BitMine Immersion Technologies (BMNR)
Market Price (3/10/2026): $20.3 | Market Cap: $6.6 BilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (3/10/2026): $20.3Market Cap: $6.6 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% | Weak multi-year price returns3Y Excs Rtn is -67% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -80920% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80% | Expensive valuation multiplesP/SPrice/Sales ratio is 938x | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% | Stock price has recently run up significantly12M Rtn12 month market price return is 196% | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 37% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3234%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3253% | ||
| 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 -76% | ||
| High stock price volatilityVol 12M is 730% | ||
| 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. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 80% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -53% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns3Y Excs Rtn is -67% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.8 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -80920% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 938x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 196% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 37% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3234%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3253% |
| 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 -76% |
| High stock price volatilityVol 12M is 730% |
| 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
AI Analysis | Feedback
BitMine Immersion Technologies (BMNR) stock has lost about 35% since 11/30/2025 because of the following key factors:
1. Shift to Significant Net Loss.
BitMine Immersion Technologies experienced a substantial downturn in its financial performance, swinging from a net income of US$333.9 million in Q4 2025 to a net loss of approximately US$5.2 billion in Q1 2026. This also led to a basic EPS loss of US$15.98 for Q1 2026, compared to a profit of US$3.71 in the previous quarter.
2. Decline in Ethereum (ETH) Prices.
The company's stock movement has closely correlated with the price of Ethereum, its primary treasury asset. Ethereum prices experienced a significant decline of 62% from their 2025 highs, contributing to the negative pressure on BMNR's valuation, as its stock moved "in lockstep" with ETH during this period.
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1. Shift to Significant Net Loss.
BitMine Immersion Technologies experienced a substantial downturn in its financial performance, swinging from a net income of US$333.9 million in Q4 2025 to a net loss of approximately US$5.2 billion in Q1 2026. This also led to a basic EPS loss of US$15.98 for Q1 2026, compared to a profit of US$3.71 in the previous quarter.
2. Decline in Ethereum (ETH) Prices.
The company's stock movement has closely correlated with the price of Ethereum, its primary treasury asset. Ethereum prices experienced a significant decline of 62% from their 2025 highs, contributing to the negative pressure on BMNR's valuation, as its stock moved "in lockstep" with ETH during this period.
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Stock Movement Drivers
Fundamental Drivers
The -37.5% change in BMNR stock from 11/30/2025 to 3/9/2026 was primarily driven by a -27.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 11302025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.11 | 20.70 | -37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 7 | 17.9% |
| P/S Multiple | 1,275.0 | 938.0 | -26.4% |
| Shares Outstanding (Mil) | 235 | 326 | -27.9% |
| Cumulative Contribution | -37.5% |
Market Drivers
11/30/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| BMNR | -37.5% | |
| Market (SPY) | -0.7% | 53.2% |
| Sector (XLF) | -5.6% | 25.3% |
Fundamental Drivers
The -52.5% change in BMNR stock from 8/31/2025 to 3/9/2026 was primarily driven by a -99.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.61 | 20.70 | -52.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 7 | 31.8% |
| P/S Multiple | 16.0 | 938.0 | 5745.7% |
| Shares Outstanding (Mil) | 2 | 326 | -99.4% |
| Cumulative Contribution | -52.5% |
Market Drivers
8/31/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| BMNR | -52.5% | |
| Market (SPY) | 5.4% | 55.9% |
| Sector (XLF) | -6.5% | 31.0% |
Fundamental Drivers
The 267.9% change in BMNR stock from 2/28/2025 to 3/9/2026 was primarily driven by a 28019.4% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.63 | 20.70 | 267.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 7 | 79.7% |
| P/S Multiple | 3.3 | 938.0 | 28019.4% |
| Shares Outstanding (Mil) | 2 | 326 | -99.3% |
| Cumulative Contribution | 267.9% |
Market Drivers
