Bitmine Immersion Technologies, Inc. (BMNR)
XASE:BMNR
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BitMine Immersion Technologies
(NYSE MKT:BMNR)
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Rating:52Neutral
Price Target:
$22.50
â–²(15.68% Upside)
Action:ReiteratedDate:04/27/26
The score is held down primarily by weak financial performance—large losses, volatile profitability, and negative operating/free cash flow—despite low leverage. Technicals are only modestly supportive with short-term strength but weaker longer-term trend signals. Positive corporate developments (NYSE uplisting, expanded buyback, and accelerated ETH/staking strategy) provide meaningful upside support but do not fully offset the weak fundamentals, while valuation is constrained by losses despite a moderate dividend yield.
Positive Factors
Scale in Ethereum treasury & staking
Controlling several million ETH and a multi-hundred-million-dollar annualized staking run-rate creates a durable, yield-generating asset base. Scale gives cost advantages in validator operations, bargaining power for infrastructure, and predictable staking cash flows that can support operations and reinvestment over months.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow indicate the core business is not self-funding. Over months this necessitates reliance on asset sales, capital raises, or drawing on treasury reserves, constraining sustainable reinvestment, margin recovery initiatives, and the practical ability to execute large buybacks or capex plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale in Ethereum treasury & staking
Controlling several million ETH and a multi-hundred-million-dollar annualized staking run-rate creates a durable, yield-generating asset base. Scale gives cost advantages in validator operations, bargaining power for infrastructure, and predictable staking cash flows that can support operations and reinvestment over months.
Read all positive factors
BitMine Immersion Technologies (BMNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.77B
Dividend YieldN/A
Average Volume (3M)44.84M
Price to Earnings (P/E)―
Beta (1Y)9.70
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 Cap0.72
Enterprise Value/Revenue509.79
Enterprise Value/Gross Profit791.06
Enterprise Value/Ebitda-2.37
Forecast
1Y Price Target
$33.00Price Target Upside69.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
BitMine Immersion Technologies Business Overview & Revenue Model
Company Description
Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. The company engages in ETH treasury operations; BTC ecosystem services, including consulting and advisory engagements and equipment le...
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 | 1.24M | 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% | |
53 Neutral | $6.06B | -6.51 | -21.05% | ― | 71.89% | -610.84% | |
53 Neutral | $6.85B | -1.92 | -107.05% | ― | 48.04% | -1546.55% | |
52 Neutral | $11.77B | -0.56 | -116.38% | ― | 261.26% | -199.41% | |
51 Neutral | $4.08B | -2.43 | -30.59% | ― | 38.20% | -326.36% | |
50 Neutral | $14.22B | -20.05 | 18.65% | ― | 166.46% | ― | |
46 Neutral | $473.54M | -60.68 | -11.98% | ― | 5.10% | -242.85% |
* Financial Sector Average
BMNR
BitMine Immersion Technologies
20.66
13.86
203.82%
RIOT
Riot Platforms
15.98
8.74
120.72%
MARA
MARA Holdings
10.72
-2.65
-19.82%
BTBT
Bit Digital
1.45
-0.49
-25.26%
CIFR
Cipher Mining
16.92
14.07
493.68%
IREN
IREN
42.86
36.75
601.47%
BitMine Immersion Technologies Corporate Events
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, ...
Business Operations and StrategyProduct-Related Announcements
BitMine Launches MAVAN, Expands Institutional Ethereum Staking Platform
Positive
Mar 25, 2026
On March 25, 2026, Bitmine Immersion Technologies launched MAVAN (Made in America VAlidator Network), an institutional-grade Ethereum staking platform built on U.S.-based infrastructure with a globally distributed architecture. Originally develope...
Business Operations and StrategyFinancial Disclosures
BitMine Immersion Highlights Record Ethereum Treasury and Staking Gains
Positive
Mar 23, 2026
On March 23, 2026, Bitmine Immersion Technologies reported that as of March 22 it held $11.0 billion in combined crypto, cash and “moonshot” investments, including 4.66 million ETH tokens, 196 Bitcoin, stakes in Beast Industries and Ei...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Highlights Hong Kong Investor Presentation in Disclosure
Neutral
Mar 17, 2026
On March 14, 2026, Bitmine Immersion Technologies, Inc. published an investor presentation delivered in Hong Kong by Executive Chairman Tom Lee, making the materials available to the market through an accompanying corporate filing. The presentatio...
Business Operations and StrategyFinancial Disclosures
BitMine Highlights Record Ethereum Holdings and Staking Expansion
Positive
Mar 16, 2026
On March 16, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” investments totaled $11.5 billion as of March 15, 2026, including 4.596 million ETH, 196 Bitcoin, $283 million in stakes across Be...
Business Operations and StrategyFinancial Disclosures
Bitmine Expands ETH Holdings and Staking Revenue Power
Positive
Mar 9, 2026
On March 9, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” investments totaled $10.3 billion as of March 8, including 4.535 million ETH tokens, 195 Bitcoin and $1.2 billion in cash, plus sta...
Business Operations and StrategyFinancial Disclosures
BitMine Highlights Record Ethereum Treasury and Staking Expansion
Positive
Mar 2, 2026
On March 2, 2026, Bitmine Immersion Technologies reported that as of March 1 it held 4.47 million ETH, or 3.71% of the token’s 120.7 million supply, alongside 195 Bitcoin, $868 million in cash and minority stakes in Beast Industries and Eigh...
Business Operations and StrategyRegulatory Filings and Compliance
BitMine Immersion Highlights Strategy in New Investor Presentation
Neutral
Feb 26, 2026
On February 24, 2026, Bitmine Immersion Technologies, Inc. published an investor presentation delivered by Executive Chairman Tom Lee, making the materials publicly available through a corporate filing. The presentation was furnished rather than f...
Business Operations and StrategyFinancial Disclosures
BitMine Immersion Expands Record Ethereum Staking Holdings Portfolio
Positive
Feb 23, 2026
On February 23, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” holdings have reached $9.6 billion, anchored by 4.423 million Ether tokens and $691 million in cash. As of February 22, 2026, t...
Business Operations and Strategy
BitMine Highlights Ethereum Strategy and Growth Pillars at Consensus
Positive
Feb 17, 2026
On February 17, 2026, Bitmine Immersion Technologies released a video of Executive Chairman Tom Lee’s address at the CoinDesk Consensus 2026 conference in Hong Kong and issued a press release highlighting the presentation and providing an op...
Business Operations and StrategyFinancial Disclosures
BitMine Highlights Record Ethereum Treasury and Staking Growth
Positive
Feb 9, 2026
On February 9, 2026, Bitmine Immersion Technologies reported that its combined crypto, cash and “moonshot” holdings reached $10 billion, anchored by 4.326 million ETH tokens, 193 BTC, $595 million in cash and equity stakes in Beast Ind...
Business Operations and StrategyFinancial Disclosures
BitMine Immersion Highlights Massive Ethereum Treasury and Staking
Positive
Feb 2, 2026
On February 2, 2026, Bitmine Immersion Technologies reported that as of February 1, 2026, its combined crypto, cash and high-risk “moonshot” investments totaled $10.7 billion, including 4.285 million ETH (3.55% of total ETH supply), 19...
Executive/Board Changes
BitMine Immersion Technologies Announces President’s Departure Agreement
Neutral
Jan 28, 2026
On January 22, 2026, Bitmine Immersion Technologies, Inc. entered into a Separation Agreement and General Release with its president, Erik Nelson, formally setting the terms of his departure from the company. Nelson’s employment, originally ...
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.