BitMine Immersion Technologies (BMNR)
Market Price (5/22/2026): $19.64 | Market Cap: $8.9 BilSector: Financials | Industry: Diversified Capital Markets
BitMine Immersion Technologies (BMNR)
Market Price (5/22/2026): $19.64Market Cap: $8.9 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 261% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57% Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. | Weak multi-year price returns3Y Excs Rtn is -18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.7 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -57909% Expensive valuation multiplesP/SPrice/Sales ratio is 533x Stock price has recently run up significantly12M Rtn12 month market price return is 162% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 161% Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -101% High stock price volatilityVol 12M is 722% Key risksBMNR key risks include [1] its extreme concentration in and financial dependency on Ethereum (ETH) and [2] weak operating performance coupled with significant stock overvaluation concerns. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 261% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -57% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Cryptocurrency Mining. |
| Weak multi-year price returns3Y Excs Rtn is -18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -9.7 Bil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -57909% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 533x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 162% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 161% |
| Not cash flow generativeCFO/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 negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -101% |
| High stock price volatilityVol 12M is 722% |
| Key risksBMNR key risks include [1] its extreme concentration in and financial dependency on Ethereum (ETH) and [2] weak operating performance coupled with significant stock overvaluation concerns. |
Qualitative Assessment
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1. Significant Net Loss driven by Unrealized Losses on Ethereum Holdings. BitMine Immersion Technologies reported a substantial net loss of $3.81 billion for the first quarter of 2026 (period ending February 28, 2026), primarily due to unrealized losses on its significant Ethereum holdings. This contributed to cumulative losses exceeding $9 billion over the six months ending in February 2026, reflecting a considerable depreciation in the market value of their acquired ETH below their average purchase cost during this period.
2. Broader Cryptocurrency Market Correction. The wider cryptocurrency market experienced a notable downturn during the specified period. Bitcoin, a key indicator for the crypto market, underwent a significant selloff in February 2026, dropping approximately 19% and stabilizing around $65,000. This broader macroeconomic trend in the crypto market negatively impacted crypto-related equities, with BMNR's stock value decreasing by 11% following Bitcoin's tumble in February.
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Stock Movement Drivers
Fundamental Drivers
The -21.9% change in BMNR stock from 1/31/2026 to 5/21/2026 was primarily driven by a -53.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.10 | 19.61 | -21.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 17 | 132.5% |
| P/S Multiple | 1,137.4 | 533.4 | -53.1% |
| Shares Outstanding (Mil) | 326 | 455 | -28.4% |
| Cumulative Contribution | -21.9% |
Market Drivers
1/31/2026 to 5/21/2026| Return | Correlation | |
|---|---|---|
| BMNR | -21.9% | |
| Market (SPY) | 7.6% | 68.1% |
| Sector (XLF) | -2.7% | 43.1% |
Fundamental Drivers
The -58.0% change in BMNR stock from 10/31/2025 to 5/21/2026 was primarily driven by a -99.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.64 | 19.61 | -58.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 17 | 206.5% |
| P/S Multiple | 17.2 | 533.4 | 3008.4% |
| Shares Outstanding (Mil) | 2 | 455 | -99.6% |
| Cumulative Contribution | -58.0% |
Market Drivers
10/31/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| BMNR | -58.0% | |
| Market (SPY) | 9.5% | 57.2% |
| Sector (XLF) | -0.4% | 33.7% |
Fundamental Drivers
The 188.5% change in BMNR stock from 4/30/2025 to 5/21/2026 was primarily driven by a 18109.3% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.80 | 19.61 | 188.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 17 | 261.3% |
| P/S Multiple | 2.9 | 533.4 | 18109.3% |
| Shares Outstanding (Mil) | 2 | 455 | -99.6% |
| Cumulative Contribution | 188.5% |
Market Drivers
4/30/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| BMNR | 188.5% | |
| Market (SPY) | 35.5% | 10.8% |
| Sector (XLF) | 7.7% | 11.2% |
Fundamental Drivers
