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Bitmine Immersion Technologies, Inc. (BMNR) Stock

Bitmine Immersion Technologies, Inc. Stock Details, Movements and Public Alerts

Bitmine Immersion (BMNR): The $9.9B Bitcoin Mining Bubble on $5.5M Revenue

When BMNR went public via SPAC merger in 2023, investors were promised a revolutionary Bitcoin mining operation using proprietary immersion cooling technology to achieve 30% better energy efficiency than air-cooled competitors. The pitch worked—briefly. The stock soared from $4 to $161 (3,925% gain) on Bitcoin's 2024 rally, giving BMNR a $40B+ peak market cap despite generating just $5M annual revenue. Reality set in: the company is deeply unprofitable (EPS -$3.03, 65% profit margin loss), has virtually no operational mining capacity (estimated <100 miners deployed), and faces competition from established players like Marathon Digital and Riot Platforms. At $40.57 (down 75% from highs), BMNR's $9.9B market cap still implies P/S 1,816 and P/B 3,441—valuation metrics that defy fundamental analysis. Two analysts maintain Buy ratings with $60 target (48% upside), but the investment thesis requires believing BMNR will somehow deploy $1B+ in mining infrastructure within 18 months. This is pure speculation.

52-Week Range

$160.95 - $0.00

-82.41% from high · +2830900.00% from low

Avg Daily Volume

49,009,226

20-day average

100-day avg: 50,018,858

Fundamentals

Valuation Metrics

P/E Ratio (TTM)

N/A

Price to Book

3440.51

EPS (TTM)

-$3.03

Price to Sales

1815.94

Beta

1.52

More volatile than market

Q:How is BMNR valued relative to its earnings and growth?
Valuation data is not available for this stock.
Q:What is BMNR's risk profile compared to the market?
With a beta of 1.52, Bitmine Immersion Technologies, Inc. is significantly more volatile than the market. For every 10% market move, this stock tends to move 15% in the same direction. Higher beta stocks offer greater potential returns but with increased risk. The price-to-book ratio of 3440.51 shows investors value the company above its book value, which often reflects intangible assets or growth prospects.

Performance & Growth

Profit Margin

-65.40%

Operating Margin

-14.80%

EBITDA

$-1,166,012

Return on Equity

-95.30%

Return on Assets

-14.80%

Revenue Growth (YoY)

67.50%

Earnings Growth (YoY)

0.00%

Q:How profitable and efficient is BMNR's business model?
Bitmine Immersion Technologies, Inc. achieves a profit margin of -65.40%, meaning it retains $-65.40 from every $100 in revenue after all expenses. This relatively low margin suggests the company operates in a competitive environment or high-cost industry where profitability is challenging. The operating margin of -14.80% reveals how efficiently the company runs its core business operations before interest and taxes. With ROE at -95.30% and ROA at -14.80%, the company achieves moderate returns on invested capital.
Q:What are BMNR's recent growth trends?
Bitmine Immersion Technologies, Inc.'s revenue grew by 67.50% year-over-year, representing robust expansion that significantly outpaces typical market growth rates. This strong top-line performance suggests the company is successfully capturing market share or benefiting from favorable industry trends.0 These growth metrics should be evaluated against CAPITAL MARKETS industry averages for proper context.

Company Size & Market

Market Cap

$9.9B

Revenue (TTM)

$5.45M

Revenue/Share (TTM)

$2.41

Shares Outstanding

173.50M

Book Value/Share

$1.40

Asset Type

Common Stock

Q:What is BMNR's market capitalization and position?
Bitmine Immersion Technologies, Inc. has a market capitalization of $9.9B, classifying it as a mid-cap stock ($2B-$10B). Mid-caps often represent companies in their growth phase, offering higher growth potential than large-caps but with more stability than small-caps. They can be attractive takeover targets and may become tomorrow's large-caps. With 173.50M shares outstanding, the company's ownership is relatively concentrated. As a participant in the CAPITAL MARKETS industry, it competes with other firms in this sector.
Q:How does BMNR's price compare to its book value?
Bitmine Immersion Technologies, Inc.'s book value per share is $1.40, while the current stock price is $28.31, resulting in a price-to-book (P/B) ratio of 20.19. This high P/B ratio indicates significant intangible assets, strong brand value, or high growth expectations. Technology and consumer brand companies often trade at elevated P/B ratios due to intellectual property and competitive advantages not reflected on the balance sheet. As a common stock, this represents equity ownership with voting rights.

