |
| First Trading Date | 03/03/2022 | |
| Distance from 52W High | -58.1% | |
| 50 Days | 200 Days | |
| DMA Price | $24.39 | $20.88 |
| DMA Trend | up | down |
| Distance from DMA | -19.9% | -6.4% |
| 3M | 1YR | |
| Volatility | 75.1% | 89.5% |
| Downside Capture | 376.28 | 497.21 |
| Upside Capture | 501.62 | 346.18 |
| Correlation (S&P 500) | 54.8% | 55.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.53 | 4.56 | 3.56 | 3.26 | 3.85 | 2.45 |
| Up Beta | -10.73 | 6.02 | 2.15 | 2.30 | 3.23 | 2.01 |
| Down Beta | 3.51 | 5.46 | 4.56 | 3.96 | 4.01 | 2.14 |
| Up Capture | 218% | 399% | 519% | 471% | 1061% | 1231% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 7 | 15 | 29 | 58 | 114 | 293 |
| Down Capture | 495% | 382% | 273% | 243% | 189% | 112% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 15 | 28 | 35 | 68 | 137 | 320 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | -56.3% | 89.5% | -0.53 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 29.2% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 55.0% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 36.3% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -2.2% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 13.3% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 78.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | 22.4% | 448.9% | 0.99 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 8.0% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 6.3% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 6.5% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | -0.8% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 3.1% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | -29.1% | 441.8% | 1.06 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 10.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 7.8% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 3.8% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 0.2% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 5.9% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 5.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/26/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/21/2025 | 19.6% | 22.7% | 8.9% |
| 1/13/2025 | 1.0% | 0.6% | 7.3% |
| 7/18/2024 | 0.0% | 11.2% | 11.5% |
| 2/28/2024 | -12.2% | -3.7% | -11.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 1 | 1 | 1 |
| Median Positive | 1.0% | 11.2% | 8.9% |
| Median Negative | -12.2% | -3.7% | -11.5% |
| Max Positive | 19.6% | 22.7% | 11.5% |
| Max Negative | -12.2% | -3.7% | -11.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/21/2025 | 19.6% | 22.7% | 8.9% |
| 1/13/2025 | 1.0% | 0.6% | 7.3% |
| 7/18/2024 | 0.0% | 11.2% | 11.5% |
| 2/28/2024 | -12.2% | -3.7% | -11.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 1 | 1 | 1 |
| Median Positive | 1.0% | 11.2% | 8.9% |
| Median Negative | -12.2% | -3.7% | -11.5% |
| Max Positive | 19.6% | 22.7% | 11.5% |
| Max Negative | -12.2% | -3.7% | -11.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 07/14/2026 | 10-Q |
| 02/28/2026 | 04/14/2026 | 10-Q |
| 11/30/2025 | 01/13/2026 | 10-Q |
| 08/31/2025 | 11/21/2025 | 10-K |
| 05/31/2025 | 07/02/2025 | 10-Q |
| 02/28/2025 | 04/14/2025 | 10-Q |
| 11/30/2024 | 01/10/2025 | 10-Q |
| 08/31/2024 | 12/09/2024 | 10-K |
| 05/31/2024 | 07/15/2024 | 10-Q |
| 02/29/2024 | 04/15/2024 | 10-Q |
| 11/30/2023 | 01/12/2024 | 10-Q |
| 08/31/2023 | 12/14/2023 | 10-K |
| 05/31/2023 | 07/14/2023 | 10-Q |
| 02/28/2023 | 04/13/2023 | 10-Q |
| 11/30/2022 | 01/05/2023 | 10-Q |
| 08/31/2022 | 12/09/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 05/31/2026 | 07/14/2026 | 10-Q |
| 02/28/2026 | 04/14/2026 | 10-Q |
| 11/30/2025 | 01/13/2026 | 10-Q |
| 08/31/2025 | 11/21/2025 | 10-K |
| 05/31/2025 | 07/02/2025 | 10-Q |
| 02/28/2025 | 04/14/2025 | 10-Q |
| 11/30/2024 | 01/10/2025 | 10-Q |
| 08/31/2024 | 12/09/2024 | 10-K |
| 05/31/2024 | 07/15/2024 | 10-Q |
| 02/29/2024 | 04/15/2024 | 10-Q |
| 11/30/2023 | 01/12/2024 | 10-Q |
| 08/31/2023 | 12/14/2023 | 10-K |
| 05/31/2023 | 07/14/2023 | 10-Q |
| 02/28/2023 | 04/13/2023 | 10-Q |
| 11/30/2022 | 01/05/2023 | 10-Q |
| 08/31/2022 | 12/09/2022 | 10-K |
| 05/31/2022 | 07/14/2022 | 10-Q |
| 02/28/2022 | 04/18/2022 | 10-Q |
| 11/30/2021 | 01/11/2022 | 10-Q |
| 08/31/2021 | 12/09/2021 | 10-K |
| 05/31/2021 | 07/30/2021 | 10-Q |
Insider Activity
Updated 7/24/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Love, Lori | Direct | Buy | 4202026 | 22.01 | 227 | 4,996 | 809,594 | Form | |
| 2 | Love, Lori | Direct | Buy | 4202026 | 22.05 | 474 | 10,450 | 805,936 | Form | |
| 3 | Lee, Thomas Jong | Direct | Buy | 7172025 | 44.00 | 4,500 | 198,000 | 9,975,768 | Form | |
| 4 | Lee, Thomas Jong | Direct | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form | |
| 5 | Lee, Thomas Jong | Thomas J Lee 2012 Trust | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Love, Lori | Direct | Buy | 4202026 | 22.01 | 227 | 4,996 | 809,594 | Form | |
| 2 | Love, Lori | Direct | Buy | 4202026 | 22.05 | 474 | 10,450 | 805,936 | Form | |
| 3 | Lee, Thomas Jong | Direct | Buy | 7172025 | 44.00 | 4,500 | 198,000 | 9,975,768 | Form | |
| 4 | Lee, Thomas Jong | Direct | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form | |
| 5 | Lee, Thomas Jong | Thomas J Lee 2012 Trust | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Diversified Capital Markets Resources |
| International Financing Review (IFR) |
| Financial News |
| Global Capital |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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