BitMine Immersion Technologies (BMNR)
Market Price (12/18/2025): $29.24 | Market Cap: $6.9 BilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (12/18/2025): $29.24Market Cap: $6.9 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
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% | 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% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 84% | Expensive valuation multiplesP/SPrice/Sales ratio is 1129x | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Stock price has recently run up significantly6M Rtn6 month market price return is 524%, 12M Rtn12 month market price return is 185% | |
| 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 1060289% | ||
| 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| 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 1129x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 524%, 12M Rtn12 month market price return is 185% |
| 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 1060289% |
| 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
Here are five key points explaining the approximate -32.8% stock movement for BitMine Immersion Technologies (BMNR) from August 31, 2025, to December 18, 2025:
1. Overall Weakness in the Cryptocurrency Market: The Chairman of BitMine Immersion Technologies, Thomas Lee, explicitly noted a "continued weakness in ETH prices" and a significant "drop in market liquidity and function since October 10" in 2025, describing it as the "largest ever single day liquidation event in the history of crypto." These broader market conditions directly impacted investor confidence in cryptocurrency-focused companies like BMNR.
2. Negative Stock Forecast and Technical Sell Signals: Technical analysis for BMNR indicated a negative outlook, with "sell signals from both short and long-term Moving Averages" by December 16, 2025. A "sell signal was issued from a pivot top point on Wednesday, December 10, 2025," suggesting further downward movement and contributing to a bearish sentiment among investors.
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% | 303% | 9% |
| Peers Return | � | � | � | � | -3% | 65% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 108% |
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 12/17/2025 (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 ABTC, DMNT, FIGR, GEMI, MIAX
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 | |||
| BitMine Immersion Technologies Stock Drop Looks Sharp, But How Deep Can It Go? | Return | ||
| BitMine Immersion Technologies Stock Slides 20% In A Single Week, 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 | 14.1% | 14.1% | -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 | 5.1% | 5.1% | 0.0% |
| 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 | -2.4% | -2.4% | -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 | 4.6% | 4.6% | -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 | -9.0% | -9.0% | -11.0% |
| 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 | 14.1% | 14.1% | -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 | 5.1% | 5.1% | 0.0% |
| 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 | -2.4% | -2.4% | -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 | 4.6% | 4.6% | -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 | -9.0% | -9.0% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BitMine Immersion Technologies
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.68 |
| Mkt Cap | 4.4 |
| 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 | 4.4 |
| P/S | 8.9 |
| P/EBIT | 8.8 |
| P/E | 13.4 |
| P/CFO | -19.4 |
| Total Yield | 5.3% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -26.4% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.5% |
| 3M Rtn | -13.0% |
| 6M Rtn | 83.1% |
| 12M Rtn | 14.2% |
| 3Y Rtn | 241.1% |
| 1M Excs Rtn | -3.2% |
| 3M Excs Rtn | -21.7% |
| 6M Excs Rtn | 70.7% |
| 12M Excs Rtn | 12.3% |
| 3Y Excs Rtn | 142.4% |
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 |