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BitMine Immersion Technologies
(NYSE MKT:BMNR)
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Rating:57Neutral
Price Target:
$14.50
â–¼(-25.45% Downside)
Action:Reiterated
Date:06/30/26
The score is held back primarily by weak financial performance (large TTM losses and negative operating/free cash flow) and very high volatility risk (beta ~9.90 with limited technical signal data). Offsetting factors include a conservative balance sheet, a high dividend yield, and a series of positive corporate developments (NYSE/Russell 1000 inclusion, capital raise, and expansion of ETH treasury and staking platform).
Positive Factors
Low Leverage / Strong Balance Sheet
A conservatively levered balance sheet with minimal debt provides durable financial flexibility. That flexibility supports ongoing ETH accumulation, staking infrastructure investment, and buffers operating losses, reducing refinancing risk and enabling strategic optionality over the next several quarters.
Negative Factors
Negative Operating & Free Cash Flow
Persistent negative operating and free cash flow means the business is not self-funding and must rely on external financing or asset sales. Over 2-6 months this raises sustainability questions if capital markets tighten or if staking/asset liquidity is impaired, increasing execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
A conservatively levered balance sheet with minimal debt provides durable financial flexibility. That flexibility supports ongoing ETH accumulation, staking infrastructure investment, and buffers operating losses, reducing refinancing risk and enabling strategic optionality over the next several quarters.
Read all positive factors
BitMine Immersion Technologies (BMNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.18B
Dividend YieldN/A
Average Volume (3M)44.84M
Price to Earnings (P/E)―
Beta (1Y)9.77
Revenue Growth261.26%
EPS Growth-199.41%
CountryUS
Employees3
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding569,576,840
10 Day Avg. Volume38,513,079
30 Day Avg. Volume44,844,084
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 Cap0.92
Enterprise Value/Revenue452.55
Enterprise Value/Gross Profit702.24
Enterprise Value/Ebitda-2.10
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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
Publicly available, company-specific detail sufficient to describe BMNR’s exact revenue mix and unit economics is null. At a high level, a company positioned around immersion cooling for computing/crypto-mining typically generates revenue through ...
BitMine Immersion Technologies Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
82
Very Positive
Cash Flow
24
Negative
| Breakdown | TTM | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 | Aug 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.71M | 6.09M | 3.31M | 645.28K | 427.67K | 0.00 |
| Gross Profit | 10.77M | 310.00K | 761.03K | 222.47K | -129.03K | 0.00 |
| EBITDA | -3.60B | 441.88M | -2.10M | -1.90M | -1.71M | 0.00 |
| Net Income | -8.67B | 348.58M | -3.29M | -2.46M | -2.01M | -154.24K |
Balance Sheet | ||||||
| Total Assets | 9.89B | 8.80B | 7.28M | 8.20M | 7.97M | 646.03K |
| Cash, Cash Equivalents and Short-Term Investments | 879.58M | 512.00M | 499.00K | 270.55K | 392.55K | 218.74K |
| Total Debt | 1.32M | 0.00 | 1.63M | 1.30M | 0.00 | 277.30K |
| Total Liabilities | 36.17M | 102.26M | 3.20M | 1.95M | 570.00K | 285.48K |
| Stockholders Equity | 9.86B | 8.69B | 4.09M | 6.26M | 7.40M | 360.55K |
