Time To Buy BitMine Immersion Technologies Stock?

December 9th, 2025 by Trefis Team

BMNR

BitMine Immersion Technologies

BMNR stock has seen a significant 17% increase in a week, currently trading around $36. This surge is attributable to several key factors: the company’s aggressive acquisition of Ethereum (ETH) tokens, a corresponding rebound in the ETH price (which has risen above $3,000 after dropping below $2,800 in late November), and positive market sentiment. This sentiment has been fueled by the company’s strong financial updates and positive macroeconomic outlooks shared by its chairman. Separately, see What Morgan Stanley’s Downgrade Means For Tesla.

Despite the positive momentum, BMNR stock presents a paradox. The current analysis suggests there is minimal cause for concern regarding the company’s fundamentals. However, the stock’s current valuation appears high, making it a risky buy at its current price.
This conclusion is based on a comprehensive analysis comparing the current valuation of BMNR stock against its operating performance over recent years and its current and historical financial condition. An in-depth evaluation of BitMine Immersion Technologies, across key parameters including Growth, Profitability, Financial Stability, and Downturn Resilience, reveals the company possesses a strong operating performance and financial condition.

That being said, if you seek an upside with less volatility than holding an individual stock like BMNR, consider the High Quality Portfolio. It has comfortably outperformed its benchmark—a combination of the S&P 500, Russell, and S&P MidCap indexes—and has achieved returns exceeding 105% since its inception. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

Image by A M Hasan Nasim from Pixabay

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How Does BitMine Immersion Technologies’ Valuation Look vs. The S&P 500?

Going by what you pay per dollar of sales or profit, BMNR stock looks expensive compared to the broader market.

BitMine Immersion Technologies has a price-to-sales (P/S) ratio of 1360.1 vs. a figure of 3.2 for the S&P 500
And, it has a price-to-earnings (P/E) ratio of 23.8 vs. the benchmark’s 23.3

How Have BitMine Immersion Technologies’ Revenues Grown Over Recent Years?

BitMine Immersion Technologies’ Revenues have grown considerably over recent years.

BitMine Immersion Technologies has seen its top line grow at an average rate of 248.5% over the last 3 years (vs. an increase of 5.5% for the S&P 500)
Its revenues have grown 84.1% from $3.3 Mil to $6.1 Mil in the last 12 months (vs. growth of 6.0% for S&P 500)
Also, its quarterly revenues grew 94.2% to $1.3 Mil in the most recent quarter from $0.7 Mil a year ago (vs. 7.0% improvement for S&P 500)

How Profitable Is BitMine Immersion Technologies?

BitMine Immersion Technologies’ profit margins are worse than most companies in the Trefis coverage universe.

BitMine Immersion Technologies’ Operating Income over the last four quarters was $-363 Mil, which represents a very poor Operating Margin of -5949.7% (vs. 18.8% for S&P 500)
For the last four-quarter period, BMNR Net Income was $349 Mil – indicating a considerably high Net Income Margin of 5719.1% (vs. 13.1% for S&P 500)
The significant discrepancy between BitMine Immersion Technologies’ negative operating income and its positive net income is primarily caused by a large, non-cash mark-to-market accounting gain on its Ethereum (ETH) holdings, which is recorded as a non-operating item.
The $-363 million operating loss clearly indicates that the company’s core business operations—crypto mining and immersion cooling—are currently unprofitable, as operating expenses exceed revenue. Conversely, the $349 million net income includes this non-operating item. Specifically, the large gain is driven by an $805 million non-cash mark-to-market adjustment recognizing the appreciated value of BMNR’s expanding Ethereum treasury during this period.

How Resilient Is BMNR Stock During A Downturn?

BMNR stock has fared worse than the benchmark S&P 500 index during some of the recent downturns. Worried about the impact of a market crash on BMNR stock? Our dashboard Is BitMine Immersion Technologies Stock Built to Withstand a Pullback? has a detailed analysis of how the stock performed during and after previous market crashes.

Inflation Shock (2022)

BMNR stock fell 88.0% from a high of $74.80 on 22 March 2022 to $9.00 on 10 May 2023, vs. a peak-to-trough decline of 25.4% for the S&P 500
The stock fully recovered to its pre-Crisis peak by 3 July 2025
Since then, the stock has increased to a high of $135.00 on 6 July 2025 and currently trades at around $36

COVID-19 Pandemic (2020)

BMNR stock fell 45.3% from a high of $30.00 on 23 February 2020 to $16.40 on 16 March 2020, vs. a peak-to-trough decline of 33.9% for the S&P 500
The stock fully recovered to its pre-Crisis peak by 13 April 2020

Putting All The Pieces Together: What It Means For BMNR Stock

In summary, BitMine Immersion Technologies’ performance across the parameters detailed above are as follows:

Growth: Very Strong
Profitability: Weak
Downturn Resilience: Weak
Overall: Moderate

Although Bitmine Immersion Technologies scores moderately across key operational parameters, its expensive valuation introduces risk to the stock. However, traditional valuation metrics may not accurately reflect the true picture for companies like BMNR, which hold a large crypto treasury. For these stocks, the primary value is embedded in their digital asset holdings. Currently, BMNR holds over $13 billion in Ethereum (ETH), and its market capitalization is approximately $13.8 billion. This implies a Market Cap-to-Net Asset Value (MNAV) ratio of 1x. Given this alignment between market cap and crypto holdings, investors who believe in the long-term growth story of Ethereum will likely find BMNR stock to be a compelling purchase at its current levels.

That said, remember, investing in a single stock without comprehensive analysis can be risky. Consider the Trefis Reinforced Value (RV) Portfolio, which has outperformed its all-cap stocks benchmark (combination of the S&P 500, S&P mid-cap, and Russell 2000 benchmark indices) to produce strong returns for investors. Why is that? The quarterly rebalanced mix of large-, mid-, and small-cap RV Portfolio stocks provided a responsive way to make the most of upbeat market conditions while limiting losses when markets head south, as detailed in RV Portfolio performance metrics.

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