Tearsheet

BitMine Immersion Technologies (BMNR)

Market Price (7/9/2026): $14.885 | Market Cap: $6.8 BilSector: Financials | Industry: Diversified Capital Markets

BitMine Immersion Technologies (BMNR)

Market Price (7/9/2026): $14.885
Market Cap: $6.8 Bil
Sector: Financials
Industry: Diversified Capital Markets

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

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 261%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -67%

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.

Weak multi-year price returns
2Y Excs Rtn is -5.4%, 3Y Excs Rtn is -96%

Not profitable at operating income level
Op 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 -57909%

Expensive valuation multiples
P/SPrice/Sales ratio is 404x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 161%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1918%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1926%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -132%

High stock price volatility
Vol 12M is 112%

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	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 261%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -67%
3	Megatrend and thematic drivers Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining.
4	Weak multi-year price returns 2Y Excs Rtn is -5.4%, 3Y Excs Rtn is -96%
5	Not profitable at operating income level Op 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 -57909%
6	Expensive valuation multiples P/SPrice/Sales ratio is 404x
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 161%
8	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1918%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1926%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -132%
10	High stock price volatility Vol 12M is 112%
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.

BMNR in ETFs

Weight = BMNR's share of each fund

VTI0.01%

ITOT0.01%

IWB0.01%

VB0.06%

ARKW1.3%

ARKK1.2%

IGV0.30%

SCHA0.17%

+8 more covered ETFs

Valuation & Metrics

FYE: 8/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	7/9/26	2025	2024	2023	2022
Share Price			$14.88	$27.15	$7.80	$13.10	$14.20
Mkt Cap ($ Bil)			6.8	8.8	0.0	0.0	0.0
+ Debt ($ Bil)			0.0	0.0	0.0	0.0	0.0
- Cash ($ Bil)			0.9	0.9	0.0	0.0	0.0
TEV ($ Bil)			5.9	8.8	0.0	0.0	0.0
Valuation Ratios
P/S	15.4	54.2	404.9	1,230.3	4.6	30.9	65.3
P/EBIT	—	—	-0.8	-1.8	-6.0	-11.9	-22.8
P/E	40.3	—	-0.8	-1.8	-5.5	-11.1	-19.6
P/FCF	—	—	-21.0	-37.8	-157.6	-37.1	-
Sector Ratios (* = sector average)
P/S *			3.4	3.1	3.1	2.8	2.8
P/EBIT *			7.3	7.7	8.3	7.4	7.2
P/E *			11.9	11.0	11.6	10.1	9.4
P/FCF *			9.1	9.0	9.1	8.0	6.6

FYE: 8/31	Forward FYE		Now
	2027	2026	7/9/26
Share Price			$14.88
Mkt Cap ($ Bil)			6.8
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			0.9
TEV ($ Bil)			5.9
Valuation Ratios
P/S	15.4	54.2	404.9
P/EBIT	—	—	-0.8
P/E	40.3	—	-0.8
P/FCF	—	—	-21.0
Sector Ratios (* = sector average)
P/S *			3.4
P/EBIT *			7.3
P/E *			11.9
P/FCF *			9.1

FYE: 8/31	BMNR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$16.7 Mil	—
FY 2026 Sales	$124.8 Mil	—
FY 2027 Sales	$438.1 Mil	—
FY 2026 Sales Growth	646.5%	—
FY 2027 Sales Growth	251.2%	8.1%
EARNINGS
LTM Net Income (GAAP) [3]	$-8.7 Bil	—
FY 2026 Net Income (Non-GAAP)	$-1.9 Bil	—
FY 2027 Net Income (Non-GAAP)	$167.9 Mil	—
FY 2027 Net Income Growth	—	16.5%
FY 2026 EPS (Non-GAAP)	$-7.57	—
FY 2027 EPS (Non-GAAP)	$0.69	—
FY 2027 EPS Growth	—	—
VALUATION
FY 2026 P/S	54.2	3.3
FY 2027 P/S	15.4	—
FY 2026 P/E	—	19.9
FY 2027 P/E	40.3	—

[1] BMNR forward figures are analyst consensus for the next two fiscal years (fiscal year end 8/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	BMNR	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	627.8%	8.9%
Rev Chg LTM	261.3%	7.5%
Rev Chg 3Y Avg	284.1%	5.9%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-9.7
CFO LTM ($ Bil)	-0.3
Net Inc LTM ($ Bil)	-8.7
Op Mgn LTM	-57,909.2%	18.5%
CFO/Rev LTM	-1,917.6%	21.4%
Net Inc Mgn	-51,893.5%	13.1%
VALUATION	VERY HIGH
P/S	404.9	3.4
P/CFO	-21.1	15.6
P/FCF	-21.0	20.3
P/E	-0.8	24.9

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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

Price Chart

Upcoming
7/10/2026	Earnings Release	Rev: $45 Mil (E) EPS: $0.12 (E)

Why The Stock Moved

Qualitative Assessment

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Updated on 7/6/2026

BitMine Immersion Technologies (BMNR) stock has lost about 25% since 3/31/2026 because of the following key factors:

1. Significant Quarterly Losses Reported.

BitMine Immersion Technologies reported a substantial net loss of approximately US$5.2 billion (excluding extra items) and a basic EPS loss of US$15.98 for its fiscal Q1 2026 (ended November 30, 2025), which was highlighted in an analysis on April 16, 2026, within the specified period. This represented a significant shift from a profit of US$3.71 in fiscal Q4 2025 and expanded the trailing twelve-month loss to about US$4.9 billion. The subsequent fiscal Q2 2026 earnings (ended February 28, 2026), reported on April 14, 2026, also showed a loss with an EPS of -$0.08, despite quarterly revenue of $11.04 million.

2. Substantial Decline in Ethereum Prices.

As a company with a treasury heavily focused on Ethereum, BitMine Immersion Technologies' valuation is highly sensitive to the cryptocurrency's price movements. Ethereum experienced a considerable decline of approximately 25% in calendar Q2 2026, marking its steepest quarterly drop since 2019. This directly reduced the mark-to-market value of the company's significant ETH holdings, which amounted to 5.74 million ETH (representing 4.8% of the total supply) as of July 5, 2026.

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Stock Movement Drivers

Fundamental Drivers

The -24.9% change in BMNR stock from 3/31/2026 to 7/8/2026 was primarily driven by a -54.9% change in the company's P/S Multiple.

(LTM values as of)	3312026	7082026	Change
Stock Price ($)	19.78	14.86	-24.9%
Change Contribution By:
Total Revenues ($ Mil)	7	17	132.5%
P/S Multiple	896.3	404.2	-54.9%
Shares Outstanding (Mil)	326	455	-28.4%
Cumulative Contribution			-24.9%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/8/2026

	Return	Correlation
BMNR	-24.9%
Market (SPY)	14.6%	64.3%
Sector (XLF)	11.3%	28.0%

Fundamental Drivers

The -45.3% change in BMNR stock from 12/31/2025 to 7/8/2026 was primarily driven by a -61.3% change in the company's P/S Multiple.

(LTM values as of)	12312025	7082026	Change
Stock Price ($)	27.15	14.86	-45.3%
Change Contribution By:
Total Revenues ($ Mil)	6	17	174.2%
P/S Multiple	1,045.6	404.2	-61.3%
Shares Outstanding (Mil)	235	455	-48.4%
Cumulative Contribution			-45.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/8/2026

	Return	Correlation
BMNR	-45.3%
Market (SPY)	9.6%	61.1%
Sector (XLF)	0.9%	34.3%

Fundamental Drivers

The -56.2% change in BMNR stock from 6/30/2025 to 7/8/2026 was primarily driven by a -99.6% change in the company's Shares Outstanding (Mil).

(LTM values as of)	6302025	7082026	Change
Stock Price ($)	33.89	14.86	-56.2%
Change Contribution By:
Total Revenues ($ Mil)	5	17	261.3%
P/S Multiple	14.6	404.2	2667.9%
Shares Outstanding (Mil)	2	455	-99.6%
Cumulative Contribution			-56.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/8/2026

	Return	Correlation
BMNR	-56.2%
Market (SPY)	21.7%	33.4%
Sector (XLF)	6.2%	23.5%

Fundamental Drivers

The -27.8% change in BMNR stock from 6/30/2023 to 7/8/2026 was primarily driven by a -99.5% change in the company's Shares Outstanding (Mil).

(LTM values as of)	6302023	7082026	Change
Stock Price ($)	20.59	14.86	-27.8%
Change Contribution By:
Total Revenues ($ Mil)	�	17	0.0%
P/S Multiple	�	404.2	0.0%
Shares Outstanding (Mil)	2	455	-99.5%
Cumulative Contribution			0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/8/2026

	Return	Correlation
BMNR	-27.8%
Market (SPY)	74.1%	7.4%
Sector (XLF)	70.4%	7.9%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
BMNR Return	13%	-76%	-8%	-40%	248%	-45%	-72%
Peers Return	31%	-85%	410%	-3%	66%	55%	147%
S&P 500 Return	27%	-19%	24%	23%	16%	10%	100%
Monthly Win Rates [3]
BMNR Win Rate	50%	25%	50%	42%	50%	43%
Peers Win Rate	44%	33%	73%	45%	67%	51%
S&P 500 Win Rate	75%	42%	67%	75%	67%	57%
Max Drawdowns [4]
BMNR Max Drawdown	-99%	-84%	-64%	-89%	-81%	-60%
Peers Max Drawdown	-71%	-89%	-57%	-61%	-60%	-38%
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 7/8/2026 (YTD)

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

Compare to MARA, RIOT, CLSK, HUT, CIFR

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.

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

Compare to MARA, RIOT, CLSK, HUT, CIFR

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)

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

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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).

Interactive Breakdown

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ARR (6043.9%)

ARMOUR Residential REIT

OCSL (3690.7%)

Oaktree Specialty Lending

SBET (1398.7%)

Sharplink

CION (463.5%)

CION Invt

LPRO (405.4%)

Open Lending

Higher Rev Chg 3Y Avg (Value for BMNR: 284.1%)

ARR (2099.4%)

ARMOUR Residential REIT

STEP (429.3%)

StepStone

ORC (428.8%)

Orchid Island Capital

CRCL (345.4%)

Circle Internet

NLY (290.4%)

Annaly Capital Management

Higher Op Mgn LTM (Value for BMNR: -57909.2%)

V (67.1%)

Visa

MA (59.5%)

Mastercard

HOOD (46.3%)

Robinhood Markets

SPGI (40.9%)

S&P Global

BLK (32.7%)

BlackRock

Higher CFO/Rev LTM (Value for BMNR: -1917.6%)

MA (53.8%)

Mastercard

V (52.9%)

Visa

BAC (48.8%)

Bank of America

BRK-B (10.9%)

Berkshire Hathaway

JPM (-57.6%)

JPMorgan Chase

Higher FCF/Rev LTM (Value for BMNR: -1926.1%)

MA (50.3%)

Mastercard

V (49.2%)

Visa

BAC (48.8%)

Bank of America

BRK-B (5.7%)

Berkshire Hathaway

JPM (-57.6%)

JPMorgan Chase

Higher Total Yield (Value for BMNR: -128.4%)

BAC (7.5%)

Bank of America

BRK-B (6.8%)

Berkshire Hathaway

JPM (6.6%)

JPMorgan Chase

V (4.1%)

Visa

MA (3.4%)

Mastercard

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BMNR: 284.1% | 404.2x)

ASTS (821.2% | 256.5x)

AST SpaceMobile

ARWR (454.7% | 19.6x)

Arrowhead Pharmaceuticals

QXO (5076.7% | 1.3x)

QXO

PTGX (12155.6% | 123.1x)

Protagonist Therapeutics

IBRX (3513.8% | 64.1x)

ImmunityBio

Higher Rev Chg LTM (Value for BMNR: 261.3%)

QXO (15211.3%)

QXO

ASTS (1732.1%)

AST SpaceMobile

CYTK (450.6%)

Cytokinetics

BBIO (355.2%)

BridgeBio Pharma

IONQ (334.6%)

IonQ

Higher Rev Chg 3Y Avg (Value for BMNR: 284.1%)

PTGX (12155.6%)

Protagonist Therapeutics

QXO (5076.7%)

QXO

IBRX (3513.8%)

ImmunityBio

ASTS (821.2%)

AST SpaceMobile

ARWR (454.7%)

Arrowhead Pharmaceuticals

Higher Op Mgn LTM (Value for BMNR: -57909.2%)

NVDA (64.0%)

NVIDIA

MSFT (46.8%)

Microsoft

GOOGL (32.7%)

Alphabet

AAPL (32.6%)

Apple

AMZN (11.5%)

Amazon.com

Higher CFO/Rev LTM (Value for BMNR: -1917.6%)

MSFT (53.5%)

Microsoft

NVDA (49.6%)

NVIDIA

GOOGL (41.3%)

Alphabet

AAPL (31.1%)

Apple

AMZN (20.0%)

Amazon.com

Higher FCF/Rev LTM (Value for BMNR: -1926.1%)

NVDA (47.0%)

NVIDIA

AAPL (28.6%)

Apple

MSFT (22.9%)

Microsoft

GOOGL (15.2%)

Alphabet

AMZN (-0.3%)

Amazon.com

Higher Total Yield (Value for BMNR: -128.4%)

MSFT (5.3%)

Microsoft

GOOGL (3.9%)

Alphabet

AMZN (3.5%)

Amazon.com

NVDA (3.2%)

NVIDIA

AAPL (3.0%)

Apple

Best Bets in Financials

What You Pay

P/EBIT (Value for BMNR: -0.8x)

CME (15.1x)

CME

MTG (6.5x)

MGIC Investment

ACT (7.0x)

Enact

KNSL (11.8x)

Kinsale Capital

NMIH (6.0x)

NMI

ENVA (13.1x)

Enova International

TW (16.9x)

Tradeweb Markets

FNF (6.5x)

Fidelity National Financial

AMG (6.9x)

Affiliated Managers

OWL (11.0x)

Blue Owl Capital

P/E (Value for BMNR: -0.8x)

CME (20.5x)

CME

MTG (8.5x)

MGIC Investment

ACT (9.4x)

Enact

KNSL (15.1x)

Kinsale Capital

NMIH (8.1x)

NMI

ENVA (17.1x)

Enova International

TW (24.4x)

Tradeweb Markets

FNF (17.2x)

Fidelity National Financial

AMG (12.7x)

Affiliated Managers

OWL (72.3x)

Blue Owl Capital

What You Get

Rev Chg 3Y Avg (Value for BMNR: 284.1%)

CME (9.7%)

CME

MTG (1.2%)

MGIC Investment

ACT (3.9%)

Enact

KNSL (28.4%)

Kinsale Capital

NMIH (10.3%)

NMI

ENVA (21.4%)

Enova International

TW (21.5%)

Tradeweb Markets

FNF (10.6%)

Fidelity National Financial

AMG (-1.6%)

Affiliated Managers

OWL (25.7%)

Blue Owl Capital

Rev Chg LTM (Value for BMNR: 261.3%)

CME (7.5%)

CME

MTG (-1.2%)

MGIC Investment

ACT (2.0%)

Enact

KNSL (17.0%)

Kinsale Capital

NMIH (7.3%)

NMI

ENVA (17.5%)

Enova International

TW (18.3%)

Tradeweb Markets

FNF (14.2%)

Fidelity National Financial

AMG (4.2%)

Affiliated Managers

OWL (19.3%)

Blue Owl Capital

Rev Chg Q (Value for BMNR: 627.8%)

CME (14.5%)

CME

MTG (-3.0%)

MGIC Investment

ACT (1.7%)

Enact

KNSL (10.2%)

Kinsale Capital

NMIH (5.9%)

NMI

ENVA (17.4%)

Enova International

TW (21.2%)

Tradeweb Markets

FNF (16.9%)

Fidelity National Financial

AMG (9.7%)

Affiliated Managers

OWL (10.3%)

Blue Owl Capital

FCF/Rev 3Y Avg (Value for BMNR: -665.6%)

CME (61.6%)

CME

MTG (59.9%)

MGIC Investment

ACT (59.3%)

Enact

KNSL (58.8%)

Kinsale Capital

NMIH (58.4%)

NMI

ENVA (54.8%)

Enova International

TW (47.4%)

Tradeweb Markets

FNF (46.2%)

Fidelity National Financial

AMG (45.4%)

Affiliated Managers

OWL (41.2%)

Blue Owl Capital

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	With BitMine Immersion Technologies Stock Sliding, Have You Assessed The Risk?	10/17/2025
2	BitMine Immersion Technologies Stock Surges 10% In A Single Day, Time To Buy The Stock?	09/14/2025
3	ARTICLES
4	How Low Can BMNR Stock Go?	05/18/2026
5	BMNR Stock At $23: Buy Ethereum At A Discount?	02/02/2026
6	What’s The Upside Potential For Bitmine Immersion Technologies?	01/13/2026
7	Time To Buy BitMine Immersion Technologies Stock?	12/09/2025
8	Crypto Shockwaves Hammer Bitmine Immersion Stock	11/21/2025

	Title
0	DASHBOARDS
1	With BitMine Immersion Technologies Stock Sliding, Have You Assessed The Risk?
2	BitMine Immersion Technologies Stock Surges 10% In A Single Day, Time To Buy The Stock?
3	ARTICLES
4	How Low Can BMNR Stock Go?
5	BMNR Stock At $23: Buy Ethereum At A Discount?
6	What’s The Upside Potential For Bitmine Immersion Technologies?
7	Time To Buy BitMine Immersion Technologies Stock?
8	Crypto Shockwaves Hammer Bitmine Immersion Stock

Trade Ideas

Select ideas related to BMNR.

null

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PENG	Penguin Solutions	4.1	25.1%	301.2%
SPTX	Seaport Therapeutics	1.1	16.6%	7.2%
PRME	Prime Medicine	0.8	15.8%	33.1%
OPTU	Optimum Communications	0.6	14.4%	-18.2%
BZH	Beazer Homes USA	0.9	13.1%	53.0%
WULF	TeraWulf	9.7	12.8%	98.7%
HPK	HighPeak Energy	0.9	12.4%	57.0%
PARR	Par Pacific	3.3	11.6%	95.1%
UCTT	Ultra Clean	4.6	11.2%	298.4%
AMC	AMC Entertainment	1.0	11.0%	22.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ALHC	Alignment Healthcare	4.1	-16.7%	1.4%
OFRM	Once Upon a Farm PBC	0.5	-15.0%	-12.7%
FCEL	FuelCell Energy	1.2	-13.2%	208.3%
CLVT	Clarivate	1.4	-12.0%	-33.8%
XPEL	XPEL	1.2	-10.7%	-10.4%
HELE	Helen Of Troy	0.6	-10.2%	18.5%
BOBS	Bobs Discount Furniture	1.8	-10.2%	-14.2%
CDNL	Cardinal Infrastructure	1.0	-10.0%	182.4%
SYF	Synchrony Financial	23.4	-9.6%	-17.5%
EZPW	EZCORP	2.0	-9.3%	65.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CRNX	Crinetics Pharmaceuticals	8.7	123.1%	79.4%
ALIT	Alight	10.6	79.7%	-48.4%
RPD	Rapid7	0.8	41.7%	-24.5%
BVS	Bioventus	0.8	28.3%	62.8%
RGNX	Regenxbio	0.8	27.1%	5.8%
PRME	Prime Medicine	0.8	25.2%	33.1%
PARR	Par Pacific	3.3	22.3%	95.1%
GERN	Geron	1.0	21.9%	18.2%
TENX	Tenax Therapeutics	0.8	21.9%	45.4%
FRHC	Freedom	9.6	21.7%	30.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FCEL	FuelCell Energy	1.2	-37.4%	208.3%
MXL	MaxLinear	7.5	-32.8%	393.7%
SOLS	Solstice Advanced Materials	9.7	-31.1%	25.8%
VICR	Vicor	12.0	-30.7%	140.1%
OUST	Ouster	2.7	-30.6%	100.6%
FORM	FormFactor	8.7	-30.2%	100.1%
COHU	Cohu	2.4	-29.5%	124.0%
AEHR	Aehr Test Systems	2.1	-29.3%	236.3%
UCTT	Ultra Clean	4.6	-29.2%	298.4%
AIP	Arteris	1.6	-29.1%	122.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CRNX	Crinetics Pharmaceuticals	8.7	153.6%	79.4%
RGNX	Regenxbio	0.8	150.5%	5.8%
BLZE	Backblaze	1.0	111.6%	252.4%
FAC	Factorial Energy	1.0	109.4%	116.0%
MBX	MBX Biosciences	2.9	103.9%	95.8%
DFTX	Definium Therapeutics, Inc.	4.9	92.4%	235.5%
ABSI	Absci	1.7	73.4%	218.1%
WNC	Wabash National	0.5	68.2%	45.3%
SLS	SELLAS Life Sciences	2.4	67.2%	265.0%
MNPR	Monopar Therapeutics	0.8	66.9%	52.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
HTZ	Hertz Global	0.6	-61.3%	-61.7%
NVTS	Navitas Semiconductor	3.1	-46.7%	87.1%
RDW	Redwire	2.0	-42.7%	39.2%
LUNR	Intuitive Machines	2.0	-42.0%	4.9%
PCT	PureCycle Technologies	1.3	-41.8%	-15.3%
HYLN	Hyliion	0.7	-41.3%	120.1%
AMPX	Amprius Technologies	1.6	-41.2%	46.8%
EOSE	Eos Energy Enterprises	1.5	-36.4%	-60.7%
AAOI	Applied Optoelectronics	8.7	-35.3%	228.3%
NRGV	Energy Vault	0.6	-35.1%	-23.0%

Peer Comparisons

Peers to compare with:

Financials

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher D.
Mkt Price	14.86	12.02	21.09	12.40	106.11	21.85	17.98
Mkt Cap	6.8	4.6	7.3	3.3	11.8	8.9	7.0
Rev LTM	17	868	653	740	284	210	469
Op Inc LTM	-9,677	-907	-389	-268	-139	-370	-379
FCF LTM	-322	-1,283	-1,273	-1,072	-814	-1,017	-1,045
FCF 3Y Avg	-108	-901	-1,116	-915	-424	-559	-730
CFO LTM	-320	-835	-634	-526	-133	-69	-423
CFO 3Y Avg	-107	-650	-337	-340	-87	-96	-222

Growth & Margins

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher D.
Rev Chg LTM	261.3%	23.1%	42.4%	37.7%	114.6%	38.0%	40.2%
Rev Chg 3Y Avg	284.1%	130.6%	38.6%	87.9%	48.6%	183.8%	109.3%
Rev Chg Q	627.8%	-18.4%	3.6%	-24.9%	225.5%	-28.8%	-7.4%
QoQ Delta Rev Chg LTM	132.5%	-4.3%	0.9%	-5.8%	20.9%	-6.3%	-1.7%
Op Inc Chg LTM	-332,452.4%	-62.0%	-9.7%	-186.3%	-99.3%	-187.5%	-142.8%
Op Inc Chg 3Y Avg	-110,842.9%	-101.0%	-38.3%	-68.0%	-368.0%	-114.1%	-107.6%
Op Mgn LTM	-57,909.2%	-104.5%	-59.5%	-36.2%	-49.0%	-176.1%	-82.0%
Op Mgn 3Y Avg	-19,379.5%	-73.0%	-74.5%	-25.5%	-36.4%	-96.5%	-73.8%
QoQ Delta Op Mgn LTM	23,016.0%	-13.8%	-6.5%	-14.9%	-7.6%	-25.5%	-10.7%
CFO/Rev LTM	-1,917.6%	-96.2%	-97.0%	-71.1%	-46.6%	-33.0%	-83.7%
CFO/Rev 3Y Avg	-650.6%	-90.9%	-62.2%	-61.2%	-49.8%	-58.8%	-61.7%
FCF/Rev LTM	-1,926.1%	-147.8%	-194.8%	-144.9%	-286.4%	-484.9%	-240.6%
FCF/Rev 3Y Avg	-665.6%	-122.8%	-243.1%	-176.8%	-213.3%	-305.8%	-228.2%

Valuation

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher D.
Mkt Cap	6.8	4.6	7.3	3.3	11.8	8.9	7.0
P/S	404.2	5.3	11.2	4.5	41.5	42.2	26.3
P/Op Inc	-0.7	-5.0	-18.9	-12.4	-84.6	-24.0	-15.6
P/EBIT	-0.8	-2.3	-8.7	-6.7	-28.4	-11.0	-7.7
P/E	-0.8	-2.2	-8.5	-6.6	-37.8	-9.9	-7.5
P/CFO	-21.1	-5.5	-11.6	-6.3	-88.9	-128.0	-16.3
Total Yield	-128.4%	-44.6%	-11.8%	-15.1%	-2.6%	-10.1%	-13.5%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-2.7%	-24.8%	-37.0%	-40.7%	-18.3%	-30.1%	-27.4%
D/E	0.0	0.5	0.1	0.5	0.0	0.5	0.3
Net D/E	-0.1	0.4	0.1	0.3	0.0	0.5	0.2

Returns

	BMNR	MARA	RIOT	CLSK	HUT	CIFR	Median
Name	BitMine .	MARA	Riot Pla.	Cleanspa.	Hut 8	Cipher D.
1M Rtn	-11.8%	-12.8%	-17.9%	-24.9%	-11.3%	-10.0%	-12.3%
3M Rtn	-30.9%	26.5%	30.9%	25.5%	72.7%	41.7%	28.7%
6M Rtn	-51.1%	19.2%	38.1%	3.9%	83.3%	35.9%	27.6%
12M Rtn	-86.7%	-31.4%	82.3%	6.9%	407.9%	262.4%	44.6%
3Y Rtn	-17.4%	-23.3%	36.2%	106.7%	909.6%	485.8%	71.5%
1M Excs Rtn	-7.9%	-3.8%	-15.8%	-21.8%	-6.8%	-4.0%	-7.3%
3M Excs Rtn	-39.4%	21.1%	35.5%	23.8%	88.4%	42.9%	29.7%
6M Excs Rtn	-63.9%	5.1%	34.2%	-7.6%	73.8%	11.9%	8.5%
12M Excs Rtn	-106.3%	-48.3%	62.5%	-10.7%	380.4%	257.3%	25.9%
3Y Excs Rtn	-96.0%	-81.4%	10.3%	120.9%	841.5%	595.8%	65.6%

FDIC Bank Data

$ Mil \| FY: 8/31	LTM	2025	2024	2023	2022
Period End	2/28/2026	8/31/2025	8/31/2024	8/31/2023	8/31/2022
Filing Date	4/14/2026	11/21/2025	12/9/2024	12/14/2023	12/14/2023
Key Financials
Total Revenue	17	6	3	1	0
Net Income	-8,672	349	-3	-2	-2
EPS	-23.27	13.60	-1.32	-1.00	-1.00
Growth Rates
Total Revenue Growth	261.3%	84.1%	413.0%	50.9%	-
Net Income Growth	-240877.3%	10685.4%	-33.6%	-22.9%	-
Margins
Net Income Margin	-51893.5%	5719.1%	-99.5%	-382.0%	-468.9%
Cash & Debt
Total Cash	880	512	0	0	0
Total Debt	1	0	2	1	0
Net Debt / (Cash)	-878	-512	1	1	-0
Cash Flows & CapEx
Net Cash from Operations	-320	-4	-0	-1	-2
Total CapEx	-1	-1	-0	-1	-3
Free Cash from Operations	-322	-5	-0	-1	-4
Returns to Shareholders
Dividends	0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0

$ Mil \| FY: 8/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	2/28/2026	11/30/2025	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
Filing Date	4/14/2026	1/13/2026	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
Key Financials Quarterly
Total Revenue	11	2	1	2	2	1	1	1	1	1	0	0
Net Income	-3,818	-5,204	351	-1	-1	-1	-1	-1	-1	-1	-1	-1
EPS	-8.40	-15.98	1.42	-0.31	-0.58	-1.66	-0.33	-0.26	-0.40	-0.40	-0.40	-0.20
Key Financials TTM
Total Revenue TTM	17	7	6	5	5	4	3	3	2	1	1	0
Net Income TTM	-8,672	-4,855	349	-4	-4	-3	-3	-4	-4	-3	-2	-2
Growth Rates Quarterly
Total Revenue Growth	627.8%	90.9%	94.2%	67.5%	70.1%	134.9%	178.0%	761.9%	471.2%	402.7%	296.8%	757.9%
Net Income Growth	-330212.5%	-534201.3%	43241.6%	4.8%	-28.1%	-4.7%	30.0%	-24.9%	-193.6%	-97.6%	-66.8%	-7.6%
Margins Quarterly
Net Income Margin	-34583.9%	-226955.7%	26517.8%	-30.4%	-76.2%	-81.1%	-119.4%	-53.4%	-101.2%	-181.9%	-474.1%	-368.5%
Cash & Debt
Total Cash	880	888	512	1	0	1	0	0	0	0	0	1
Total Debt	1	0	0	2	3	3	2	2	2	2	1	1
Net Debt / (Cash)	-878	-888	-512	0	2	2	1	1	1	2	1	1
Cash Flows Quarterly
FCF from Operations	-88	-228	-6	2	-0	-0	0	-0	-0	-0	-0	0
Cash Flows TTM
FCF from Operations TTM	-320	-232	-4	2	-0	-0	-0	-1	-1	-0	-1	-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	-87.4%	-140.7%	-18.4%	-10.1%	-20.0%	-19.5%	-15.9%	-17.3%	-22.1%	-18.8%	-36.9%	-18.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-54.8%	-38.2%	-4.6%	-16.1%	-15.9%	-15.0%	-18.2%	-22.7%	-22.7%	-19.6%	-18.9%	-16.0%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	6	3
Cryptocurrency mining industry			1	0
Total	6	3	1	0

Price Behavior

Price Behavior

Market Price	$14.86
Market Cap ($ Bil)	6.8
First Trading Date	03/03/2022
Distance from 52W High	-86.7%
	50 Days	200 Days
DMA Price	$18.15	$26.98
DMA Trend	down	down
Distance from DMA	-18.1%	-44.9%
	3M	1YR
Volatility	67.1%	112.2%
Downside Capture	533.63	573.82
Upside Capture	182.07	211.39
Correlation (SPY)	63.9%	45.2%