The 3.2% change in BMNR stock from 4/30/2023 to 5/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.99 | 19.61 | 3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 17 | 0.0% |
| P/S Multiple | � | 533.4 | 0.0% |
| Shares Outstanding (Mil) | 2 | 455 | -99.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2023 to 5/21/2026| Return | Correlation | |
|---|---|---|
| BMNR | 3.2% | |
| Market (SPY) | 85.6% | 7.0% |
| Sector (XLF) | 63.7% | 7.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BMNR Return | 13% | -76% | -8% | -40% | 248% | -29% | -63% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | 65% | 165% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| BMNR Win Rate | 50% | 25% | 50% | 42% | 50% | 40% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BMNR Max Drawdown | -99% | -84% | -64% | -89% | -81% | -48% | |
| 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 5/21/2026 (YTD)
How Low Can It Go
| Event | BMNR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.0% | -18.8% |
| % Gain to Breakeven | 47.1% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -12.7% | -9.5% |
| % Gain to Breakeven | 14.6% | 10.5% |
| Time to Breakeven | 1 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.8% | -6.7% |
| % Gain to Breakeven | 44.4% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.6% | -24.5% |
| % Gain to Breakeven | 345.7% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.5% | -19.2% |
| % Gain to Breakeven | 55.0% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
In The Past
BitMine Immersion Technologies's stock fell -32.0% during the 2025 US Tariff Shock. Such a loss loss requires a 47.1% gain to breakeven.
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Asset Allocation
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| Event | BMNR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.0% | -18.8% |
| % Gain to Breakeven | 47.1% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -30.8% | -6.7% |
| % Gain to Breakeven | 44.4% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -77.6% | -24.5% |
| % Gain to Breakeven | 345.7% | 32.4% |
| Time to Breakeven | 1025 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.9% | -33.7% |
| % Gain to Breakeven | 51.2% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.5% | -19.2% |
| % Gain to Breakeven | 55.0% | 23.8% |
| Time to Breakeven | 157 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -46.6% | -3.7% |
| % Gain to Breakeven | 87.2% | 3.9% |
| Time to Breakeven | 164 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.0% | -12.2% |
| % Gain to Breakeven | 100.0% | 13.9% |
| Time to Breakeven | 1257 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -70.0% | -6.8% |
| % Gain to Breakeven | 233.3% | 7.3% |
| Time to Breakeven | 1374 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -65.3% | -0.2% |
| % Gain to Breakeven | 188.5% | 0.2% |
| Time to Breakeven | 3 days | 1 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -33.3% | -53.4% |
| % Gain to Breakeven | 50.0% | 114.4% |
| Time to Breakeven | 7 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.7% | -8.6% |
| % Gain to Breakeven | 36.4% | 9.5% |
| Time to Breakeven | 200 days | 47 days |
In The Past
BitMine Immersion Technologies's stock fell -32.0% during the 2025 US Tariff Shock. Such a loss loss requires a 47.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BitMine Immersion Technologies (BMNR)
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Chi Tsang, Chief Executive Officer and Director
Chi Tsang was appointed Chief Executive Officer and to the Board of Directors on November 14, 2025. He is the founder and Managing Partner of m1720, a US venture capital firm established in 2023 that invests in early-stage US AI startups. Mr. Tsang also serves as the Chief Financial Officer and a Director of FutureCrest Acquisition Corp. Prior to these roles, he spent a decade at HSBC, concluding his tenure in 2022 as Head of Asia and TMT Global Banking.
Young Kim, Chief Financial Officer, Chief Operating Officer, and Director
Young Kim was appointed Chief Financial Officer, Chief Operating Officer, and a member of the Board of Directors effective January 1, 2026. He is a seasoned investment executive with over two decades of experience managing multi-billion dollar global franchises. From 2021 to 2025, Mr. Kim served as a Partner and Senior Portfolio Manager at Axiom Investors, and from 2011 to 2021, he was a Senior Portfolio Manager at Columbia Threadneedle Investments, where he helped lead over $7 billion in emerging markets assets. His background includes earlier roles in investment research, venture capital, business development, and software engineering, combining software engineering expertise with investment experience. He studied at MIT and Harvard Business School.
