BitMine Immersion Technologies
What matters nowUpdated 5 h ago
- BitMine filed another Regulation FD 8-K on October 13, 2026, reporting an event dated October 12 1; it has filed seven such 8-Ks since September 14, including on October 7 2 and October 5 3.
- BMNR traded at $23.815 on the pooled 24/7 venue price, up 2.43% from the previous close of $23.25. Recent moves were -5.56% on October 12, -5.85% on October 7 (an 8-K day 2), +8.82% on September 21 (also an 8-K day 4) and +8.24% on September 18.
- BitMine holds 6,016,414 ETH as of October 4, 2026, about 5% of the supply target, and its MAVAN staking platform, launched in March 2026, is staking about 5.07 million ETH. It also holds a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings (ORBS) as of October 4.
- Fundamentals as of May 31, 2026: trailing revenue of $61.2 million, up 1,022% year on year (2,168% in the latest quarter), an 84.4% gross margin, trailing free cash flow of -$294.6 million and trailing EPS of -$8.52, with a market cap of $13.8 billion or 225.6 times sales. Insiders bought 701 shares worth $15,446 over the last 180 days and sold none.
- Next: the fiscal 2026 annual report (year ended August 31) is estimated for November 30, 2026, the quarter ending November 30 for January 11, 2027, and the annual meeting for January 15, 2027, none yet confirmed. US CPI for September is due October 14, 2026 at 12:30 UTC, and Polymarket puts no change in Fed rates after the October meeting at 81.5% and a 25 bp hike at 17.5%.
BitMine Immersion Technologies is a Delaware company listed on NYSE American as BMNR. Since the third calendar quarter of 2025 it has focused on acquiring, holding and actively managing ether (ETH) as its primary treasury reserve asset, while winding down new bitcoin mining investment. Its stated goal is to hold 5% of the total ETH supply. The company also runs MAVAN, its own Ethereum staking platform, and keeps smaller bitcoin-related consulting and equipment leasing businesses.
How it makes money
BitMine earns most of its revenue from staking the ETH it holds, which it runs through its MAVAN platform, and expects to add fees from managing ETH for third parties. Its ETH holdings are carried at fair value, so reported net income and losses swing with the ETH price. Its older businesses, self-mining bitcoin, selling mining equipment, hosting and leasing, now generate a small share of revenue. The company had three officers and four contractors at August 31, 2025.
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Valuation & fundamentalsFull financials →
TTM through 2026-05-31 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
ETH treasury
Holds 6,016,414 ETH as of October 4, 2026, about 5% of the supply target.
MAVAN staking platform
Launched March 2026; staking about 5.07 million ETH, most of the company's holdings.
Bitcoin ecosystem services
Consulting and equipment leasing; consulting revenue was $168,000 in the quarter to May 31, 2026.
Hosting and power facilitation
No hosting revenue in FY2025; the company now arranges third-party power and hosting deals.
Latest newsAll news →
BitMine declares 17 more preferred dividends running to December 28
BitMine's board declared seventeen cash dividends on its 9.50% Series A Perpetual Preferred Stock, listed on the NYSE as BMNP.
BitMine posts $83.6 million net loss on $45.7 million staking revenue for quarter to May 31
BitMine's quarterly report for the three months ended May 31, 2026 showed revenue of $46.5 million, of which $45.7 million came from staking and validation, up from none a year earlier.
BitMine set to join the Russell 1000 after the June 26 reconstitution
BitMine was on FTSE Russell's preliminary Russell 3000 list, with its market value cited at $10.15 billion against a $5.7 billion Russell 1000 threshold.
BitMine prices upsized 9.50% Series A preferred offering at $80 a share
BitMine priced 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, upsized from 3,000,000 shares.
BitMine's ETH holdings reach 5.42 million with 4.72 million staked
BitMine reported 5,416,901 ETH as of May 31, 2026, about 4.49% of the ETH supply, with total crypto, cash and other holdings of $11.6 billion.
