BitMine Immersion Technologies (BMNR)
Market Price (12/4/2025): $33.63 | Market Cap: $67.5 MilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (12/4/2025): $33.63Market Cap: $67.5 MilSector: 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 90% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -52% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% | Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Stock price has recently run up significantly6M Rtn6 month market price return is 321%, 12M Rtn12 month market price return is 368% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 5295% | |
| 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 -9.5% | |
| High stock price volatilityVol 12M is 724% | |
| Significant 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 1359% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 90% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -2.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -52% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 12x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 321%, 12M Rtn12 month market price return is 368% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 5295% |
| 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 -9.5% |
| High stock price volatilityVol 12M is 724% |
| Significant 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 1359% |
Valuation, Metrics & Events
BMNR Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points explaining the stock movement for BitMine Immersion Technologies (BMNR) from approximately August 31, 2025, to December 4, 2025:
1. General Cryptocurrency Market Downturn: The stock's performance is highly correlated with the broader cryptocurrency market, particularly Ethereum, given BitMine's extensive ETH holdings. A significant market downturn, including Bitcoin plunging from an all-time high of over $126,000 in late October to below $80,000, wiping out 2025's gains, severely impacted investor sentiment across crypto-related assets and led to a "freefall" in Ethereum's value, which BMNR mirrored.
2. Sharp Daily Decline in Response to Macroeconomic Fears: On December 1, 2025, BMNR's stock plummeted nearly 13% as the wider crypto market experienced substantial losses due to fears that the Bank of Japan might raise interest rates. This specific event contributed significantly to a negative price movement over the period.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMNR Return | - | - | - | -8% | -40% | 309% | 125% |
| Peers Return | -1% | 0% | 0% | 0% | 0% | -19% | -19% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| BMNR Win Rate | - | - | 22% | 50% | 42% | 60% | |
| Peers Win Rate | 2% | 0% | 0% | 0% | 0% | 22% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| BMNR Max Drawdown | - | - | - | -37% | -85% | -45% | |
| Peers Max Drawdown | -1% | 0% | 0% | 0% | 0% | -19% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, DMNT, FIGR, GEMI, MIAX.
[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 12/3/2025 (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 | 758 days | 464 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.
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.
Latest Trefis Analyses
| Title | Topic | Date | |
|---|---|---|---|
| DASHBOARDS | |||
| Would You Still Hold BitMine Immersion Technologies Stock If It Fell Another 30%? | Return | ||
| BitMine Immersion Technologies Stock Soars 10% In A Single Day, Time To Buy The Stock? | Buy or Fear | ||
| ARTICLES | |||
| 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 | 3.4% | 3.4% | -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 | 9.5% | 9.5% | 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 | 0.1% | 0.1% | -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 | -0.1% | -0.1% | -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 | -7.7% | -7.7% | -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 | 3.4% | 3.4% | -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 | 9.5% | 9.5% | 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 | 0.1% | 0.1% | -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 | -0.1% | -0.1% | -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 | -7.7% | -7.7% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for BitMine Immersion Technologies
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.66 |
| Mkt Cap | 0.1 |
| Rev LTM | 5 |
| Op Inc LTM | -3 |
| FCF LTM | 4 |
| FCF 3Y Avg | 7 |
| CFO LTM | 25 |
| CFO 3Y Avg | 24 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 16.7% |
| Rev Chg Q | 22.9% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Mgn LTM | -51.8% |
| Op Mgn 3Y Avg | -89.6% |
| QoQ Delta Op Mgn LTM | 12.4% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | -55.1% |
| FCF/Rev LTM | 14.6% |
| FCF/Rev 3Y Avg | -86.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.1 |
| P/S | 12.5 |
| P/EBIT | -20.6 |
| P/E | -19.1 |
| P/CFO | 42.9 |
| Total Yield | -5.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -55.7% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -21.5% |
| 3M Rtn | -47.6% |
| 6M Rtn | 113.7% |
| 12M Rtn | 137.1% |
| 3Y Rtn | 23.6% |
| 1M Excs Rtn | -21.4% |
| 3M Excs Rtn | -46.8% |
| 6M Excs Rtn | 99.0% |
| 12M Excs Rtn | 117.2% |
| 3Y Excs Rtn | -29.2% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |