Bitmine Immersion Technologies, Inc. is a US-listed company in the diversified financial services industry. Its financial year ends in August.
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~$19
Reported crypto treasury NAV
Base case. Range ~$19–$19. Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Bitmine Immersion Technologies, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $61m, up 1022.3% on a year earlier, faster than 261.3% a quarter earlier. That growth ranks 2 of 931 among all the companies we cover. The diluted share count is down 21.3% on a year earlier, which lifts each remaining share. Our price-to-book vs peers value is $61.59 a share, against a share price of $22.88.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Bitmine Immersion Technologies, Inc.'s trailing-twelve-month revenue grew 1022.3% year on year, with a free-cash-flow margin of -481.4%. Where it stands out: revenue growth of 1022.3% ranks 2 of 14 diversified financial services companies we cover. Where it lags: operating margin of -14505.1% ranks 11 of 11 diversified financial services companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 1022.3% (+761.0pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-05-31
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Source filing ↗We value Bitmine Immersion Technologies, Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.11 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | ~$19 | Primary model, counts double |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | ~$19 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bitmine Immersion Technologies, Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Bitmine Immersion Technologies's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -43.2% of total assets over 5 years.
Gross margin has been a median 18.8%, moving by 31.9 percentage points (standard deviation) across 5 years.
Operating margin has been a median -331.1%; its worst year was -14505.1%.
Free cash flow was positive in 1 of 5 years, at a median -481.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (15 before it).
Next results: November 20, 2026, after the close. Analysts expect revenue of $60m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$21.89 | −263% | $120m | +1865% |
| Next | $0.69 | +103% | $625m | +422% |
Next year's EPS estimate has moved +1.5% in 90 days, across 2 analysts.
The consensus EPS forecast for the current fiscal year is +38.3% on 90 days ago. In the last 30 days, 0 analysts raised Bitmine Immersion Technologies, Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$15.82 | $0.69 |
| 60 days ago | −$21.88 | $0.35 |
| 30 days ago | −$21.88 | $0.35 |
| 7 days ago | −$21.89 | $0.64 |
| Now | −$21.89 | $0.69 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| May 2026 | $0.18 | −$0.13 | −171.2% |
| Feb 2026 | $0.17 | −$0.08 | −147.1% |
| Nov 2025 | $0.15 | −$0.19 | −229.1% |
| Aug 2025 | −$0.10 | $16.01 | +16110.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2026 to date |
|---|---|
| Return | |
| BMNR | −28% |
| Industry peers (median) | −34% |
| S&P 500 | +11% |
| Months that ended higher | |
| BMNR | 46% |
| S&P 500 | 46% |
| Largest fall from a high during the year | |
| BMNR | −60% |
| S&P 500 | −9% |
Worst fall since June 5, 2025: 90% from July 3, 2025 to June 30, 2026. Getting back needed a 914% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| November 21, 2025 | +19.5% | +2.5% | +11.2% | +14.5% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $645.3K |
| FY24 Q1 | $1.1M |
| FY24 Q2 | $1.8M |
| FY24 Q3 | $2.9M |