Cash Flow | ||||||
| Free Cash Flow | -321.86M | -5.21M | -104.69K | -1.42M | -4.40M | -503.66K |
| Operating Cash Flow | -320.44M | -4.15M | -28.75K | -809.72K | -1.63M | -76.36K |
| Investing Cash Flow | -17.17B | -7.43B | -67.53K | -612.29K | -2.77M | -427.30K |
| Financing Cash Flow | 18.37B | 7.95B | 325.00K | 1.30M | 4.57M | 720.46K |
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% | |
59 Neutral | $11.94B | ― | -117.65% | ― | 37.96% | -506.10% | |
57 Neutral | $8.18B | -0.63 | -164.23% | ― | 261.26% | -199.41% | |
56 Neutral | $10.63B | ― | -28.78% | ― | 42.40% | -72.16% | |
49 Neutral | $4.73B | -2.25 | -52.07% | ― | 23.08% | -291.74% | |
49 Neutral | $13.85B | 970.50 | 3.41% | ― | 110.25% | ― | |
44 Neutral | $576.16M | -3.45 | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
BMNR
BitMine Immersion Technologies
14.36
-93.09
-86.64%
RIOT
Riot Platforms
22.11
9.94
81.68%
MARA
MARA Holdings
12.40
-4.35
-25.97%
BTBT
Bit Digital
1.65
-1.83
-52.59%
CIFR
Cipher Mining
20.04
14.25
246.11%
IREN
IREN
38.82
21.87
129.03%
BitMine Immersion Technologies Corporate Events
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...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
BitMine Highlights Massive Ethereum Treasury, Preferred Stock Offering
Positive
Jun 15, 2026
On June 15, 2026, Bitmine reported that its combined crypto, cash, marketable securities and early‑stage “moonshot” investments totaled $10.4 billion as of June 14, including 5.62 million ETH—4.66% of total Ether supplyR...
Business Operations and StrategyDelistings and Listing ChangesDividends
BitMine Announces Dividends, NYSE Listing for Preferred Stock
Positive
Jun 12, 2026
On June 12, 2026, Bitmine Immersion Technologies announced that its board had declared initial cash dividends on its 9.50% Series A Perpetual Preferred Stock, covering accrued dividends from the June 10, 2026 issue date and payable June 22, 2026 t...
Business Operations and StrategyDividendsPrivate Placements and Financing
BitMine Issues New 9.50% Series A Preferred Stock
Positive
Jun 10, 2026
On June 10, 2026, Bitmine Immersion Technologies, Inc. completed a public offering of 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock, each with a stated amount and initial liquidation preference of $100, ranking senior to common stoc...
Business Operations and StrategyFinancial Disclosures
Bitmine Expands Ethereum Holdings and Staking Revenues
Positive
Jun 8, 2026
On June 8, 2026, Bitmine Immersion Technologies reported that as of June 7 it held 5.54 million ether tokens, or about 4.59% of Ethereum’s 120.7 million-coin supply, making it the largest Ethereum treasury and the second-largest global crypt...
Business Operations and StrategyStock BuybackDelistings and Listing ChangesDividendsPrivate Placements and Financing
BitMine Issues 9.50% Series A Preferred Stock
Positive
Jun 5, 2026
On June 4, 2026, Bitmine Immersion Technologies entered an underwriting agreement with Moelis Company and Cantor Fitzgerald for an upsized underwritten offering of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock at $80 per shar...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Shares Paris Investor Presentation Under Regulation FD
Neutral
Jun 2, 2026
On June 2, 2026, BitMine Immersion Technologies, Inc. disclosed that it had published an investor presentation delivered in Paris, France, by Executive Chairman Tom Lee. The company noted that the materials are being furnished for informational pu...