Thomas "Tom" Lee, Chairman of the Board
Thomas "Tom" Lee serves as the Chairman of the Board. He founded the company as a mining operation and has been instrumental in its strategic shift towards a treasury-focused model. Mr. Lee is also associated with Fundstrat.
Erik Nelson, President and Corporate Secretary
Erik Nelson serves as the President and Corporate Secretary of BitMine Immersion Technologies. He previously served as a director until November 11, 2025, and continues in his current roles.
Michael Maloney, Director
Michael Maloney is a Director and a member of the Audit Committee for BitMine Immersion Technologies, Inc.
AI Analysis | Feedback
The key risks to BitMine Immersion Technologies (BMNR) primarily stem from its strategic pivot to becoming an Ethereum treasury company and the inherent nature of the cryptocurrency market.
- Extreme Volatility and Single-Asset Concentration Risk (Ethereum): BitMine Immersion Technologies' business model is heavily focused on accumulating and managing Ethereum (ETH) as its primary treasury reserve asset, with an ambitious goal of controlling up to 5% of Ethereum's total supply. This strategy exposes the company to significant single-asset concentration risk, meaning its value is highly correlated with and extremely sensitive to the volatile price fluctuations of Ethereum. The company's stock provides amplified exposure to Ethereum, causing it to rise faster when ETH gains value but fall more sharply during price drops.
- Massive Share Dilution from Stock Sales: A major risk for investors is the substantial share dilution resulting from BitMine's frequent issuance of new shares. The company often uses at-the-market offerings and other equity raises to fund its aggressive accumulation of Ethereum. This practice increases the number of outstanding shares, which reduces the ownership percentage and can decrease the per-share value for existing shareholders, especially if shares are sold at lower prices or in large volumes.
- Regulatory Uncertainty in the Digital Asset Industry: The cryptocurrency and digital asset industry, in which BitMine Immersion Technologies operates, is subject to rapidly evolving and often unpredictable regulatory frameworks across different jurisdictions. Changes in digital asset policies and regulations can significantly impact the company's Bitcoin mining operations, its financial valuations, and its overall business model, posing an ongoing threat to its stability and future prospects.
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BitMine Immersion Technologies (BMNR) operates in the cryptocurrency mining sector, notably utilizing immersion cooling technology for its operations, and provides advisory services related to Bitcoin. The addressable markets for its main products and services can be primarily identified through the immersion cooling market, particularly within data centers and cryptocurrency mining applications.
The global data center immersion cooling market was valued at approximately USD 1.52 billion in 2024. This market is projected to grow significantly, reaching an estimated USD 8.52 billion by 2034, demonstrating a compound annual growth rate (CAGR) of 18.81% from 2025 to 2034. Another report estimates the global immersion cooling market to reach USD 10.9 billion by 2035, growing at a CAGR of 19.8% from USD 1.7 billion in 2025.
Specifically, cryptocurrency mining constitutes a notable segment within the broader immersion cooling market, holding approximately 21% of its market share. The North American region holds a significant portion of the global immersion cooling market, accounting for approximately 39% of the market share.
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Expected Drivers of Future Revenue Growth for BitMine Immersion Technologies (BMNR)
BitMine Immersion Technologies (BMNR) is positioned for future revenue growth over the next 2-3 years through several key drivers, primarily centered around its aggressive Ethereum (ETH) treasury strategy and expanding cryptocurrency operations.
- Growth in Ethereum Staking Revenue from MAVAN: A significant driver of future revenue growth for BitMine Immersion Technologies is the anticipated revenue generated from its Ethereum staking operations. The company is set to launch its "Made in America Validator Network" (MAVAN) in early calendar 2026, which is projected to be the largest commercial validator network globally. This initiative aims to maximize treasury yield through ETH staking, with annualized staking revenues expected to reach $252 million at scale.
- Expansion of Ethereum Treasury Holdings: BitMine's core mission, referred to as "the Alchemy of 5%", involves continuously expanding its Ethereum treasury with the goal of acquiring a 5% stake in the Ethereum network. As the company increases its ETH holdings, the base for generating staking rewards grows proportionally, directly contributing to higher potential revenue from staking activities.