BMNR Betas & Captures as of 6/30/2026

	1M	2M	3M	6M	1Y	3Y
Beta	2.98	3.10	3.21	3.68	6.50	2.02
Up Beta	3.66	2.65	3.00	3.40	1.85	1.52
Down Beta	1.93	2.15	2.32	2.69	4.70	1.93
Up Capture	112%	150%	196%	468%	9403%	278%
Bmk +ve Days	11	24	40	67	140	429
Stock +ve Days	7	18	29	55	117	278
Down Capture	404%	436%	434%	277%	204%	111%
Bmk -ve Days	10	17	23	58	112	321
Stock -ve Days	14	23	34	70	135	312

[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	-86.3%	111.8%	-1.21	-
Sector ETF (XLF)	5.6%	14.8%	0.16	27.3%
Equity (SPY)	21.2%	12.5%	1.26	45.5%
Gold (GLD)	21.9%	27.8%	0.70	19.2%
Commodities (DBC)	25.0%	18.7%	1.06	4.2%
Real Estate (VNQ)	12.7%	13.9%	0.62	9.4%
Bitcoin (BTCUSD)	-41.4%	42.8%	-1.13	57.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with BMNR
BMNR	48.2%	460.1%	1.12	-
Sector ETF (XLF)	10.3%	18.6%	0.43	7.8%
Equity (SPY)	13.2%	17.1%	0.60	5.4%
Gold (GLD)	17.8%	18.3%	0.79	5.6%
Commodities (DBC)	7.8%	19.5%	0.30	-0.6%
Real Estate (VNQ)	2.8%	18.9%	0.05	3.4%
Bitcoin (BTCUSD)	12.1%	53.5%	0.41	7.8%

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	-31.0%	457.9%	1.08	-
Sector ETF (XLF)	14.2%	22.1%	0.59	10.8%
Equity (SPY)	15.9%	17.9%	0.76	7.5%
Gold (GLD)	11.5%	16.1%	0.58	3.2%
Commodities (DBC)	6.4%	18.0%	0.28	0.5%
Real Estate (VNQ)	5.4%	20.7%	0.22	5.9%
Bitcoin (BTCUSD)	58.0%	66.2%	0.98	4.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	6152026
Short Interest: Shares Quantity	35.5 Mil
Short Interest: % Change Since 5312026	34.0%
Average Daily Volume	41.8 Mil
Days-to-Cover Short Interest	1
Basic Shares Quantity	454.6 Mil
Short % of Basic Shares	7.8%

Returns Analyses

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

Earnings Returns History

Updated 6/18/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/21/2025	-0.1%	11.2%	14.5%
1/13/2025	2.0%	2.8%	22.3%
7/18/2024	0.0%	11.2%	11.5%
2/28/2024	16.4%	4.5%	1.5%
SUMMARY STATS
# Positive	3	4	4
# Negative	1	0	0
Median Positive	2.0%	7.8%	13.0%
Median Negative	-0.1%
Max Positive	16.4%	11.2%	22.3%
Max Negative	-0.1%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/21/2025	-0.1%	11.2%	14.5%
1/13/2025	2.0%	2.8%	22.3%
7/18/2024	0.0%	11.2%	11.5%
2/28/2024	16.4%	4.5%	1.5%
SUMMARY STATS
# Positive	3	4	4
# Negative	1	0	0
Median Positive	2.0%	7.8%	13.0%
Median Negative	-0.1%
Max Positive	16.4%	11.2%	22.3%
Max Negative	-0.1%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
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

Collapse to Preview

Report Date	Filing Date	Filing
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

Recent Forward Guidance

Updated 7/8/2026

Latest: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Updated 4/26/2026

Expand for More

#	Owner	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

Collapse to Preview

#	Owner	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

BMNR Trade Sentinel

Stock Conviction

UNDERWEIGHT (Score 3-4)

CONVICTION RATIONALE

The stock receives a low score despite a powerful narrative due to fatal structural flaws. The competitive moat is eroding, with an unsustainable cost structure and inferior product offering versus key competitors. The valuation is highly speculative and offers poor risk/reward asymmetry. While the theme of institutional ETH adoption is strong, BMNR appears to be a weak and expensive vehicle to play that theme.

STOCK ARCHETYPE

Type F: 'Transition / Profit Pivot'

The company executed a radical pivot from a capital-intensive, low-margin Bitcoin miner into a high-margin (~97%) Ethereum treasury and staking vehicle. The investment thesis is entirely dependent on the market re-rating the company based on this new, asset-light, yield-generating model, which is the classic definition of a 'Transition / Profit Pivot' archetype.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Ethereum Treasury Accumulation Towards 5% Supply and MAVAN Staking Monetization

The market is re-rating BMNR from a commoditized mining hardware company to a high-growth asset manager proxy for the Ethereum ecosystem. The thesis is that by acquiring a world-leading ETH treasury (targeting 5% of total supply) and monetizing it via its high-margin (~97%) proprietary 'MAVAN' staking platform, BMNR becomes the primary vehicle for institutional investors to gain regulated, leveraged exposure to ETH yield.

Mechanism: The company captures value by earning staking rewards (yield) directly from the Ethereum protocol on its massive ETH holdings. This generates a high-margin, recurring, fee-like revenue stream, fundamentally changing its earnings power compared to the legacy mining business.

Supporting Evidence:

The company has rapidly accumulated 5.078 million ETH, representing over 4.2% of the total network as of April 2026.
The Ethereum Staking segment operates at a ~97% gross margin, a structural shift from the legacy ~5% margin mining business.
Annualized staking revenue reached $264 million as of April 2026, demonstrating successful monetization of the balance sheet.
The launch of the proprietary 'Made-in-America Validator Network' (MAVAN) provides infrastructure to scale staking operations and potentially capture higher yields.

PRIMARY RISK

Extreme Dependency on Ethereum Price Volatility

The entire business model and valuation are structurally dependent on the price of a single, highly volatile asset: Ethereum. A significant and sustained decline in ETH's price would simultaneously destroy the value of the company's primary balance sheet asset (triggering massive mark-to-market losses) and reduce the US dollar value of its staking revenue, causing a dual-impact financial crisis for the company.

Mechanism: A crypto market downturn or an Ethereum-specific negative catalyst (e.g., regulatory crackdown, protocol vulnerability) would lead to a sharp drop in the price of ETH. This would force BMNR to report billions in unrealized losses, as seen with the $3.78 billion loss in Q2 FY2026, and would compress the dollar value of its yield-based revenue, breaking the investment thesis.