| FY24 Q4 | $3.3M |
| FY25 Q1 | $4M |
| FY25 Q2 | $4.6M |
| FY25 Q3 | $5.5M |
| FY25 Q4 | $6.1M |
| FY26 Q1 | $7.2M |
| FY26 Q2 | $16.7M |
| FY26 Q3 | $61.2M |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 50.9% |
| FY24 Q1 | 99.3% |
| FY24 Q2 | 432.5% |
| FY24 Q3 | 522.2% |
| FY24 Q4 | 413.0% |
| FY25 Q1 | 279.2% |
| FY25 Q2 | 158.4% |
| FY25 Q3 | 89.8% |
| FY25 Q4 | 84.1% |
| FY26 Q1 | 79.7% |
| FY26 Q2 | 261.3% |
| FY26 Q3 | 1022.3% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -374.0% |
| FY24 Q1 | -240.1% |
| FY24 Q2 | -161.6% |
| FY24 Q3 | -101.6% |
| FY24 Q4 | -74.2% |
| FY25 Q1 | -68.2% |
| FY25 Q2 | -64.7% |
| FY25 Q3 | -53.7% |
| FY25 Q4 | 7288.1% |
| FY26 Q1 | -69919.0% |
| FY26 Q2 | -53048.9% |
| FY26 Q3 | -14505.1% |
Source: SEC EDGAR filings. Retrieved October 20, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -220.4% |
| FY24 Q1 | -88.6% |
| FY24 Q2 | -42.5% |
| FY24 Q3 | -19.9% |
| FY24 Q4 | -3.2% |
| FY25 Q1 | -2.4% |
| FY25 Q2 | -3.7% |
| FY25 Q3 | 28.7% |
| FY25 Q4 | -85.5% |
| FY26 Q1 | -3253.5% |
| FY26 Q2 | -1926.1% |
| FY26 Q3 | -481.4% |
| Fiscal year | 2021 Aug 2021 | 2022 Aug 2022 | 2023 Aug 2023 | 2024 Aug 2024 | 2025 Aug 2025 | LTM May 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 0 | 0 | 1 | 3 | 6 | 61 |
| Gross profit | 0 | −0 | 0 | 1 | 0 | 52 |
| EBITDA | −0 | −2 | −2 | −2 | 445 | −8,875 |
| Operating income | −0 | −2 | −2 | −2 | 444 | −8,876 |
| Net income | −0 | −2 | −2 | −3 | 349 | −8,755 |
| Diluted EPS | −$0.04 | −$0.10 | −$0.10 | −$0.13 | $13.39 | — |
| Growth (year on year) | ||||||
| Revenue | — | — | +50.9% | +413.0% | +84.1% | +>999% |
| Margins | ||||||
| Gross margin | — | −30.2% | 34.5% | 23.0% | 5.1% | 84.4% |
| EBITDA margin | — | −400.8% | −301.0% | −46.0% | >999% | <−999% |
| Operating margin | — | −400.8% | −374.0% | −73.9% | >999% | <−999% |
| Net margin | — | −468.9% | −382.0% | −99.5% | >999% | <−999% |
| Free-cash-flow margin | — | <−999% | −220.4% | −3.2% | −85.5% | −481.4% |
| Cash flow | ||||||
| Cash from operations | −0 | −2 | −1 | −0 | −4 | −293 |
| Capital spending | 0 | 3 | 1 | 0 | 1 | 1 |
| Free cash flow | −1 | −4 | −1 | −0 | −5 | −295 |
| Stock-based pay | 0 | 1 | 1 | 1 | 2 | 39 |
| Free cash flow after stock pay | −1 | −5 | −3 | −1 | −8 | −334 |
| Balance sheet | ||||||
| Cash | 0 | 0 | 0 | 0 | 512 | 340 |
| Total debt | 0 | 0 | 0 | — | 0 | 0 |
| Net debt (negative = net cash) | 0 | −0 | −0 | −0 | −512 | −340 |
| Diluted shares | 5m | 22m | 25m | 25m | 25m | — |
| Quarter | 2024 Q4 Aug 2024 | 2025 Q1 Nov 2024 | 2025 Q2 Feb 2025 | 2025 Q3 May 2025 | 2025 Q4 Aug 2025 | 2026 Q1 Nov 2025 | 2026 Q2 Feb 2026 | 2026 Q3 May 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 1 | 2 | 2 | 1 | 2 | 11 | 47 |
| Gross profit | 0 | 0 | 0 | 0 | −0 | 1 | 10 | 41 |
| EBITDA | −0 | −1 | −1 | −0 | 447 | −5,470 | −3,840 | −11 |
| Operating income | −1 | −1 | −1 | −0 | 446 | −5,470 | −3,841 | −12 |
| Net income | −1 | −1 | −1 | −1 | 351 | −5,204 | −3,818 | −84 |
| Diluted EPS | −$0.33 | −$1.66 | −$0.58 | −$0.31 | $16.01 | −$15.98 | −$8.40 | −$0.15 |
| Growth (year on year) | ||||||||
| Revenue | +178.2% | +134.9% | +70.2% | +67.5% | +94.1% | +91.0% | +627.6% | +>999% |
| Margins | ||||||||
| Gross margin | 16.4% | 10.0% | 20.1% | 23.9% | −5.1% | 55.3% | 87.1% | 87.7% |
| EBITDA margin | −61.8% | −62.7% | −45.1% | −14.0% | >999% | <−999% | <−999% | −24.7% |
| Operating margin | −96.9% | −73.6% | −60.2% | −22.8% | >999% | <−999% | <−999% | −25.5% |
| Net margin | −119.3% | −81.1% | −76.2% | −30.4% | >999% | <−999% | <−999% | −179.6% |