2/28/2025 to 3/9/2026| Return | Correlation | |
|---|---|---|
| BMNR | 267.9% | |
| Market (SPY) | 15.2% | 8.4% |
| Sector (XLF) | -2.5% | 9.7% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/9/2026| Return | Correlation | |
|---|---|---|
| BMNR | 21.8% | |
| Market (SPY) | 77.5% | 7.1% |
| Sector (XLF) | 47.3% | 8.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMNR Return | 13% | -76% | -8% | -40% | 248% | -30% | -64% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | -3% | 56% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 79% |
Monthly Win Rates [3] | |||||||
| BMNR Win Rate | 50% | 25% | 50% | 42% | 50% | 0% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BMNR Max Drawdown | -91% | -80% | -37% | -85% | -45% | -36% | |
| Peers Max Drawdown | -31% | -87% | -4% | -47% | -43% | -13% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -2% | |
[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 3/9/2026 (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 MARA, RIOT, CLSK, HUT, CIFR
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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About BitMine Immersion Technologies (BMNR)
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
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.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 14.50 |
| Mkt Cap | 5.2 |
| Rev LTM | 436 |
| Op Inc LTM | -340 |
| FCF LTM | -916 |
| FCF 3Y Avg | -621 |
| CFO LTM | -368 |
| CFO 3Y Avg | -197 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 58.0% |
| Rev Chg 3Y Avg | 132.5% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | -120.7% |
| Op Mgn 3Y Avg | -81.9% |
| QoQ Delta Op Mgn LTM | -52.3% |
| CFO/Rev LTM | -90.7% |
| CFO/Rev 3Y Avg | -83.0% |
| FCF/Rev LTM | -244.8% |
| FCF/Rev 3Y Avg | -234.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.2 |
| P/S | 16.7 |
| P/EBIT | -7.6 |
| P/E | -7.3 |
| P/CFO | -18.2 |
| Total Yield | -13.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -18.4% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.9% |
| 3M Rtn | -27.3% |
| 6M Rtn | 7.1% |
| 12M Rtn | 135.7% |
| 3Y Rtn | 269.7% |
| 1M Excs Rtn | 17.7% |
| 3M Excs Rtn | -28.2% |
| 6M Excs Rtn | 2.5% |
| 12M Excs Rtn | 120.0% |
| 3Y Excs Rtn | 137.4% |
Price Behavior
Price Behavior
| Market Price | $20.70 | |
| Market Cap ($ Bil) | 6.7 | |
| First Trading Date | 03/03/2022 | |
| Distance from 52W High | -84.7% | |
| 50 Days | 200 Days | |
| DMA Price | $14.45 | $16.15 |
| DMA Trend | up | down |
| Distance from DMA | 43.3% | 28.2% |
| 3M | 1YR | |
| Volatility | 103.0% | 752.1% |
| Downside Capture | 665.26 | 425.15 |
| Upside Capture | 375.41 | 485.14 |
| Correlation (SPY) | 53.1% | 7.5% |
BMNR Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.95 | 4.92 | 4.97 | 5.02 | 2.88 | 1.99 |
| Up Beta | 10.20 | 6.65 | 5.37 | 4.97 | 1.38 | 1.13 |
| Down Beta | -0.51 | 3.09 | 4.02 | 4.94 | 0.28 | 1.84 |
| Up Capture | 442% | 408% | 418% | 551% | 4411% | 664% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 8 | 18 | 27 | 59 | 109 | 269 |
| Down Capture | 707% | 514% | 472% | 329% | 169% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 13 | 23 | 34 | 65 | 121 | 292 |
[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 | 511.3% | 762.0% | 1.26 | - |
| Sector ETF (XLF) | 3.0% | 19.3% | 0.03 | 9.9% |
| Equity (SPY) | 19.6% | 19.1% | 0.81 | 8.0% |
| Gold (GLD) | 77.6% | 26.1% | 2.18 | 5.9% |
| Commodities (DBC) | 20.2% | 17.2% | 0.92 | 1.5% |
| Real Estate (VNQ) | 6.1% | 16.4% | 0.19 | 7.2% |
| Bitcoin (BTCUSD) | -24.3% | 45.7% | -0.47 | 9.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | -36.9% | 483.1% | 1.04 | - |
| Sector ETF (XLF) | 10.5% | 18.7% | 0.44 | 8.6% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 4.9% |
| Gold (GLD) | 24.0% | 17.2% | 1.14 | 4.5% |
| Commodities (DBC) | 11.8% | 19.0% | 0.50 | -1.7% |
| Real Estate (VNQ) | 5.3% | 18.8% | 0.18 | 3.2% |
| Bitcoin (BTCUSD) | 7.1% | 56.8% | 0.35 | 4.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | -24.4% | 477.3% | 1.18 | - |
| Sector ETF (XLF) | 13.5% | 22.2% | 0.56 | 10.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.73 | 7.3% |
| Gold (GLD) | 14.9% | 15.6% | 0.79 | 2.5% |
| Commodities (DBC) | 8.9% | 17.6% | 0.42 | 0.9% |
| Real Estate (VNQ) | 6.2% | 20.7% | 0.26 | 6.0% |
| Bitcoin (BTCUSD) | 65.7% | 66.8% | 1.05 | 4.2% |
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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% | 14.5% |
| 12/11/2024 | 8.1% | -41.4% | -43.0% |
| 7/18/2024 | 0.0% | 11.2% | 11.5% |
| 2/28/2024 | 16.4% | 4.5% | 1.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 1 | 1 | 1 |
| Median Positive | 8.1% | 11.2% | 11.5% |
| Median Negative | -0.1% | -41.4% | -43.0% |
| Max Positive | 16.4% | 11.2% | 14.5% |
| Max Negative | -0.1% | -41.4% | -43.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
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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