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BitMine Immersion Technologies
(NYSE:BMNR)
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Rating:55Neutral
Price Target:
$23.50
â–¼(-5.32% Downside)
Action:Reiterated
Date:09/14/26
BMNR scores mid-range primarily due to weak financial performance (large losses and heavy cash burn) despite a strong, low-debt balance sheet. Technical momentum is favorable and recent corporate updates (ETH treasury/staking growth, index inclusion, buybacks) are supportive, while valuation remains difficult to assess given the negative P/E.
Positive Factors
Ethereum Treasury and Staking Scale
BitMine has built an unusually large Ethereum treasury and staked most of its holdings through MAVAN. This scale may support meaningful staking income, strengthen its institutional positioning, and create a more durable operating role than mining alone.
Negative Factors
Severe and Volatile Losses
Extreme losses overwhelm the reported gross margin and show that current operating expenses or charges are not supported by revenue. The sharp deterioration from 2025 makes earnings quality difficult to rely on and raises a durable concern about converting business scale into sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Ethereum Treasury and Staking Scale
BitMine has built an unusually large Ethereum treasury and staked most of its holdings through MAVAN. This scale may support meaningful staking income, strengthen its institutional positioning, and create a more durable operating role than mining alone.
Read all positive factors
BitMine Immersion Technologies (BMNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.24B
Dividend Yield0.04%
Average Volume (3M)38.99M
Price to Earnings (P/E)―
Beta (1Y)10.81
Revenue Growth1022.30%
EPS Growth-188.92%
CountryUS
Employees3
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding603,226,400
10 Day Avg. Volume37,254,656
30 Day Avg. Volume38,986,611
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)1.21
Price to Sales (P/S)1727.46
P/FCF Ratio-2.02K
Enterprise Value/Market Cap0.53
Enterprise Value/Revenue123.58
Enterprise Value/Gross Profit148.03
Enterprise Value/Ebitda-0.87
Forecast
1Y Price Target
$46.80Price Target Upside88.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BitMine Immersion Technologies Business Overview & Revenue Model
Company Description
Bitmine Immersion Technologies, Inc. is a blockchain technology company primarily operating in the United States. The company's activities include managing an Ethereum (ETH) treasury, and offering a range of services for the Bitcoin (BTC) ecosyste...
How the Company Makes Money
BMNR primarily makes money through (1) operating digital asset mining infrastructure and earning cryptocurrency block rewards and transaction fees from mining activity, and (2) selling and/or deploying immersion cooling systems and related service...
BitMine Immersion Technologies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
78
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.19M | 6.09M | 3.31M | 645.28K | 427.67K | 0.00 |
| Gross Profit | 51.09M | 310.00K | 761.03K | 222.47K | -129.03K | 0.00 |
| EBITDA | -8.73B | 441.88M | -2.10M | -1.90M | -1.71M | 0.00 |
| Net Income | -8.75B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K |
Balance Sheet | ||||||
| Total Assets | 11.63B | 8.80B | 7.28M | 8.20M | 7.97M | 646.03K |
| Cash, Cash Equivalents and Short-Term Investments | 340.29M | 512.00M | 499.00K | 270.55K | 392.55K | 218.74K |
| Total Debt | 1.22M | 0.00 | 1.63M | 1.30M | 0.00 | 277.30K |
| Total Liabilities | 30.13M | 102.26M | 3.20M | 1.95M | 570.00K | 285.48K |
| Stockholders Equity | 11.60B | 8.69B | 4.09M | 6.26M | 7.40M | 360.55K |
Cash Flow | ||||||
| Free Cash Flow | -294.56M | -5.21M | -104.69K | -1.42M | -4.40M | -503.66K |
| Operating Cash Flow | -293.11M | -4.15M | -28.75K | -809.72K | -1.63M | -76.36K |
| Investing Cash Flow | -19.53B | -7.43B | -67.53K | -612.29K | -2.77M | -427.30K |
| Financing Cash Flow | 20.17B | 7.95B | 325.00K | 1.30M | 4.57M | 720.46K |
BitMine Immersion Technologies Technical Analysis
Neutral
24.82
Price Trends
19.72
Positive
19.06
Positive
22.19
Positive
Market Momentum
1.46
Positive
53.46
Neutral
47.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BMNR, the sentiment is Neutral. The current price of 24.82 is above the 20-day moving average (MA) of 23.85, above the 50-day MA of 19.72, and above the 200-day MA of 22.19, indicating a neutral trend. The MACD of 1.46 indicates Positive momentum. The RSI at 53.46 is Neutral, neither overbought nor oversold. The STOCH value of 47.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BMNR.