BitMine's ETH holdings reach 4.98 million with 3.33 million staked
BitMine reported 4,976,485 ETH as of April 19, 2026, about 4.12% of the ETH supply, and total crypto, cash and other holdings of $12.9 billion.
Products & businesses
ETH treasury
Holds 6,016,414 ETH as of October 4, 2026, about 5% of the supply target.
MAVAN staking platform
Launched March 2026; staking about 5.07 million ETH, most of the company's holdings.
Bitcoin ecosystem services
Consulting and equipment leasing; consulting revenue was $168,000 in the quarter to May 31, 2026.
Hosting and power facilitation
No hosting revenue in FY2025; the company now arranges third-party power and hosting deals.
Self-mining bitcoin
Still earning revenue, but new proprietary mining investment is being wound down.
Strategic equity stakes
Holds a $180 million stake in Beast Industries and a $117 million stake in Eightco Holdings (ORBS) as of October 4, 2026.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Self-mining (bitcoin) Revenue from bitcoin the company mined with its own equipment. Management is winding down new proprietary mining investment. | $3.1M | 51.4% | |
| Equipment leasing Revenue from leasing mining equipment, part of the bitcoin ecosystem services business. | $1.9M | 30.9% | |
| Mining equipment sales Revenue from selling bitcoin mining equipment. | $846.0K | 13.9% | |
| Consulting Advisory fees from bitcoin ecosystem consulting. | $235.0K | 3.9% | |
| Hosting Revenue from hosting mining equipment. It was zero in FY2025, down from $48,000 in FY2024. | — | 0.0% |
Fiscal FY2025 (year ended Aug 31, 2025) · from the annual report
Valuation & fundamentals
TTM through 2026-05-31 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q3 FY2026 2026-05-31 | Q2 FY2026 2026-02-28 | Q1 FY2026 2025-11-30 | Q4 FY2025 2025-08-31 | Q3 FY2025 2025-05-31 | Q2 FY2025 2025-02-28 | Q1 FY2025 2024-11-30 | Q4 FY2024 2024-08-31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $61.2M | $46.5M +2168% | $11.0M +628% | $2.3M +91% | $1.3Md +94% | $2.1M +67% | $1.5M +70% | $1.2M +135% | $682.4Kd +178% |
| Gross profit | $51.6M | $40.8Md +8214% | $9.6Md +3055% | $1.3Md +956% | −$67.1Kd -160% | $490.9K +121% | $304.7K -6% | $120.2K +15% | $111.6Kd +3% |
| Operating income | −$8.88B | −$11.9M | −$3.84B | −$5.47B | $446.5Md | −$468.0K | −$913.0K | −$884.0K | −$661.0Kd |
| Net income | — | — | −$3.82B | −$5.20B | $351.3Md | −$622.8K | −$1.2M | −$974.0K | −$814.4Kd |
| EPS (diluted) | $-8.52 | $-0.15 | $-8.40 | $-15.98 | $16.01d | $-0.31 | $-0.58 | $-1.66 | $-0.33d |
| Operating cash flow | −$293.1M | $29.0Md +1630% | −$88.2Md | −$228.4M | −$5.5Md -2641% | $1.7Md | −$215.0Kd | −$96.0K | $217.0Kd |
| Capital expenditure | $1.5M | $30.0Kd | $0d | $376.0K +1989% | $1.0Md +1586264% | $0d -100% | $0d | $18.0K -77% | $66d |
| Cash & equivalents | $340.3M | $340.3M | $879.6M | $887.7M | $512.0M | $1.5M | $483.0K | $797.3K | $499.0K |
| Shares outstanding | 579.7M | 579.7M | 493.9M | 405.4M | 232.4M | 2.1M | 39.7M | 39.7M | 2.5K |
| Metric | FY2025 2025-08-31 | FY2024 2024-08-31 | FY2023 2023-08-31 | FY2022 2022-08-31 |
|---|---|---|---|---|
| Revenue | $6.1M +84% | $3.3M +413% | $645.3K +51% | $427.7K |
| Cost of revenue | $5.8M +67% | $3.5M | — | $556.7K |
| Gross profit | $310.0Kd -59% | $761.0K +242% | $222.5K | −$129.0K |
| Operating income | $444.2M | −$2.4M | −$2.4M | −$1.7M |
| EBIT | $444.2M | −$2.4M | −$2.4M | −$1.7M |
| Depreciation & amortization | $761.0K -18% | $924.0K +96% | $470.7K | $0 |