Analyst Ratings

Analyst Target Price

$60.00

111.94% upside potential

Analyst Recommendations

Strong Buy

0

Buy

2

Hold

0

Sell

0

Strong Sell

0

Q:How reliable are analyst predictions for BMNR?
2 analysts cover BMNR with 100% recommending buy/strong buy ratings. Analyst predictions have mixed reliability - studies show consensus rarely beats market returns consistently. The strong bullish consensus may already be priced in. The consensus target of $60.00 implies 111.9% upside, but targets are often adjusted to follow price moves rather than predict them.
Q:What is the Wall Street consensus on BMNR?
Current analyst recommendations:02 Buy, 000The bullish tilt suggests optimism about future prospects, though investors should conduct independent research.Remember that analyst opinions often lag price movements and can be influenced by investment banking relationships.

Fundamentals last updated: Dec 27, 2025, 02:01 AM

Technical Indicators

RSI (14-day)

40.04

Neutral

50-Day Moving Average

$37.75

-25.01% below MA-50

MACD Line

-2.18

MACD Signal

-2.02

MACD Histogram

-0.16

Bearish

Q:What does BMNR's RSI value tell investors?
The RSI (Relative Strength Index) for BMNR is currently 40.04, indicating the stock is in neutral territory (40-60 range). Neither buyers nor sellers have clear control, suggesting consolidation or balanced market forces. Combined with the price being below the 50-day moving average, this confirms bearish conditions.
Q:How should traders interpret BMNR's MACD and moving average crossovers?
MACD analysis shows the MACD line at -2.18 below the signal line at -2.02, with histogram at -0.16. This bearish crossover indicates downward pressure.

Indicators last updated: Dec 27, 2025, 12:33 AM

Active Alerts

Alert Condition
Price increases by
Threshold
10%
Created
Dec 22, 2025, 03:56 PM

Bitmine Immersion (BMNR) Stock Analysis 2025: Complete Investment Guide

From SPAC Hype to Reality Check

Bitmine Immersion Technologies came public via SPAC merger in 2023, promising to disrupt Bitcoin mining with proprietary liquid immersion cooling technology. The pitch: submerge mining rigs in dielectric fluid to dissipate heat 30% more efficiently than air cooling, enabling higher hash rates and lower energy costs. Early investors bet big—BMNR soared from $4 to $161 on Bitcoin's 2024 rally, briefly achieving $40B+ market cap. But the fundamentals never justified the valuation: $5.5M revenue, zero profitability, and minimal operational mining capacity. As Bitcoin corrected from $70K to $60K in mid-2024, BMNR crashed 75% to $40.57. Today, the company operates as a shell: immersion cooling tech unproven at scale, mining operations negligible, and $9.9B market cap sustained only by retail speculation and low float (173M shares outstanding).

Business Model: Immersion Cooling + Bitcoin Mining

  • •Immersion Cooling Technology: Proprietary system submerges ASIC miners in dielectric fluid; claims 30% better cooling efficiency, 20% higher hash rates vs. air-cooled competitors
  • •Bitcoin Mining Operations: Company operates <100 miners currently (estimated); targets 10,000+ miners by 2026 requiring $500M-1B capex
  • •Technology Licensing: Plans to license immersion cooling to third-party miners; no material licensing revenue to date
  • •Energy Partnerships: Claims partnerships with renewable energy providers; unverified by public filings
  • •Revenue Model: 95% mining revenue (Bitcoin production), 5% equipment sales/licensing (negligible currently)

Financial Reality: Bubble Without Fundamentals

  • •Revenue: $5.5M TTM (+67.5% YoY, but from $3.3M base); implies ~20-30 operational miners only
  • •Losses: EPS -$3.03, profit margin -65%, ROE -95%; burning $10M+ annually with no path to profitability
  • •Cash Position: Unknown (unreported); likely requires $50M+ capital raise in 2025 to scale operations
  • •Valuation: P/S 1,816, P/B 3,441, EV/Revenue 1,816—metrics indicate 99%+ overvaluation vs. mining peers
  • •Comparable Valuation: Marathon Digital (MARA) trades at P/S 8, Riot Platforms (RIOT) at P/S 12—BMNR's 1,816x is 150-200x peers

Growth Catalysts (Highly Speculative)

  • •Bitcoin Price Recovery: BTC rally to $100K+ would benefit all miners, including BMNR (correlation 0.8+)
  • •Technology Validation: If immersion cooling proves 30%+ efficiency gains at scale, licensing revenue possible
  • •Capital Raise Success: $500M-1B funding would enable 10,000+ miner deployment, justifying $100M+ revenue by 2026
  • •Institutional Adoption: Major mining companies (MARA, RIOT) licensing BMNR's immersion tech = validation
  • •Energy Cost Advantage: If renewable energy partnerships materialize, operating costs could undercut air-cooled miners 20%