BitMine Immersion Technologies Risk Analysis
BitMine Immersion Technologies disclosed 34 risk factors in its most recent earnings report. BitMine Immersion Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BitMine Immersion Technologies Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | $16.36B | -23.42 | -22.97% | ― | 42.04% | -367.00% | |
55 Neutral | $14.24B | -1.00 | -84.58% | 0.04% | 1022.30% | -188.92% | |
55 Neutral | $526.52M | -1.66 | -46.72% | ― | 23.36% | -150.86% | |
54 Neutral | $6.26B | -5.83 | -156.28% | ― | 20.30% | -525.74% | |
53 Neutral | $7.39B | -5.53 | -48.36% | 12.20% | 24.51% | -842.33% | |
50 Neutral | $4.34B | -1.18 | -110.39% | ― | 0.73% | -642.27% |
* Financial Sector Average
BMNR
BitMine Immersion Technologies
22.81
-34.24
-60.02%
RIOT
Riot Platforms
20.35
2.73
15.49%
MARA
MARA Holdings
11.04
-6.30
-36.33%
BTBT
Bit Digital
1.43
-1.60
-52.81%
CIFR
Cipher Digital
16.72
4.34
35.06%
IREN
IREN
42.62
4.72
12.45%
BitMine Immersion Technologies Corporate Events
Business Operations and StrategyFinancial Disclosures
BitMine Expands Massive Ethereum Treasury and Staking Holdings
Positive
Sep 14, 2026
Bitmine Immersion Technologies reported on September 14, 2026 that its combined crypto, cash, marketable securities and “moonshot” investments had reached $15.8 billion, anchored by 5.96 million ETH tokens worth $2,513 per coin as of S...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Immersion Highlights Massive Ethereum Treasury and Staking Growth
Positive
Sep 8, 2026
On September 3–4, 2026, Bitmine’s BMNR Subsidiary One terminated its long‑term management services agreement with Ethereum Tower covering Ethereum staking operations and replaced it with a new advisory arrangement with American V...
Business Operations and StrategyFinancial Disclosures
BitMine Nears 5% Ethereum Ownership Milestone
Positive
Aug 31, 2026
On August 31, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash, marketable securities and “moonshot” investments had reached $15.6 billion, anchored by 5.90 million ETH tokens and total cash and marketable s...
Business Operations and StrategyFinancial Disclosures
BitMine Highlights Massive Ethereum Treasury and Staking Revenues
Positive
Aug 24, 2026
On August 24, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash, marketable securities and “moonshot” investments reached $14.9 billion, anchored by 5.85 million ETH tokens and 210 bitcoin. As of August 23, 2...
Business Operations and StrategyStock BuybackFinancial Disclosures
BitMine Expands Massive Ethereum Treasury and Staking Footprint
Positive
Aug 17, 2026
Bitmine Immersion Technologies, a Bitcoin and Ethereum network-focused blockchain infrastructure firm, has built a large digital asset treasury centered on Ethereum, using its MAVAN staking platform to provide institutional-grade staking and valid...
