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BitMine Immersion Technologies
(NYSE MKT:BMNR)
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Rating:52Neutral
Price Target:
$17.50
â–¼(-10.03% Downside)
Action:Reiterated
Date:08/04/26
The score is primarily held back by weak financial performance driven by large TTM losses and heavy negative operating/free cash flow, despite a strong, low-debt balance sheet. Technicals are mixed (near-term improvement but longer-term downtrend), while valuation is difficult to assess with a negative P/E despite a supportive dividend yield. Corporate events are a meaningful positive, reflecting scale-up in staking/treasury strategy and major buybacks, but do not fully offset the weak and volatile fundamentals.
Positive Factors
Very low leverage / strong balance sheet
BitMine’s near-zero debt and an equity-funded asset base materially reduce financial distress risk and give management flexibility. A strong capital base supports aggressive ETH accumulation, preferred issuance, buybacks and cushions the business against crypto volatility without immediate refinancing pressure.
Negative Factors
Material negative operating and free cash flow
Sustained cash burn undermines funding independence despite a strong balance sheet. Negative OCF/FCF implies reliance on asset sales, equity or preferred issuance and constrains capital allocation choice. Persistent deficits could force dilution, reduce buyback capacity, or pressure dividend servicing.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / strong balance sheet
BitMine’s near-zero debt and an equity-funded asset base materially reduce financial distress risk and give management flexibility. A strong capital base supports aggressive ETH accumulation, preferred issuance, buybacks and cushions the business against crypto volatility without immediate refinancing pressure.
Read all positive factors
BitMine Immersion Technologies (BMNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.42B
Dividend Yield0.06%
Average Volume (3M)44.84M
Price to Earnings (P/E)―
Beta (1Y)9.84
Revenue Growth1022.30%
EPS Growth-188.92%
CountryUS
Employees7
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding603,226,400
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 Cap0.73
Enterprise Value/Revenue123.58
Enterprise Value/Gross Profit148.03
Enterprise Value/Ebitda-0.87
Forecast
1Y Price Target
$25.00Price Target Upside28.53% 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
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How the Company Makes Money
null...
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 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% | |
54 Neutral | $9.13B | -9.54 | -156.28% | ― | 37.96% | -506.10% | |
52 Neutral | $10.42B | -0.75 | -84.58% | ― | 1022.30% | -188.92% | |
50 Neutral | $7.63B | -8.58 | -28.78% | ― | 42.40% | -72.16% | |
50 Neutral | $4.32B | -2.06 | -127.26% | ― | 23.08% | -291.74% | |
49 Neutral | $13.13B | 920.00 | 3.12% | ― | 106.15% | ― | |
44 Neutral | $457.44M | -2.74 | -0.14% | ― | 13.14% | 4.89% |
* Financial Sector Average
BMNR
BitMine Immersion Technologies
18.82
-40.14
-68.08%
RIOT
Riot Platforms
20.52
9.41
84.70%
MARA
MARA Holdings
10.09
-5.57
-35.57%
BTBT
Bit Digital
1.38
-1.62
-54.00%
CIFR
Cipher Mining
17.18
12.42
260.92%
IREN
IREN
41.23
23.26
129.44%
BitMine Immersion Technologies Corporate Events
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...
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...
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.