| Free-cash-flow margin | 31.8% | −9.5% | −14.2% | 81.7% | −495.3% | <−999% | −799.2% | 62.3% |
| Cash flow | ||||||||
| Cash from operations | 0 | −0 | −0 | 2 | −6 | −228 | −88 | 29 |
| Capital spending | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Free cash flow | 0 | −0 | −0 | 2 | −7 | −229 | −88 | 29 |
| Stock-based pay | 0 | 0 | 0 | 1 | 1 | 1 | 24 | 13 |
| Free cash flow after stock pay | −0 | −1 | −0 | 1 | −8 | −229 | −113 | 16 |
| Last 12 months unless stated | BMNR | VIP | AMTD | ZNB | YDKG | HKD | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $61m | $51m | $101m | $28m | $28m | $136m | $28m |
| Revenue growth, last 12 months | >999% | −14.1% | 25.8% | 225.0% | >999% | 565.7% | 30.9% |
| Revenue growth, 3-year average | 409.8% | −9.1% | — | — | −32.8% | — | −9.1% |
| Revenue growth, latest quarter | >999% | −73.7% | — | — | — | — | 25.1% |
| Gross margin | 84.4% | — | — | −18.6% | −2.5% | — | 25.7% |
| Operating margin | <−999% | −24.0% | — | −66.0% | −160.1% | 0.8% | −148.1% |
| Operating margin, 3-year average | <−999% | −19.2% | — | — | −354.9% | — | −144.9% |
| Net margin | <−999% | 1.0% | 66.4% | −555.2% | −99.7% | 71.3% | −65.5% |
| Cash from operations / revenue | −479.0% | −39.7% | 17.6% | −24.5% | 25.1% | 10.6% | −13.4% |
| Free-cash-flow margin | −481.4% | −57.9% | 16.9% | −58.9% | −7.6% | 10.5% | −30.5% |
| Free-cash-flow margin, 3-year average | −157.5% | −49.1% | — | — | −113.1% | — | −35.7% |
| Stock pay / revenue | 64.5% | 1.9% | — | 2.3% | 3.3% | 0.4% | 2.1% |
| Change in share count | 3.2% | 26.1% | — | >999% | >999% | 61.1% | 18.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 1022.3% | 36.0% | 2 of 14 |
| Change in growth rate Growth | +761.0pp | +2.3pp | 2 of 14 |
| Operating margin Profitability | -14505.1% | -148.1% | 11 of 11 |
| Net margin Profitability | -14306.6% | -31.4% | 14 of 14 |
| Stock pay as % of revenue Cash generation | 64.5% | 2.3% | 8 of 8 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Self Mining | $3.1M | 51.4% | ▲ 3.4% |
| Leasing | $1.9M | 30.9% | — |
| Sale of Mining Equipment | $846,000 | 13.9% | ▲ 266.2% |
| Consulting | $235,000 | 3.9% | — |
From Bitmine Immersion Technologies, Inc.'s 10-K filed November 21, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $363M | 27.3M | 10.9% | ▲ 146.4% |
| Vanguard Capital Management LLC | $342M | 25.7M | 10.3% | ▲ 26.2% |
| Vanguard Portfolio Management LLC | $297M | 22.3M | 8.9% | ▲ 159.6% |
| Morgan Stanley | $217M | 16.3M | 6.5% | ▲ 18.2% |
| Clear Street Group Inc. | $169M | 12.7M | 5.1% | ▼ 13.3% |
| Geode Capital Management, LLC | $166M | 10.2M | 5.0% | ▲ 76.6% |
| ARK Investment Management LLC | $117M | 8.8M | 3.5% | ▼ 9.2% |
| State Street Corp | $116M | 8.7M | 3.5% | ▲ 280.0% |
| FMR LLC | $103M | 7.7M | 3.1% | ▲ 1280.8% |
| Susquehanna International Group, LLP | $88.1M | 6.6M | 2.6% | ▼ 22.5% |
| Norges Bank | $81.9M | 6.2M | 2.5% | — |
| Jane Street Group, LLC | $80.2M | 6.0M | 2.4% | ▲ 55.2% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bitmine Immersion Technologies, Inc.'s complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Love Lori Director | April 20, 2026 | Buy | 227 | $22.01 | $4,996 |
| Love Lori Director | April 16, 2026 | Buy | 474 | $22.05 | $10,452 |
| Bitmine Immersion Technologies, Inc. 10% owner | March 12, 2026 | Buy | 86,956,513 | $0.89 | $77M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Bitmine Immersion Technologies, Inc. disclosed in the last 12 months; 6 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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