BMNR Stock Analysis: BitMine Immersion | NYSE
Capital Markets | NYSE, USA | Market Cap: 15.847m USD | 12M Return: -58.3% | US09175A2069 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 966M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
BitMine Immersion Technologies, Inc. (BMNR) is a US-based blockchain technology company headquartered in Las Vegas, Nevada, and incorporated in 2019 under its former name Sandy Springs Holdings Inc. The company has shifted away from direct cryptocurrency mining and now focuses on digital asset treasury management and ecosystem services rather than proprietary self-mining.
Its operations center on ETH treasury operations, BTC ecosystem services (including consulting, advisory, and equipment leasing), and the facilitation of third-party power and hosting arrangements. The company is also winding down self-mining exposure, deferring new site buildouts, and sells mining equipment to customers and related parties. Despite describing itself as a blockchain technology company, BMNR is classified under the Financials sector (GICS Sub-Industry: Investment Banking & Brokerage), reflecting a market treatment that emphasizes its treasury and advisory activities over traditional mining operations.
BMNR began trading on the NYSE in 2025 and is currently categorized as a large-cap stock. The companys pivot toward treasury management mirrors a broader industry trend in which digital asset firms have moved away from energy-intensive self-mining toward holding and managing crypto assets on behalf of shareholders, a model popularized by companies adopting Ethereum or Bitcoin as primary treasury reserves.
- ETH price volatility drives treasury asset valuation swings
- BTC ecosystem consulting and equipment leasing revenue expands
- Crypto regulation changes impact digital asset treasury operations
| Net Income: -8.75b TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -21.48 > 1.0 |
| NWC/Revenue: 707.8% < 20% (prev -57.97%; Δ 765.8% < -1%) |
| CFO/TA -0.03 > 3% & CFO -293.1m > Net Income -8.75b |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 36.68 > 1.5 & < 3 |
| Outstanding Shares: last quarter (551.8m) vs 12m ago 175.0% < -2% |
| Gross Margin: 83.48% > 18% (prev 18.84%; Δ 64.64% > 0.5%) |
| Asset Turnover: 1.05% > 50% (prev 65.96%; Δ -64.91% > 0%) |
| Interest Coverage Ratio: -35.6k > 6 (EBIT TTM -8.73b / Interest Expense TTM 245k) |
| A: 0.04 (Total Current Assets 445.3m - Total Current Liabilities 12.1m) / Total Assets 11.6b |
| B: -0.75 (Retained Earnings -8.77b / Total Assets 11.6b) |
| C: -1.50 (EBIT TTM -8.73b / Avg Total Assets 5.82b) |
| D: 385.0 (Book Value of Equity 11.6b / Total Liabilities 30.1m) |
| Altman-Z'' = 392.0 = AAA |
As of October 08, 2026, the stock is trading at USD 24.66 with a total of 35,831,101 shares traded. Over the past week, the price has changed by -6.70%, over one month by -0.44%, over three months by +66.62% and over the past year by -58.33%.
Current recommended Stop Loss: 21.10 (which is 14.4% or 2.3 ATR below the current price).
BitMine Immersion has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy BMNR.
- StrongBuy: 3
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 45.9 | 86% |
P/S = 258.9551
P/B = 1.428
Revenue TTM = 61.2m USD
EBIT TTM = -8.73b USD
EBITDA TTM = -8.73b USD
Long Term Debt = unknown (none)
Short Term Debt = 81.0k USD (from shortTermDebt, two quarters ago)
Debt = 1.22m USD (from shortLongTermDebtTotal, last quarter) (leases 1.22m already included)
Net Debt = -339.1m USD (calculated: Debt 1.22m - CCE 340.3m)
Enterprise Value = 15.5b USD (15.8b + Debt 1.22m - CCE 340.3m)
Interest Coverage Ratio = -35.6k (Ebit TTM -8.73b / Interest Expense TTM 245k)
EV/FCF = -52.65x (Enterprise Value 15.5b / FCF TTM -294.6m)
FCF Yield = -1.90% (FCF TTM -294.6m / Enterprise Value 15.5b)
FCF Margin = -481.4% (FCF TTM -294.6m / Revenue TTM 61.2m)
Net Margin = -14.3k% (Net Income TTM -8.75b / Revenue TTM 61.2m)
Gross Margin = 83.48% ((Revenue TTM 61.2m - Cost of Revenue TTM 10.1m) / Revenue TTM)
Gross Margin QoQ = 87.70% (prev 87.08%)
Tobins Q-Ratio = 1.33 (Enterprise Value 15.5b / Total Assets 11.6b)
Interest Expense / Debt = 20.15% (Interest Expense 245k / Debt 1.22m)
Taxrate = 20.93% (92.3m / 440.9m)
NOPAT = -6.90b (EBIT -8.73b * (1 - 20.93%)) [loss with tax shield]
Current Ratio = 36.68 (Total Current Assets 445.3m / Total Current Liabilities 12.1m)
Debt / Equity = 0.00 (Debt 1.22m / totalStockholderEquity, last quarter 11.6b)
Debt / EBITDA = 0.04 (negative EBITDA) (Net Debt -339.1m / EBITDA -8.73b)
Debt / FCF = 1.15 (negative FCF - burning cash) (Net Debt -339.1m / FCF TTM -294.6m)
Total Stockholder Equity = 10.4b (last 4 quarters mean from totalStockholderEquity)
RoA = -150.4% (out of range, set to none)
RoE = -84.58% (Net Income TTM -8.75b / Total Stockholder Equity 10.4b)
RoCE = -75.11% (EBIT -8.73b / Capital Employed (Total Assets 11.6b - Current Liab 12.1m))
RoIC = -59.40% (negative operating profit) (NOPAT -6.90b / Invested Capital 11.6b)
WACC = 23.57% (E(15.8b)/V(15.8b) * Re(23.57%) + D(1.22m)/V(15.8b) * Rd(20.15%) * (1-Tc(0.21)))
Discount Rate = 23.57% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 69.45 | Cagr: 42.40%
[DCF] Fair Price = unknown (Cash Flow -294.6m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: 94.53 | Revenue CAGR: 286.9% | SUE: N/A | # QB: 0
EPS current Quarter (2026-11-30): EPS=0.12 | Chg30d=+20.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-08-31): EPS=-21.89 | Chg30d=-0.02% | Revisions=-25% | GrowthEPS=-263.4% | GrowthRev=+1864.7%
EPS next Year (2027-08-31): EPS=0.69 | Chg30d=+98.57% | Revisions=-25% | GrowthEPS=+103.2% | GrowthRev=+421.8%
[Analyst] Revisions Ratio: -50% (up=0, down=3)