Supporting Evidence:

The company's holdings of 5.078 million ETH make its financials highly susceptible to price fluctuations; a $100 drop in ETH price equates to a >$500M reduction in asset value.
For the quarter ended February 28, 2026, the company reported an unrealized loss on digital assets of approximately $3.78 billion, demonstrating the direct impact of price volatility on reported earnings.

Key KPI Watchlist

KPI	Threshold	Rationale
Total ETH Holdings (as % of Total Supply)	Consistent QoQ growth towards 5% target	This is the primary indicator of the core strategy's execution. Failure to grow holdings signals an inability to access capital markets, breaking the thesis.
Staked ETH as % of Total ETH Holdings	>90%	Measures operational efficiency. A low percentage indicates capital is sitting idle and not generating yield, pointing to execution problems with their MAVAN infrastructure.
Quarterly G&A Expenses vs. Staking Revenue	G&A < 50% of Staking Revenue	Monitors the catastrophic cost structure. The company must prove it can operate profitably. If G&A continues to dwarf high-margin revenue, the business model is unsustainable without constant asset appreciation.

Core Investment Debate

Viable ETH Proxy vs. Structurally Unprofitable Vehicle

BULL VIEW

BMNR is becoming the primary, regulated vehicle for institutional investors to gain leveraged exposure to ETH yield, justifying a re-rating as a high-growth asset manager.

CORE TENSION

Can the high-margin ETH staking model overcome the extreme dependency on ETH's price and a catastrophic cost structure, or is it just a poorly run, leveraged bet?

PREVAILING SENTIMENT

BEARISH

The company's G&A expenses were 7x its staking revenue ($75M vs $10.2M) in the quarter ending Feb 28, 2026, indicating a fundamentally unsustainable operating model without massive asset appreciation.

BEAR VIEW

The business is a structurally unprofitable cash burn machine (G&A 7x staking revenue) entirely dependent on a single volatile asset. A crypto winter would be catastrophic.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
Mid-July 2026	Q3 FY2026 Earnings Call Watch: G&A Expenses as a % of Staking Revenue. Must show significant improvement from the 700%+ level reported for the quarter ending Feb 2026.
Late October 2026	Q4 FY2026 Earnings Call Watch: Total ETH Holdings vs. 5% target. Must exceed the 5.078 million ETH baseline from April and show progress towards the ~6 million ETH goal.
Next 6 Months	Regulatory Ruling on Ethereum Status Watch: SEC or CFTC issues definitive guidance or a Wells Notice to a major Ethereum entity. Watch for headlines classifying ETH as a security.

Key Events in Last 6 Months

Date	Event	Stock Impact
Nov 21, 2025	Launch of 'Alchemy of 5%' Strategy Details: Announced aggressive strategy to acquire 5% of total Ethereum supply and initiated a dividend, signaling a major strategic pivot that excited the market.	Surged +19.6% $25.99 -> $31.09
Jan 13, 2026	Q1 FY2026 Earnings Release Details: Company filed its 10-Q for the period ending Nov 30, 2025, showing initial traction in the new staking model, which was positively received.	Rose significantly by 4.6% $31.22 -> $32.66
Mar 16, 2026	Strategic Pivot Reinforcement Details: Company issued press release confirming the winding down of legacy, low-margin Bitcoin mining operations to focus exclusively on the high-margin Ethereum Treasury & Staking strategy.	Surged +13.9% $20.54 -> $23.39
Apr 14, 2026	Q2 FY2026 Earnings Release Details: Reported Q2 revenue of $11.04M and a net loss of $3.78 billion, driven by unrealized losses on digital assets. The massive GAAP loss dominated the narrative.	Muted (-0.1%) $21.51 -> $21.48
Apr 27, 2026	Q2 FY2026 Operations Update & Auditor Change Details: Announced ETH holdings reached 5.078 million with $264M annualized staking revenue. Also disclosed dismissal of auditor Bush & Associates and engagement of KPMG. Stock fell.	Fell notably by -2.7% $22.14 -> $21.55

Risk Management

Position Sizing

1% - 3%

CONSERVATIVE

Stock trades with explosive volatility (101%), over 7x the S&P 500. The Bearish sentiment, speculative valuation, eroding moat, and low visibility warrant a conservative 'watchlist' position to manage risk.

Diversification Alternatives

COIN

SECTOR

Unlike BMNR's leveraged single-asset bet, COIN has a diversified, transaction-based revenue model, a stronger regulatory footing, and a mature, profitable business.

Core Thesis: The core thesis is a regulated, diversified play on the growth of the entire crypto ecosystem, capturing value from trading, staking, and custody across multiple assets.

MSTR

OTHER

Offers a cleaner, more established digital treasury model focused on Bitcoin. Its legacy software business provides some operational cash flow, unlike BMNR's high cash burn model.

Core Thesis: The core thesis is a leveraged play on Bitcoin's price appreciation, funded by cash flows from an enterprise software business and capital markets.

How Is The Market Pricing BMNR?

BitMine has pivoted from a capital-intensive, low-margin Bitcoin miner into a leveraged Ethereum treasury and staking vehicle, making its equity a proxy for institutional exposure to ETH yield.

Filter all news through the lens of the Ethereum treasury strategy; the legacy Bitcoin mining/hosting business is now a non-core distraction.

What will confirm the thesis

Increases in total ETH holdings toward 5% supply target; scaling of staked ETH to >90% of holdings; MAVAN staking platform securing institutional clients; annualized staking revenue growth >$300M.

What will damage the thesis

Material decrease in ETH holdings; regulatory action against staking-as-a-service; a 'flippening' event where a competing smart contract platform overtakes Ethereum's market cap; sustained ETH staking yield compression below 2%.

Noise: Real but irrelevant to thesis

Legacy Bitcoin mining revenue fluctuations; hashrate changes in their small remaining mining operation; quarterly gains/losses on the underlying digital assets (volatility is expected).

Repricing Catalyst

The market is re-rating BMNR from a mining hardware company to a high-growth asset manager proxy for Ethereum. The primary catalyst is the scaling of its 'Made-in-America Validator Network' (MAVAN) staking platform, which generates high-margin (~97%) yield on its multi-billion dollar ETH treasury. As of April 2026, the company holds 5.078 million ETH and projects annualized staking rewards of $363 million.

