BMNR
BITMINE IMMERSION TECHNOLOGIES, INC.
$14.36
▲ +4.06%$14.36▲ +236.80%
over 1Y
L $4.26H $134.96
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+4.1%
1W+7.8%
1M-20.1%
3M-26.2%
YTD-54.0%
1Y—
Avoid
Conviction
Horizon
Long (>12mo)
Street · 8 analysts
Buy
An ETH-treasury vehicle, not an operating business — 'earnings' are crypto mark-to-market and equity was massively diluted.
Revenue $6.09M · FY2025
The read
It screens cheap (~3443% below fair value), but the weak fundamentals are why — more potential value trap than bargain.
BitMine Immersion Technologies is, despite its mining roots, effectively a digital-asset treasury vehicle whose financials are dominated by Ethereum holdings rather than a real operating business. The headline FY2025 numbers — $349M net income, $444M operating income, $13.39 EPS, $8.69B equity — are crypto-driven: the income statement reflects digital-asset fair-value gains, not operations. The actual operating business is negligible, with revenue of just $6.09M and negative operating cash flow of -$4.15M. The grotesque derived ratios (operating margin 7,288%, net margin 5,719%, P/S 1,017x) confirm the disconnect.
The balance-sheet explosion is funded by enormous dilution: shares outstanding rose 868.2% in the year and equity grew 212,645% as the company raised capital to buy ETH. The 10-K is explicit that revenues, gross margins, liquidity and solvency depend significantly on prevailing ETH (and BTC) prices, layering on staking, custody, smart-contract, private-key, regulatory and proof-of-work power risks. This is a leveraged, dilutive bet on Ethereum's price, wrapped in a public listing.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:49 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $0.00 | $428K | — | $3.31M | $6.09M |
| Gross profit | $0.00 | -$129K | $222K | $761K | — |
| Operating income | -$132K | -$1.71M | -$2.41M | -$2.45M | $444M |
| Net income | -$154K | -$2.01M | -$2.46M | -$3.29M | $349M |
| Diluted EPS | -$0.02 | -$0.05 | -$0.05 | -$1.32 | $13.39 |
| Net margin | — | -468.9% | — | -99.5% | 5719.1% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$7.67B
EV / EBITDA17.2
EV / Sales1257.9
EV / FCF—
P / FCF—
PEG (trailing)0.00
Earnings yield4.3%
FCF yield-0.1%
Quality & risk
ROIC (est.)4.0%
Free cash flow-$5.21M
Total debt—
Net cash$512M
Altman Z-Score48.28 safe
Piotroski F-Score4/8
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+868.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-292026-06-29open ↗8-KPeriod ending 2026-06-222026-06-22open ↗8-KPeriod ending 2026-06-182026-06-18open ↗8-KPeriod ending 2026-06-152026-06-15open ↗8-KPeriod ending 2026-06-122026-06-12open ↗CERTFiling2026-06-11open ↗8-A12BFiling2026-06-10open ↗8-KPeriod ending 2026-06-102026-06-10open ↗8-KPeriod ending 2026-06-082026-06-08open ↗424B5Filing2026-06-05open ↗8-KPeriod ending 2026-06-042026-06-05open ↗FWPFiling2026-06-05open ↗
Frequently asked
- Is BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) a buy?
- BMNR currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. An ETH-treasury vehicle, not an operating business — 'earnings' are crypto mark-to-market and equity was massively diluted.
- What is BMNR's fair value?
- A Modified-Graham model based on BMNR's SEC fundamentals estimates a fair value of about $508.82. It is an estimate from reported earnings, not a price target.
- Is BMNR overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BMNR currently appears undervalued relative to its SEC-grounded earnings power.
- What is BITMINE IMMERSION TECHNOLOGIES, INC.'s quality score?
- BMNR scores 71.63768237752208/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001829311, latest 10-Q filed 2026-04-14) · EODHD · Proprietary analysis · as of 6/21/2026, 8:49:41 PM.
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