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Friday 6 November 2026
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BitMine Immersion Technologies, Inc.
BMNR Financial Capital Markets
BitMine Immersion Technologies, Inc.’s revenue for fiscal 2025 (year ended August 2025) was $6.1 million, up 84.1% from fiscal 2024.
- Revenue
- +2,167.8%
- EPS
- +51.6%
- Free cash flow
- −126,594.8%
Quarter to May 2026, against a year earlier
18.81
0.19
−1.00%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to August
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM May ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 0 | 1 | 3 | 6 | 61 | +142.4% | 120 | 625 | 993 | +446.1% | |
| Gross margin, % | — | — | — | — | — | — | (30.16) | 34.48 | (4.92) | 5.09 | 84.36 | +35.3 pt | ||||||
| EBT | — | — | — | — | 0 | 0 | (2) | (2) | (3) | 441 | (8,755) | n/m | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (463.46) | (381.98) | (99.49) | 7,233.34 | (14,306.59) | +7,233.3 pt | ||||||
| Net income | — | — | — | 0 | 0 | 0 | (2) | (2) | (3) | 349 | (8,755) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | 0.00 | 0.01 | 0.01 | 1.33 | 0.25 | 0.11 | n/m | |||||
| Earnings | — | — | — | — | — | (0.02) | (0.05) | (0.05) | (1.32) | 13.60 | (20.83) | n/m | ||||||
| Cash flow | — | — | — | — | 0.00 | (0.01) | (0.04) | (0.02) | (0.01) | (0.17) | (0.53) | n/m | ||||||
| Capex | — | — | — | — | 0.00 | (0.04) | (0.06) | (0.01) | (0.03) | (307.90) | (34.65) | n/m | ||||||
| Free cash flow | — | — | — | — | 0.00 | (0.05) | (0.10) | (0.03) | (0.04) | (308.07) | (35.18) | n/m | ||||||
| Book value | — | — | — | 0.00 | 0.00 | 0.04 | 0.17 | 0.13 | 1.64 | 360.13 | 21.02 | n/m | ||||||
| Shares, m | — | — | — | — | — | 10 | 43 | 49 | 2 | 24 | 339 | +25.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 36.98 | 0.00 | 9.2 | |||||
| P/S | — | — | — | — | — | — | 3.43 | 3.43 | 3.43 | 168.27 | 174.12 | 44.6 | ||||||
| P/B | — | — | — | — | — | — | 5.56 | 5.56 | 5.56 | 0.12 | 0.92 | 4.2 | ||||||
| EV/Sales | — | — | — | — | — | — | 2.93 | 2.93 | 2.93 | 84.58 | — | 23.3 | ||||||
| EV/FCF | — | — | — | — | — | — | 10.19 | 10.19 | 10.19 | (98.87) | — | (17.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 0 | 0 | (2) | (1) | 0 | (4) | (293) | +199.6% | |||||
| Capex | — | — | — | — | 0 | 0 | (3) | (1) | 0 | (7,432) | (19,119) | n/m | ||||||
| Free cash flow | — | — | — | — | 0 | (1) | (4) | (1) | 0 | (7,436) | (19,412) | +1,240.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 0 | 0 | 0 | 1 | (1) | (2) | 503 | 433 | n/m | |||||
| Net debt | — | — | — | 0 | 0 | 0 | 0 | 1 | 1 | (512) | (440) | +703.7% | ||||||
| Shareholders’ equity | — | — | — | 0 | 0 | 0 | 7 | 6 | 4 | 8,693 | 11,600 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | 0.00 | 0.00 | (47.60) | (46.52) | (30.47) | (42.53) | 7.46 | (150.74) | +7.5 pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | (19.65) | (15.07) | (20.64) | (29.36) | 3.39 | (49.71) | +3.4 pt | ||||||
| ROE | — | — | — | 0.00 | 0.00 | (99.32) | (51.65) | (36.09) | (63.67) | 7.55 | (151.21) | +7.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 2 | 6 | 6 | 7 | 7 | — | +36.8% | |||||
| Revenue/emp, $m | — | — | — | — | — | 0.00 | 0.07 | 0.11 | 0.47 | 0.87 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Aug 2025 · latest quarter May 2026 · fundamentals updated 26 Oct 2026
Business profile