- Revenue from Bitcoin Mining and Related Services: While the recent strategic emphasis has been heavily on Ethereum, BitMine Immersion Technologies' business lines also include Bitcoin mining operations, synthetic Bitcoin mining, and the offering of hashrate as a financial product. Additionally, the company provides advisory and mining services to other entities interested in earning Bitcoin-denominated revenues, and offers general Bitcoin advisory to public companies. These diversified services represent ongoing and potential future revenue streams.
- Strategic Investments in Decentralized Finance (DeFi) and Bridging Traditional/Decentralized Finance: BitMine's Chairman, Tom Lee, has highlighted strategic growth pillars for the company that include investing in "DeFi moonshots" and facilitating the connection between traditional finance and decentralized finance. These initiatives suggest a forward-looking approach to generating revenue through participation in the evolving decentralized finance ecosystem and potentially offering new services that bridge these financial realms.
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Share Repurchases
- BitMine Immersion Technologies authorized an open-ended stock repurchase program on July 29, 2025, to acquire up to $1 billion of its outstanding common stock.
- The program allows the company to repurchase shares in the open market and through negotiated transactions.
- Cantor Fitzgerald & Co. was appointed as a non-exclusive agent for open market repurchases.
Share Issuance
- Shares outstanding for the quarter ending November 30, 2025, increased to 0.326 billion, a 13635.39% increase year-over-year.
- In 2025, shares outstanding rose to 0.025 billion, marking an 882.96% increase from 2024.
- A reverse stock split with a ratio of 1:20 was implemented on May 16, 2025.
- A Secondary Public Offering (SPO) on June 6, 2025, raised $18 million through the placement of 2,250,000 shares at $8 per share.
Outbound Investments
- As of February 22, 2026, BitMine Immersion Technologies holds a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings.
- The company's primary treasury strategy focuses on accumulating Ethereum (ETH) for long-term investment, with total ETH holdings reaching 4.535 million tokens and total crypto and cash holdings of $10.3 billion as of March 8, 2026.
- BitMine's staked ETH amounted to 3,040,483 tokens, valued at $6.0 billion, as of March 8, 2026.
Capital Expenditures
- Capital expenditures for Q1 2026 were $376K, representing a 64.1% decrease from the previous quarter.
- Over the last 12 months, reported capital expenditures were -$1.42 million.
- The company's capital expenditures are primarily directed towards supporting its Bitcoin mining operations and associated infrastructure in energy-efficient regions such as Trinidad, Pecos (Texas), and Silverton (Texas).
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 20.56 |
| Mkt Cap | 8.6 |
| Rev LTM | 469 |
| Op Inc LTM | -379 |
| FCF LTM | -1,045 |
| FCF 3Y Avg | -730 |
| CFO LTM | -423 |
| CFO 3Y Avg | -222 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 40.2% |
| Rev Chg 3Y Avg | 109.3% |
| Rev Chg Q | -7.4% |
| QoQ Delta Rev Chg LTM | -1.7% |
| Op Inc Chg LTM | -142.8% |
| Op Inc Chg 3Y Avg | -107.6% |
| Op Mgn LTM | -82.0% |
| Op Mgn 3Y Avg | -73.8% |
| QoQ Delta Op Mgn LTM | -10.7% |
| CFO/Rev LTM | -83.7% |
| CFO/Rev 3Y Avg | -61.7% |
| FCF/Rev LTM | -240.6% |
| FCF/Rev 3Y Avg | -228.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.6 |
| P/S | 27.1 |
| P/Op Inc | -18.8 |
| P/EBIT | -9.3 |
| P/E | -9.1 |
| P/CFO | -20.6 |
| Total Yield | -11.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -27.4% |
| D/E | 0.3 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 28.8% |
| 3M Rtn | 55.7% |
| 6M Rtn | 54.5% |
| 12M Rtn | 169.2% |
| 3Y Rtn | 178.2% |
| 1M Excs Rtn | 17.4% |
| 3M Excs Rtn | 51.9% |
| 6M Excs Rtn | 34.2% |
| 12M Excs Rtn | 134.3% |
| 3Y Excs Rtn | 115.3% |
Price Behavior
| Market Price | $19.61 | |
| Market Cap ($ Bil) | 8.9 | |
| First Trading Date | 03/03/2022 | |
| Distance from 52W High | -85.5% | |
| 50 Days | 200 Days | |
| DMA Price | $18.11 | $30.07 |
| DMA Trend | down | up |