| Interest expense | $245.0K -9% | $269.0K | — | — |
| Income tax | $92.3M | — | — | — |
| Net income | $348.6M | −$3.3M | −$2.5M | −$2.0M |
| EPS (diluted) | $13.39 | $-1.32 | $-0.05 | $-0.05 |
| Diluted shares (weighted) | 24.5M | 2.5M | 49.1M | 43.1M |
| Operating cash flow | −$4.1M | −$30.0K | −$809.7K | −$1.6M |
| Capital expenditure | $1.1M +1301% | $76.0K -88% | $612.3K -78% | $2.8M |
| Cash & equivalents | $512.0M | $499.0K | $270.5K | $392.6K |
| Total assets | $8.80B | $7.3M | $8.2M | $8.0M |
| Total liabilities | $102.3M | $3.2M | $1.9M | $570.0K |
| Shareholders' equity | $8.69B | $4.1M | $6.3M | $7.4M |
| Shares outstanding | 232.4M | 2.5K | 49.7M | 48.6M |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
BitMine declares 17 more preferred dividends running to December 28
BitMine's board declared seventeen cash dividends on its 9.50% Series A Perpetual Preferred Stock, listed on the NYSE as BMNP.
BitMine posts $83.6 million net loss on $45.7 million staking revenue for quarter to May 31
BitMine's quarterly report for the three months ended May 31, 2026 showed revenue of $46.5 million, of which $45.7 million came from staking and validation, up from none a year earlier.
BitMine set to join the Russell 1000 after the June 26 reconstitution
BitMine was on FTSE Russell's preliminary Russell 3000 list, with its market value cited at $10.15 billion against a $5.7 billion Russell 1000 threshold.
BitMine prices upsized 9.50% Series A preferred offering at $80 a share
BitMine priced 3,500,000 shares of 9.50% Series A Perpetual Preferred Stock at $80.00 per share, upsized from 3,000,000 shares.
BitMine's ETH holdings reach 5.42 million with 4.72 million staked
BitMine reported 5,416,901 ETH as of May 31, 2026, about 4.49% of the ETH supply, with total crypto, cash and other holdings of $11.6 billion.
BitMine's ETH holdings reach 4.98 million with 3.33 million staked
BitMine reported 4,976,485 ETH as of April 19, 2026, about 4.12% of the ETH supply, and total crypto, cash and other holdings of $12.9 billion.
BitMine posts $3.8 billion net loss for quarter to Feb. 28 on ETH markdown
BitMine's quarterly report for the three months ended February 28, 2026 showed a net loss of $3.82 billion, compared with a $1.2 million loss a year earlier.
BitMine moves to the NYSE and raises its buyback authorization to $4 billion
BitMine's shares began trading on the NYSE as BMNR on April 9, 2026, after leaving NYSE American.
BitMine launches MAVAN, its Ethereum validator network, for institutional clients
BitMine officially launched MAVAN (Made in America Validator Network), its proprietary Ethereum staking platform.
BitMine holds 4.53 million ETH with 3.04 million staked
BitMine reported 4,534,563 ETH as of March 8, 2026, about 3.76% of ETH supply, and said 3,040,483 ETH was staked.
BitMine's ETH holdings reach 4.33 million tokens in weekly update
BitMine reported 4,325,738 ETH as of February 8, 2026, about 3.58% of the 120.7 million ETH supply, after buying 40,613 ETH in the past week.
BitMine agrees to invest $200 million in MrBeast's Beast Industries
BitMine agreed to put $200 million into Beast Industries, the company behind MrBeast, with the deal expected to close around January 19.
BitMine names Young Kim CFO and COO and adds him to the board
BitMine said Young Kim is its new chief financial officer and chief operating officer, effective immediately, and that he is joining the board.