What BMNR Makes & Who Pays

TTM figures based on Form 10-Q for the quarterly period ended November 30, 2025, filed January 13, 2026

Ethereum Treasury & Staking

$13.3B TTM (84% of Total) · 97% Margin

What It Is

Yield from staking Ethereum (ETH) on its proprietary 'Made-in-America Validator Network' (MAVAN) infrastructure; option premium income from ETH-denominated contracts.

Who Pays & How

The Ethereum network protocol pays staking rewards in the form of new ETH for validating transactions and securing the network. This is a protocol-level function, not a traditional customer relationship.

Receives a percentage yield (reward) on staked digital assets, paid in-kind (ETH).

Competition

Other large ETH holders and staking pools (e.g., Lido, Rocket Pool, Coinbase).

Decentralized staking pools like Lido offer users liquidity for their staked ETH (stETH), which BMNR's treasury model does not provide for its own holdings.

Scale. BMNR is the largest corporate ETH treasury, aiming for 5% of total supply. This scale allows it to build proprietary, institutional-grade infrastructure (MAVAN) to optimize its own yield and potentially attract third-party institutional clients.

Legacy Miner Leasing & Bitcoin Operations

$2.7B TTM (16% of Total) · 5% Margin

What It Is

Revenue from leasing mining hardware to third parties; revenue from proprietary Bitcoin mining; consulting services.

Who Pays & How

Third-party miners pay to lease hardware, avoiding large capital expenditures. The Bitcoin network pays rewards for solving blocks.

Fixed-term leasing fees; per-block Bitcoin rewards.

Competition

Marathon Digital (MARA), Riot Platforms (RIOT)

Competitors like MARA and RIOT have vastly larger scale in Bitcoin mining, with hashrates of ~50-60 EH/s compared to BMNR's legacy operations.

None. This is a legacy, non-strategic business for BMNR. The original focus on immersion cooling technology is no longer a core advantage.

BMNR Evolution: Price Return by Era

2019–2024 · Immersion Cooling Bitcoin Miner

Hardware-Intensive Grind

Originally founded as Sandy Springs Holdings, the company rebranded in 2022 to BitMine Immersion Technologies, focusing on using immersion cooling for more efficient Bitcoin mining. This was a capital-intensive, low-margin business competing in the brutal 'hash rate wars' during the 2022-2023 'Crypto Winter'. Revenue was driven by mining Bitcoin and leasing hardware.

2025–2026 · The Great Ethereum Pivot

Adopting the Digital Treasury Model +167% (Year-to-Date as of May 2026)

In mid-2025, with the appointment of Fundstrat's Tom Lee as Chairman, the company executed a radical pivot. It began aggressively using capital markets to acquire a massive treasury of Ethereum, with the stated goal of owning 5% of the total supply. The business model shifted from earning revenue through mining to generating yield by staking its ETH holdings.

2026–Present · Institutional Staking Platform

Monetizing the Balance Sheet

After accumulating a world-leading ETH position and uplisting to the NYSE, BitMine launched its own institutional-grade staking platform, MAVAN. This transitioned the company from simply holding assets to actively monetizing them at very high margins, establishing a recurring, yield-based revenue stream and positioning itself as a core piece of institutional infrastructure for the Ethereum ecosystem.

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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Core Cache Last Updated: 7/8/2026

BitMine Immersion Technologies (BMNR)

Market Price (7/9/2026): $14.885 | Market Cap: $6.8 BilSector: Financials | Industry: Diversified Capital Markets

BitMine Immersion Technologies (BMNR)

Market Price (7/9/2026): $14.885Market Cap: $6.8 BilSector: FinancialsIndustry: Diversified Capital Markets

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

BMNR in ETFs

Valuation & Metrics

Price Chart

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

In The Past

Preserve Wealth

Asset Allocation

About BitMine Immersion Technologies (BMNR)

Expected Drivers of Future Revenue Growth for BitMine Immersion Technologies (BMNR)

Interactive Breakdown

Better Bets vs. BitMine Immersion Technologies (BMNR)

INDUSTRY: Diversified Capital Markets

Higher Rev Chg 3Y Avg | Lower P/S (Values for BMNR: 284.1% | 404.2x)

Higher Rev Chg LTM (Value for BMNR: 261.3%)

Higher Rev Chg 3Y Avg (Value for BMNR: 284.1%)

Higher Op Mgn LTM (Value for BMNR: -57909.2%)

Higher CFO/Rev LTM (Value for BMNR: -1917.6%)

Higher FCF/Rev LTM (Value for BMNR: -1926.1%)

Higher Total Yield (Value for BMNR: -128.4%)

SECTOR: Financials

Higher Rev Chg 3Y Avg | Lower P/S (Values for BMNR: 284.1% | 404.2x)

Higher Rev Chg LTM (Value for BMNR: 261.3%)

Higher Rev Chg 3Y Avg (Value for BMNR: 284.1%)

Higher Op Mgn LTM (Value for BMNR: -57909.2%)

Higher CFO/Rev LTM (Value for BMNR: -1917.6%)

Higher FCF/Rev LTM (Value for BMNR: -1926.1%)

Higher Total Yield (Value for BMNR: -128.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BMNR: 284.1% | 404.2x)

Higher Rev Chg LTM (Value for BMNR: 261.3%)

Higher Rev Chg 3Y Avg (Value for BMNR: 284.1%)

Higher Op Mgn LTM (Value for BMNR: -57909.2%)

Higher CFO/Rev LTM (Value for BMNR: -1917.6%)

Higher FCF/Rev LTM (Value for BMNR: -1926.1%)

Higher Total Yield (Value for BMNR: -128.4%)

Best Bets in Financials

P/EBIT (Value for BMNR: -0.8x)

P/E (Value for BMNR: -0.8x)

Rev Chg 3Y Avg (Value for BMNR: 284.1%)

Rev Chg LTM (Value for BMNR: 261.3%)

Rev Chg Q (Value for BMNR: 627.8%)

FCF/Rev 3Y Avg (Value for BMNR: -665.6%)

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Market Price (7/9/2026): $14.885
Market Cap: $6.8 Bil
Sector: Financials
Industry: Diversified Capital Markets