| Distance from DMA | 8.3% | -34.8% |
| 3M | 1YR | |
| Volatility | 76.2% | 726.7% |
| Downside Capture | 506.43 | 595.96 |
| Upside Capture | 353.03 | 543.63 |
| Correlation (SPY) | 69.2% | 10.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.23 | 3.49 | 4.13 | 4.44 | 6.22 | 2.02 |
| Up Beta | 3.15 | 2.69 | 3.96 | 3.88 | 2.78 | 1.27 |
| Down Beta | 7.93 | 3.51 | 2.00 | 4.04 | 6.36 | 2.01 |
| Up Capture | 209% | 476% | 541% | 614% | 3989% | 524% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 19 | 27 | 55 | 114 | 275 |
| Down Capture | 757% | 325% | 372% | 288% | 211% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 24 | 37 | 70 | 132 | 303 |
[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 | 113.6% | 726.5% | 1.01 | - |
| Sector ETF (XLF) | 2.3% | 14.6% | -0.06 | 11.3% |
| Equity (SPY) | 26.8% | 12.1% | 1.67 | 11.0% |
| Gold (GLD) | 37.5% | 26.8% | 1.16 | 5.8% |
| Commodities (DBC) | 43.5% | 18.6% | 1.80 | -0.7% |
| Real Estate (VNQ) | 12.0% | 13.4% | 0.59 | 7.0% |
| Bitcoin (BTCUSD) | -27.2% | 41.8% | -0.65 | 8.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | 33.6% | 467.5% | 1.13 | - |
| Sector ETF (XLF) | 8.3% | 18.6% | 0.33 | 7.8% |
| Equity (SPY) | 13.8% | 17.0% | 0.64 | 5.0% |
| Gold (GLD) | 19.3% | 18.0% | 0.87 | 4.9% |
| Commodities (DBC) | 10.8% | 19.4% | 0.44 | -0.6% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 3.2% |
| Bitcoin (BTCUSD) | 9.3% | 55.6% | 0.37 | 7.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BMNR | |
|---|---|---|---|---|
| BMNR | -29.1% | 464.4% | 1.11 | - |
| Sector ETF (XLF) | 12.7% | 22.2% | 0.53 | 10.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 7.3% |
| Gold (GLD) | 13.2% | 16.0% | 0.68 | 2.7% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 0.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 6.1% |
| Bitcoin (BTCUSD) | 67.3% | 66.9% | 1.06 | 4.4% |
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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 |
|---|---|---|
| 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 [BETA]
Latest: Q4 2025 Earnings Reported 11/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Dividends | 0.01 | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Love, Lori | Direct | Buy | 4202026 | 22.01 | 227 | 4,996 | 809,594 | Form | |
| 2 | Love, Lori | Direct | Buy | 4202026 | 22.05 | 474 | 10,450 | 805,936 | Form | |
| 3 | Lee, Thomas Jong | Direct | Buy | 7172025 | 44.00 | 4,500 | 198,000 | 9,975,768 | Form | |
| 4 | Lee, Thomas Jong | Direct | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form | |
| 5 | Lee, Thomas Jong | Thomas J Lee 2012 Trust | Buy | 7142025 | 4.50 | 222,222 | 999,999 | 999,999 | Form |
BMNR Trade Sentinel
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.
INVESTMENT THESIS
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.
- 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
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.
- 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.
| 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. |
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
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.
| 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. |
| 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 |
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
SECTORUnlike BMNR's leveraged single-asset bet, COIN has a diversified, transaction-based revenue model, a stronger regulatory footing, and a mature, profitable business.
MSTR
OTHEROffers 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.
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.
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.
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%.
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.
Ethereum Treasury & Staking
$13.3B TTM (84% of Total) · 97% MarginWhat 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.
Competition
Legacy Miner Leasing & Bitcoin Operations
$2.7B TTM (16% of Total) · 5% MarginWhat 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.
Competition
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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