BitMine Immersion Technologies, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CRCL Circle Internet Group, Inc. | $17.7B | 37.4× | 65.3× | +16.91% (above 0%: growing) | −4.30% (below 0%: shrinking) | −88.69% (below 0%: shrinking) | 0.00% | 24.09% | Compare |
| BMNR BitMine Immersion Technologies, Inc. | $11.5B | — (loss-making) | — (loss-making) | +2,167.79% (above 0%: growing) | n/m | −126,594.81% (below 0%: shrinking) | 87.70% | (25.50%) | |
| EVR Evercore Inc | $11.2B | 14.5× | 15.2× | +12.51% (above 0%: growing) | +24.01% (above 0%: growing) | +25.04% (above 0%: growing) | 99.76% | 21.48% | Compare |
| JEF Jefferies Financial Group Inc. | $11.2B | 12.7× | 12.4× | +8.52% (above 0%: growing) | +17.31% (above 0%: growing) | +1,563.06% (above 0%: growing) | 98.97% | 24.82% | Compare |
| SF Stifel Financial Corporation | $10.8B | 11.8× | 11.4× | −0.22% (below 0%: shrinking) | +13.26% (above 0%: growing) | −90.85% (below 0%: shrinking) | 99.05% | 22.63% | Compare |
| HLI Houlihan Lokey, Inc. | $10.2B | 24.5× | 18.2× | +4.85% (above 0%: growing) | −1.80% (below 0%: shrinking) | −25.70% (below 0%: shrinking) | 35.98% | 22.25% | Compare |
| FUTU Futu Holdings Limited Sponsored ADR | $9.0B | 9.2× | 10.6× | +35.71% (above 0%: growing) | +42.98% (above 0%: growing) | +443.45% (above 0%: growing) | 86.31% | 61.99% | Compare |
| VIRT Virtu Financial, Inc. | $8.4B | 8.9× | 8.2× | +19.05% (above 0%: growing) | −1.21% (below 0%: shrinking) | +78.56% (above 0%: growing) | 78.24% | 46.04% | Compare |
| IREN IREN Limited | $7.3B | — (loss-making) | — (loss-making) | −26.73% (below 0%: shrinking) | n/m | +705.74% (above 0%: growing) | 75.71% | (585.97%) | Compare |
| Median of peers | $10.5B | 12.7× | 12.4× | +10.52% | +13.26% | +51.80% | 82.28% | 23.36% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
45.19%
Held by the ten largest
29.11%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 52.00m | 9.67% | +20.03m |
| BlackRock | 27.30m | 5.08% | +16.22m |
| Morgan Stanley | 16.29m | 3.03% | +2.50m |
| Clear Street Group Inc. | 12.70m | 2.36% | −1.94m |
| Geode Capital Management | 10.19m | 1.90% | +4.42m |
| ARK Investment Management LLC | 8.81m | 1.64% | −887.58k |
| State Street | 8.74m | 1.63% | +6.44m |
| Fidelity (FMR) | 7.70m | 1.43% | +7.14m |
| Susquehanna | 6.62m | 1.23% | −1.92m |
| Norges Bank | 6.15m | 1.14% | +6.15m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 December 2025
Ownership
Directors and executive officers, together
less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
BitMine Immersion Technologies, Inc. (BMNR) Latest News
4 May
9 Apr
6 Apr
18 Mar
BMNR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
BitMine Immersion Technologies is a U.S.-based digital asset company headquartered in Las Vegas. Its primary treasury reserve asset is ETH, the native digital asset of the Ethereum network. The company acquires, holds and manages ETH, using proceeds from equity offerings and other capital-markets transactions. Its shares give investors indirect exposure to the ETH held in its corporate treasury.
Ethereum is a blockchain network that supports programmable contracts and applications. ETH is used to pay transaction fees and for computation and validator rewards. BitMine seeks to hold ETH over the long term and may put some of it into staking: an activity that helps secure the network and can earn protocol rewards, but also carries risks.