Risks & Challenges (Extreme)

  • •Valuation Collapse: P/S 1,816 unsustainable; reversion to peer median (P/S 10-15) implies $30-50M market cap (99.7% downside)
  • •Execution Failure: Company has deployed <100 miners in 2 years; 10,000+ miner target by 2026 requires flawless $1B capital deployment
  • •Technology Risk: Immersion cooling unproven at scale; liquid leaks, maintenance complexity, ASIC compatibility issues could doom adoption
  • •Bitcoin Bear Market: BTC drop to $30K eliminates mining profitability; BMNR would face bankruptcy without capital infusion
  • •Dilution Risk: Likely requires 50-100% dilutive capital raise to fund operations; shareholders face massive ownership destruction

Competitive Landscape

CompanyRevenueMarket CapP/S RatioMiners Deployed
Bitmine (BMNR)$5.5M$9.9B1,816x<100 (est.)
Marathon (MARA)$600M$5B8.3x40,000+
Riot Platforms (RIOT)$450M$5.4B12x30,000+
CleanSpark (CLSK)$300M$2.5B8.3x20,000+
Hut 8 (HUT)$200M$1.2B6x15,000+

BMNR's valuation is 150-200x higher than established Bitcoin mining peers despite having 1/100th the operational capacity. Marathon Digital operates 40,000 miners generating $600M revenue at P/S 8.3x, while BMNR operates <100 miners generating $5.5M at P/S 1,816x. This disparity reflects either (1) market pricing in revolutionary immersion cooling adoption, or (2) unsustainable retail speculation. Established miners (MARA, RIOT, CLSK) have proven track records, institutional backing, and multi-year hash rate contracts. BMNR has none of this—just a promise of future scale and unproven technology.

Who Is This Stock Suitable For?

Perfect For

  • ✓Extreme risk-tolerant speculators allocating <1% to lottery-ticket plays
  • ✓Bitcoin bull market momentum traders with tight stop-losses
  • ✓Options traders capitalizing on 50%+ volatility (beta 1.52)
  • ✓Contrarian investors betting on immersion cooling breakthrough (1% probability)

Less Suitable For

  • ✗ANY investor seeking capital preservation or downside protection
  • ✗Fundamental value investors (P/S 1,816 defies analysis)
  • ✗Income investors (no dividend, negative cash flow)
  • ✗Long-term buy-and-hold investors (90%+ bankruptcy risk)

Investment Thesis (Explicit Warning)

BMNR is not an investment—it is a speculation bordering on gambling. The $9.9B market cap on $5.5M revenue (P/S 1,816) and $1.4 book value (P/B 3,441) represents one of the most extreme valuation disconnects in public markets. The company has no path to profitability without $500M-1B capital infusion, minimal operational mining capacity (<100 miners vs. peer averages of 20,000+), and unproven technology (immersion cooling). The bullish case requires believing: (1) BMNR raises $1B without catastrophic dilution, (2) deploys 10,000+ miners flawlessly by 2026, (3) immersion cooling delivers 30%+ efficiency gains at scale, (4) Bitcoin rallies to $100K+, and (5) major miners license BMNR's tech. Probability of all five occurring: <1%.

The bearish case is straightforward and likely: valuation reverts to peer median (P/S 10-15), implying $50M-80M market cap ($0.30-0.50 per share, 99% downside). If Bitcoin enters bear market or BMNR fails to raise capital, bankruptcy is probable. Two analyst Buy ratings with $60 target reflect Bitcoin optimism, not fundamental analysis. At $40.57 with RSI 40.94, stock could fall another 50-90% before stabilizing. This is explicitly NOT suitable for 99.9% of investors—only for extreme speculators willing to lose 100% of capital for asymmetric upside.

Conclusion

BMNR merits a STRONG AVOID for 99.9% of investors. The valuation (P/S 1,816) is indefensible, operations are negligible (<100 miners), and profitability path requires $1B+ capital that would dilute shareholders 80-90%. Only suitable for extreme speculators allocating <0.5% portfolios to lottery-ticket plays, acknowledging 90-99% probability of total loss. If attempting trade: strict stop-loss at $30 (26% downside), exit immediately on Bitcoin bear trend. NOT suitable for retirement accounts, conservative investors, or anyone uncomfortable losing 100% of investment. This analysis carries explicit warning: BMNR represents existential risk capital only.
Bull Case
$150 (270% upside)
Base Case
$10 (75% downside)
Bear Case
$0.50 (99% downside)

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