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What this page is: Delvantic's full research page for BitMine Immersion Technologies, Inc. (BMNR) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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BitMine Immersion Technologies, Inc.
BMNR NYSEBitMine Immersion Technologies, Inc. is a digital asset technology company focused on treasury management and blockchain infrastructure. BitMine Immersion Technologies, Inc. primarily manages Ethereum as a core treasury reserve asset while also participating in Bitcoin-related mining and hosting activities. Its current business includes digital asset accumulation, mining operations, equipment sales, hosting services, and advisory work for companies seeking exposure to blockchain networks. The company also provides data center and infrastructure support, including power, racks, connectivity, security, and custom firmware tools for mining environments. By combining treasury operations with technical services, BitMine Immersion Technologies, Inc. serves as a specialized operator in the digital asset ecosystem and supports both institutional and commercial users of cryptocurrency infrastructure.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics TTM · through May 31, 2026
EPS (Diluted): -0.16
Total Equity: $11.60B
Shares: 536,545,221
Total Debt: $0.00
Cash: $340.29M
EBITDA: -$8.88B
Total Debt: $0.00
Cash: $340.29M
Revenue: $61.19M
Shares: 536,545,221
Revenue: $61.19M
Revenue: $61.19M
Revenue: $61.19M
Total Equity: $11.60B
Tax Rate: 1.1%
Equity: $11.60B
Total Debt: $0.00
Cash: $340.29M
Current Liabilities: $12.14M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $11.60B
Shares: 536,545,221
Shares: 536,545,221
CapEx: -$1.45M
Shares: 536,545,221
Stock Price: $24.97
Net Income: -$83.60M
Industry Benchmarks
Income Statement (Annual)
Last updated: Sep 7, 2026 1:59pm (15d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $427,669 | $645,278 | $3.3M | $6.1M |
| Cost of Revenue | $556,699 | $422,808 | $2.5M | $5.8M |
| Gross Profit | $-129,030 | $222,469 | $761,027 | $310,000 |
| Operating Expenses | $1.6M | $2.5M | $3.2M | $362.9M |
| Operating Income | -$1.7M | -$2.3M | -$2.4M | -$362.6M |
| Net Income | -$2.0M | -$2.5M | -$3.3M | $348.6M |
| EBITDA | -$1.7M | -$1.8M | -$1.8M | $441.9M |
| EPS | $0.00 | $0.00 | $-0.05 | $0.58 |
| EPS (Diluted) | $0.00 | $0.00 | $-0.06 | $0.54 |
Balance Sheet (Annual)
Last updated: Sep 7, 2026 1:59pm (15d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $218,737 | $392,550 | $270,547 | $499,270 | $512.0M |
| Total Current Assets | $218,737 | $888,945 | $749,991 | $1.6M | $513.0M |
| Total Assets | $646,033 | $8.0M | $8.2M | $7.3M | $8.8B |
| Current Liabilities | $285,481 | $317,673 | $1.6M | $3.1M | $10.0M |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | $285,481 | $569,995 | $1.9M | $3.2M | $102.3M |
| Total Equity | $360,551 | $7.4M | $6.3M | $4.1M | $8.7B |
| Retained Earnings | $-461,334 | -$2.5M | -$4.9M | -$8.2M | $337.4M |
Cash Flow (Annual)
Last updated: Sep 7, 2026 1:59pm (15d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $-76,361 | -$1.6M | $-809,715 | $-28,753 | -$4.1M |
| Capital Expenditure | $-427,296 | -$6.1M | $-612,288 | $-75,934 | -$1.1M |
| Free Cash Flow | $-503,657 | -$7.7M | -$1.4M | $-104,687 | -$5.2M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | — | — | — | $229,000 | $511.5M |
Growth Trends (YoY %)
Last updated: Sep 7, 2026 1:59pm (15d ago)| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | +50.9% | +413.0% | +84.1% |
| Gross Profit Growth | +272.4% | +242.1% | -59.3% |
| Operating Income Growth | -35.6% | -5.8% | -14,754.1% |
| Net Income Growth | -22.9% | -33.6% | +10,687.0% |
| EBITDA Growth | -5.4% | +1.0% | +25,001.3% |
Dividend History (Last 20)
Last updated: Sep 7, 2026 1:59pm (15d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2025-12-08 | $0.01 | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
