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Holds and stakes a large corporate treasury of Ethereum, having pivoted from bitcoin mining/hosting to an ETH treasury strategy.
Holds and stakes a large corporate treasury of Ethereum, having pivoted from bitcoin mining/hosting to an ETH treasury strategy.
Revenue from its old bitcoin mining and hosting is small; the business now raises cash by selling new shares and converting it to ether, so results follow the ether price and the number of shares outstanding. Staking, earning new tokens for helping to run the network, adds yield. Fundstrat's Tom Lee chairs it.
In one line: An Ethereum-focused MicroStrategy.
Moat: none (scale). First-mover scale in ETH treasury accumulation, but the strategy is easily replicated by rivals.
Headquarters: Las Vegas, Nevada, US · Founded: 2021 · Employees: 7
Size BitMine Immersion Technologies (BMNR) is a United States Financials company (Financial Conglomerates) with a market value of $11.3B, the 723rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.76 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against +1.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 1,022.3% over the last twelve months (peer median +1.6%); the operating margin is -484.6% (peer median 41.2%).
Valuation It trades at 25.9× forward earnings against a peer median of 11.3× (4th most expensive of 16).
Credit BitMine Immersion Technologies has 1 bond outstanding ($0).
Short interest Short interest is 6.6% of the free float (15 Oct 2026).
Next results Next results expected around 20 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $61.2M | $6.09M | $3.31M | $645,278 | $427,668 |
| Revenue growth | — | +84% | +413% | +51% | — |
| Gross profit | $50.1M | $310,000 | -$163,000 | -$248,235 | -$129,031 |
| EBITDA | -$296M | -$12.9M | -$1.52M | -$1.84M | -$1.70M |
| Net income | -$8.77B | $331M | -$3.29M | -$2.46M | -$2.01M |
| Free cash flow | -$295M | -$5.21M | -$104,000 | -$1.42M | -$7.74M |
| Capital expenditure | $19.1B | $7.43B | $76,000 | $612,288 | $6.11M |
| Total debt | $1.32M | $0 | $1.62M | $1.30M | $0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| BitMine Immersion Technologies BMNR | $11.3B | -15% | +1,022% | -485% | 25.9× | n/a |
| Strategy MSTR | $54.5B | -31% | +4% | -9% | 5.5× | n/a |
| Sharplink SBET | $1.36B | -16% | +1,497% | -19% | 80.5× | n/a |
| Bit Digital BTBT | n/a | -59% | n/a | n/a | n/a | n/a |
| Coinbase COIN | $35.7B | -33% | -48% | -33% | 99.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BMNR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.0% | +4.2% | lowest of 21 |
| 6-month return | -15.4% | +1.4% | lowest of 20 |
| Distance from 52-week high | -57.1% | -12.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +1,022.3% | +1.6% | highest of 21 |
| Operating margin | -484.6% | 41.2% | lowest of 21 |
| Forward P/E | 25.9× | 11.3× | 4th most expensive of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| BitMine Immersion Technologies BMNR | United States | $11.3B | -15% | +1,022% | -485% | 25.9× | n/a | n/a |
| SBI 8473.T | Japan | $11.2B | -13% | +20% | 40% | 5.9× | n/a | n/a |
| M&G MNG.L | United Kingdom | $10.3B | +7% | +68% | 8% | 11.3× | n/a | n/a |
| Washington H. Soul Pattinson and SOL.AX | Australia | $12.5B | +12% | +143% | -9% | 28.0× | n/a | n/a |
| Bajaj Holdings & Investment BAJAJHLDNG.NS | India | $13.0B | +4% | -14% | 80% | n/a | n/a | n/a |
| Ares Capital ARCC | United States | $13.8B | +1% | -8% | 61% | 9.9× | n/a | n/a |
| Investment AB Latour LATO-B.ST | Sweden | $14.2B | +19% | +3% | 15% | n/a | n/a | n/a |
| Aker AKER.OL | Norway | $8.60B | -7% | -17% | 226% | 14.3× | n/a | n/a |
| L E Lundbergforetagen LUND-B.ST | Sweden | $15.3B | +16% | -4% | 28% | n/a | n/a | n/a |
| Jio Financial Services JIOFIN.NS | India | $16.2B | -8% | +117% | 40% | 74.6× | n/a | n/a |
| Julius Baer Gruppe BAER.SW | Switzerland | $17.1B | +2% | 0% | 30% | 11.3× | n/a | n/a |
| HAL Trust HAL.AS | Netherlands | $17.2B | +1% | -5% | 14% | 12.5× | n/a | n/a |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | 13% | 5.4× | n/a | n/a |
| China Resources New Energy 001248.SZ | China | $21.5B | n/a | 0% | 42% | n/a | n/a | n/a |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 173% | 22.3× | n/a | n/a |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 46% | 10.6× | n/a | n/a |
| Industrivarden INDU-A.ST | Sweden | $23.4B | +9% | -1% | 569% | 9.6× | n/a | n/a |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 54% | 8.2× | n/a | n/a |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 91% | 15.0× | n/a | n/a |
| Zegona Communications ZEG.L | United Kingdom | $5.17B | -5% | +55% | 8% | 46.4× | n/a | n/a |
| Authum Investment & Infrastucture AIIL.NS | India | $5.14B | +16% | -23% | 79% | n/a | n/a | n/a |
BitMine Immersion Technologies has 1 bond outstanding with $0 face value.