Business Operations and StrategyFinancial Disclosures
BitMine Expands Massive Ethereum Treasury and Staking Platform
Positive
Jun 1, 2026
On June 1, 2026, Bitmine reported that as of May 31 it held 5.42 million ETH, equal to 4.49% of the token’s 120.7 million supply, alongside 203 BTC, stakes in Beast Industries and Eightco, and $446 million in cash, bringing its combined cryp...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
Bitmine Highlights Record Ethereum Treasury and Staking Expansion
Positive
May 26, 2026
Bitmine Immersion Technologies reported on May 26, 2026 that its combined crypto, cash and “moonshot” investments had reached $12.3 billion, anchored by 5.39 million ETH tokens—4.47% of Ethereum’s total supply—and $44...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
Bitmine Expands Ethereum Treasury and NYSE Trading Presence
Positive
May 18, 2026
Bitmine Immersion Technologies, Inc., a Bitcoin and Ethereum network company focused on long-term crypto accumulation, reported on May 18, 2026 that its combined crypto, cash and high-risk “moonshot” investments total $12.6 billion, in...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Immersion Updates Investors With New Presentation, Video
Positive
May 11, 2026
On May 11, 2026, BitMine Immersion Technologies, Inc. published an investor presentation led by Executive Chairman Tom Lee and released a corresponding video and transcript, positioning these materials for ongoing investor relations use. On the sa...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Highlights Massive Ethereum Treasury and NYSE Uplisting
Positive
May 4, 2026
On May 4, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” holdings had reached $13.1 billion, including 5.18 million ETH, 200 Bitcoin, $700 million in cash and equity stakes such as an $83 mi...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Becomes Largest Ethereum Treasury, Expands NYSE Presence
Positive
Apr 27, 2026
On April 27, 2026, Bitmine reported that its combined crypto, cash and “moonshot” investments reached $13.3 billion, anchored by 5.078 million ETH tokens—about 4.21% of Ethereum’s 120.7 million-coin supply—plus 200 BT...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Boosts Ethereum Treasury, Highlights NYSE Uplisting Milestone
Positive
Apr 20, 2026
On April 20, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and so-called “moonshot” investments now total $12.9 billion, anchored by 4.98 million ETH tokens, $1.12 billion in cash, and minority stakes in ...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Immersion Shares Paris Blockchain Week Investor Presentation
Neutral
Apr 15, 2026
On April 15, 2026, Bitmine Immersion Technologies, Inc. disclosed that Executive Chairman Tom Lee delivered a company presentation at Paris Blockchain Week in Paris, France. The slide deck used for the event was made publicly available the same da...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Expands Ethereum Treasury and Uplists to NYSE
Positive
Apr 13, 2026
On April 13, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” holdings reached $11.8 billion, including 4.875 million ETH, 198 BTC, stakes in Beast Industries and Eightco Holdings, and $719 mi...
Business Operations and StrategyStock BuybackDelistings and Listing Changes
BitMine Immersion Uplists to NYSE and Expands Buyback
Positive
Apr 9, 2026
On April 9, 2026, Bitmine Immersion Technologies uplisted its common stock from NYSE American to the New York Stock Exchange’s main board, retaining the BMNR ticker, in what its leadership framed as a major credibility milestone for its Ethe...
Executive/Board Changes
BitMine Updates Executive Equity Incentive Compensation Agreements
Positive
Apr 7, 2026
On April 2, 2026, BitMine Immersion Technologies, Inc. amended the employment agreement of Chief Executive Officer Chi Tsang to revise his long-term incentive compensation structure. Tsang is now eligible for an annual equity-based award with a ta...
Business Operations and StrategyDelistings and Listing ChangesFinancial Disclosures
BitMine Highlights Massive Ethereum Treasury and NYSE Uplisting
Positive
Apr 6, 2026
On April 6, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash, and “moonshot” holdings reached $11.4 billion, anchored by 4.803 million ETH tokens, 198 Bitcoin, stakes in Beast Industries and Eightco Holdings...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
BitMine Completes Pier Two Acquisition, Expands Ethereum Staking
Positive
Mar 30, 2026
On March 24, 2026, Bitmine Immersion Technologies, Inc. and its majority-owned subsidiary Standard Validator LLC completed the acquisition of all issued and outstanding shares of Australian-based Pier Two Holdings Pty Ltd, a provider of high-perfo...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
BitMine Highlights Massive Ethereum Treasury and MAVAN Staking Launch
Positive
Mar 30, 2026
On March 30, 2026, Bitmine Immersion Technologies reported that as of March 29 it held crypto, cash and “moonshot” investments totaling $10.7 billion, including 4.732 million ETH, 197 Bitcoin, a $200 million stake in Beast Industries, ...
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.