Business Operations and StrategyDividends
BitMine Declares Series A Preferred Stock Dividends
Positive
Aug 14, 2026
On August 14, 2026, Bitmine Immersion Technologies, Inc. announced that its board had declared seventeen cash dividends on its 9.50% Series A Perpetual Preferred Stock, which trades on the NYSE under the symbol BMNP. The company detailed a schedul...
Business Operations and StrategyStock BuybackFinancial Disclosures
BitMine Expands Ethereum Treasury Amid Aggressive Share Buybacks
Positive
Aug 10, 2026
On August 10, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash, marketable securities and “moonshot” holdings reached $11.6 billion, anchored by 5.81 million ETH tokens that represent about 4.8% of Ethereum&...
Business Operations and StrategyStock BuybackFinancial Disclosures
BitMine Expands Ethereum Treasury and Boosts Share Buybacks
Positive
Aug 3, 2026
Bitmine Immersion Technologies reported on August 3, 2026 that its combined crypto, cash, marketable securities and high-risk “moonshot” investments total $11.3 billion, anchored by 5.8 million ETH tokens and 209 bitcoin, with ETH alon...
Business Operations and StrategyStock BuybackFinancial Disclosures
BitMine Highlights Massive Ethereum Treasury and Staking Strategy
Positive
Jul 27, 2026
On July 27, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash, marketable securities and “moonshot” investments totaled $11.8 billion, anchored by 5.79 million ETH tokens representing 4.8% of the Ethereum sup...
Business Operations and StrategyStock BuybackFinancial Disclosures
BitMine Highlights Massive Ethereum Treasury and Staking Strategy
Positive
Jul 20, 2026
On July 20, 2026, Bitmine disclosed that its combined crypto, cash, marketable securities and so‑called “moonshot” investments totaled $11.5 billion, anchored by 5.78 million ETH tokens and $385 million in cash and securities. As...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Immersion Technologies Updates Investor Presentation Strategy
Neutral
Jul 17, 2026
On July 16, 2026, BitMine Immersion Technologies published an investor presentation led by Executive Chairman Tom Lee, along with an accompanying video and transcript, to support its investor relations efforts. The materials, distributed via a sam...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
BitMine Highlights Massive Ethereum Treasury in Operational Update
Positive
Jul 13, 2026
On July 9, 2026, Bitmine’s board approved a shift in the company’s fiscal year-end from August 31 to December 31, effective after the current fiscal year ending August 31, 2026, with a short transition period to be reported from Septem...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
BitMine Expands Ethereum Treasury and Staking Footprint
Positive
Jul 6, 2026
As of late June 2026, Bitmine reported crypto, cash, marketable securities and “moonshot” holdings totaling $11.1 billion, including 5.74 million ETH tokens worth about $10.3 billion and 206 BTC, giving it 4.8% of the total ETH supply ...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and Financing
BitMine Expands Ethereum Treasury and Joins Russell 1000
Positive
Jun 29, 2026
On June 29, 2026, Bitmine reported that as of June 28 it held 5.70 million ETH, representing 4.7% of the 120.7 million coin supply, plus 206 BTC and other digital assets, for combined crypto, cash, marketable securities and “moonshot” ...
Business Operations and StrategyDelistings and Listing ChangesDividendsFinancial DisclosuresPrivate Placements and Financing
BitMine Immersion Raises Capital with Preferred Stock Offering
Positive
Jun 22, 2026
As of June 21, 2026, Bitmine reported total crypto, cash, marketable securities and so‑called “moonshot” investments of $10.7 billion, including 5.67 million ETH—about 4.7% of the token’s 120.7 million supply—20...
Business Operations and StrategyDividends
BitMine Declares Cash Dividend on Series A Preferred
Positive
Jun 18, 2026
On June 18, 2026, Bitmine Immersion Technologies, Inc. announced that its board has declared a cash dividend of $0.1056 per share on its 9.50% Series A Perpetual Preferred Stock, which trades on the NYSE under the symbol BMNP. The dividend will be...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.