The numbers tell a story the "pre_profit_growth" label obscures: this is not a company that will grow into profitability. TTM revenue of roughly $61M (the four quarters summing $1.3M + $2.3M + $11.0M + $46.5M) against a $15.06B market cap yields a P/S of ~246x, and the $348.6M "net income" in the 2025-08-31 annual is a mark-to-market artifact on Ethereum holdings, not operational earnings. The most recent quarter's net loss of -$83.6M on $46.5M of revenue (a -179.6% margin) confirms that the P&L is dominated by crypto revaluation swings, not by the mining, hosting, or advisory business that the revenue line purports to represent. The balance sheet is the real story: $512M cash, zero debt, $8.69B equity (annual) that has likely grown to ~$13B on a TTM basis given the 1.15x P/B, and a current ratio of 36.7x that is meaningless because the "current assets" are ETH tokens, not receivables. Operating cash flow of -$4.1M and free cash flow of -$5.2M in the last annual period confirm the operating business is a rounding error. I find the classification as "pre_profit_growth" actively misleading; this is a crypto treasury vehicle wearing a public-company shell, and no amount of margin expansion in a $60M revenue base will change that.
The prior models are largely correct in their diagnosis but I think they understate the speed at which the premium is already breaking. The 62% drawdown from $65.60 to $24.97 is not a "correction" — it is the market repricing the scarcity premium in real time. At $65.60, the implied premium over ETH NAV was likely 2.5x or higher; at $24.97, the Pre-Flight's 1.7x figure suggests the premium has compressed but not yet reached par. The bear case in the thesis evaluation (score -10) is directionally right but I'd push it further: the top bear argument that "value = ETH price × holdings" is not a risk, it is the entire valuation model, and the 1.7x premium on top of that is pure flow and narrative with no DCF anchor. The "cult-favorite" narrative classification with "fragile" durability is the single most important line in this file. The moment a second public ETH treasury vehicle lists — and the MSTR playbook copycat pipeline is visible in the pipeline — the scarcity premium that justifies paying $24.97 for what is economically $14-15 of ETH evaporates in a single session.
The one data point that could genuinely change the thesis is the revenue spike: $2.3M in 2025-11-30, $11.0M in 2026-02-28, $46.5M in 2026-05-31. That is a 20x increase in two quarters. If this represents new hosting contracts, new mining capacity coming online, or a new advisory mandate, it begins to justify a "treasury plus operations" hybrid valuation that the pure-ETH-bag framework misses. But I am deeply skeptical of the sustainability. The company had $1-2M quarterly revenue for at least eight consecutive quarters before this spike. A jump to $46.5M with no visible capex increase (annual capex was -$1.1M) and no disclosed new contracts in the data file looks more like a one-time revenue recognition event, a related-party transaction, or an accounting reclassification than a structural inflection. The "Moderate Revenue Confidence" tag and the "growing" quarterly trend flag are doing more work than the underlying data supports. I would need to see two more quarters of $30M+ revenue before I would adjust the valuation framework away from pure ETH-NAV-plus-premium.
The contrarian bull, for completeness: if ETH is in a structural bull (institutional ETF flows, the $348M mark-to-market gain in the prior annual being the floor rather than the ceiling), and if the $46.5M revenue is real and compounding, then $24.97 at 1.7x NAV is actually cheap relative to the $65.60 peak where the same premium was 2.5x+. The zero-debt balance sheet means there is no forced selling, no margin call, no liquidity event that could crystallize losses. The $512M cash provides a buffer. But this is a bet on ETH at $3,000+ staying there, and on the premium holding at 1.7x rather than compressing to 1.0x. Both are assumptions, not facts. The models' "High Conviction Required" verdict is the right call, but I would frame it more sharply: this is a leveraged ETH position with a 70% premium that is already 62% off its high, and the only thing standing between $24.97 and $14 (par) is the narrative that no one else can replicate this structure. That narrative is one SEC filing or one competitor's IPO away from being irrelevant.
