BMNR
Bitmine Immersion Technologies, Inc.

Bitmine Immersion Technologies, Inc.BMNR

Financial Services · Capital Markets
21.73USD
+5.85%
Nov 05, 2026
BMNR overview ready
Blockchain Treasury Management and Consulting Services for Cryptocurrency Operators
Bitmine Immersion Technologies operates as a blockchain technology company focused on managing ETH and BTC treasury operations, providing consulting and advisory services, equipment leasing, and optimizing third-party power and hosting arrangements while winding down proprietary self-mining activities.
Theme not measured
No economic group is assigned yet.
Price trend is broken
Longer-term context reads new trend, with a near-term setup of constructive pullback.
The tactical setup reads constructive pullback, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / sales is weak.
Market Nov 4Price action Nov 5

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction3.4BusinessPerformance5.0BusinessQuality—Valuation0.3ThemeMomentum—Mixed — Revenue growth has accelerated across 3 consecutive quarters, rising from +91% to +2168% year over year. Per-share figures are not comparable across a large share-count change; the net loss moved to -$83.6M from -$623,000 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
No economic group yet — pending research
Price
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Price Action

Price trend is broken
Longer-term context reads new trend, with a near-term setup of constructive pullback.
The tactical setup reads constructive pullback, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$12.2B
Avg Volume (60D)
34.4M
60 sessions
Gross Margin
+84.4%
Operating Margin
-484.6%
Trailing twelve months
Free Cash Flow Yield
-4.3%
P/E
N/M
EV / Sales
191.7x
Market metrics as of Nov 4, 2026

Business Performance

Mixed

Revenue growth has accelerated across 3 consecutive quarters, rising from +91% to +2168% year over year. Per-share figures are not comparable across a large share-count change; the net loss moved to -$83.6M from -$623,000 a year earlier.

Latest reported: Q3 FY2026, ended May 31
Revenue growthAccelerating
+2168%
$46.5M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. n/a
  2. +91%
  3. +628%
  4. +2168%
Earnings growthLoss widening
-$83.6M
Net income -$83.6M. Per-share figures are not comparable across a large share-count change.
Not enough comparable diluted EPS quarters for a YoY sequence.
Operating marginNot applicable
-25.5%
-2.7 pp YoY
The share count is rising

Business Quality

Not assessed

Not assessed — banks, insurers and lenders need a different model.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Bitmine Immersion Technologies, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command.

Company Research

Research coverage for this company is in progress.

Economic classification

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Business & Markets

Financial Services · Capital Markets
What they do

Bitmine Immersion Technologies operates as a blockchain technology company focused on managing ETH and BTC treasury operations, providing consulting and advisory services, equipment leasing, and optimizing third-party power and hosting arrangements while winding down proprietary self-mining activities.

How it earns

The company generates revenue primarily through consulting/advisory services, equipment leasing, and disciplined digital asset treasury management.

Products & services
ETH treasury operations
BTC ecosystem consulting and advisory
Equipment leasing
Third-party power and hosting facilitation
Digital asset treasury management
Customers & end markets
Cryptocurrency miners and operators
Digital asset investors
Blockchain technology participants
Market position

Niche player focused on blockchain treasury management and related services within the capital markets sector.

Demand drivers
High cyclicality

Business is closely tied to cryptocurrency market cycles and mining economics, which are volatile and cyclical.