GPT Reading
Grok Reading
Advanced Analysis Forensic deep-dive · separate lenses
BitMine Immersion Technologies generated zero revenue in 2022, 2023, and 2024, then posted $4.8M in 2025 and $61.2M in 2026. The growth is real but the base is tiny, and the operating margin of -14,505% in 2026 means the company is spending roughly $8.9B in operating costs against $61.2M of revenue. Net income of -$83.6M is far smaller than the operating loss, implying large non-operating credits (likely investment or crypto-asset revaluation) are masking the true operating bleed. Free cash flow of -$294.6M against $340.3M of liquid cash gives a runway of only 4.6 quarters, and the burn is accelerating year over year. Stock-based compensation at 64.5% of revenue is a massive hidden cost that flatters any 'adjusted' profitability metric, and the share count has actually fallen from 603.2M to 536.5M, suggesting buybacks or a reverse split are offsetting SBC dilution rather than genuine capital discipline.
Verify before trusting this (6)
- 10-K segment and revenue-recognition detail: what exactly generated the $61.2M in 2026 and is it recurring or one-time?
- Convertible or preferred-instrument terms that could trigger a large dilution event within the 4.6-quarter runway
- Customer concentration: how many counterparties account for the $61.2M revenue and what are the contract terms?
- Nature of the non-operating credits bridging the ~$8.9B operating loss to the -$83.6M net loss (crypto-asset revaluation, investment gains, etc.)
- Board and insider ownership: who controls the 536.5M shares and what are the lock-up or vesting schedules on the 64.5% SBC pool?
- Whether the 2026 FCF burn of -$294.6M includes one-time capex or is a run-rate, and what the 2027 budget implies for additional financing
At $24.97 and a $15.06B market cap, BMNR is priced as a premium public ETH wrapper. The e2e synthesis itself concedes the 43x P/E is 'just last year's price move,' meaning the earnings multiple is an artifact of ETH appreciation, not business growth. The bear narrative quantifies the core problem: investors are paying 2x to 3x the actual ETH holdings on the balance sheet. If ETH is worth roughly $5B to $7.5B, the company's net asset value (ETH plus $340M cash minus ~$300M annual burn) sits in the $4.5B to $7B range. A $15B market cap implies a 2x to 3x premium over that NAV for a vehicle whose 'operations' are a rounding error and whose runway is under five quarters.
The e2e fair-value methods are unreliable here because they are essentially re-pricing the ETH bag rather than valuing a business. The 43x P/E is meaningless when the 'earnings' are unrealized ETH gains. The earnings-quality score of 2 (high) does not rescue the valuation because the quality is in the asset, not in a repeatable operating model. The Company-Quality lens (Shaky, -77) confirms there is no durable operating franchise to justify a premium.
For this to be fairly valued, the market would need to believe the scarcity premium for a public ETH ticker is worth 2x to 3x the underlying asset, that no competing ETH treasury vehicle will list, that ETH will not draw down 20% or more, and that the $300M annual burn and 64.5% SBC dilution will not erode the per-share ETH. That is a heroic, multi-condition bet, not a margin of safety.
None surfaced.
Verify before trusting this (5)
- Exact ETH holdings and cost basis from the latest 10-Q to confirm the 2x-3x premium math
- SBC schedule and vesting terms to quantify forward dilution over the next 12 months
- Cash burn trajectory and any new funding or ATM plans that would further dilute
- Whether management has disclosed any operating business beyond ETH treasury (the $61M revenue source)
- Pipeline of competing public ETH treasury vehicles that could compress the scarcity premium
This lens hasn't been run for this ticker yet.
This lens hasn't been run for this ticker yet.