BitMine Immersion
BMNR
$24.20
-0.04%
BitMine Immersion Technologies, Inc. is a Bitcoin and Ethereum network company focused on accumulating cryptocurrency for long-term investment through its Bitcoin mining operations and capital-raising activities, operating in the financial services/capital markets sector. The company distinguishes itself by offering a diversified business model that includes Bitcoin mining, synthetic Bitcoin mining via hashrate financial products, and advisory services to public companies seeking Bitcoin-denominated revenues, with operations in low-cost energy regions in Trinidad and Texas. Currently, the stock is attracting attention due to a significant capital raise through an upsized $273.8 million Series A perpetual preferred stock offering announced in June 2026, which is intended to fund Ethereum and staking expansion, while the company navigates a volatile crypto market and a dramatic stock price decline from its 52-week high. The narrative centers on whether this capital infusion can drive growth and profitability amid operational losses and a highly speculative market environment.…
BMNR
BitMine Immersion
$24.20
Related headlines
Investment Opinion: Should I buy BMNR Today?
Rating: Hold. The stock has strong growth potential, but the extreme valuation and lack of profitability make it a speculative buy at best. Analyst consensus is a strong buy with an average target of $33.53, implying 34.3% upside, but this is based on optimistic assumptions. The thesis is that BMNR's high gross margins and revenue acceleration could lead to profitability, but the current price already reflects much of this optimism.
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BMNR 12-Month Price Forecast
The AI assessment is neutral with medium confidence. The company has impressive gross margins and revenue acceleration, but the extreme valuation and persistent losses create significant uncertainty. The success of the capital raise and expansion into Ethereum staking could be transformative, but execution risks are high. If the company can achieve profitability within the next 12 months, the stock could re-rate higher. Conversely, any misstep could lead to a sharp decline. The stance would upgrade to bullish if the company reports positive operating income or if revenue growth exceeds 50% in the next quarter. It would downgrade to bearish if cash burn accelerates or if crypto prices collapse.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on BitMine Immersion's 12-month outlook, with a consensus price target around $33.53 and implied upside of +38.6% versus the current price.
Average Target
$33.53
0 analysts
Implied Upside
+38.6%
vs. current price
Analyst Count
—
covering this stock
Price Range
$30 - $40
Analyst target range
Analyst coverage is limited to 3 analysts, all with a 'strong buy' recommendation (mean recommendation of 1.0), indicating a highly bullish consensus. The average target price is $33.53, implying an upside of 34.3% from the current price of $24.97. The consensus is strongly bullish, with no hold or sell ratings, reflecting confidence in the company's growth strategy and recent capital raise. The target price range is $30.00 to $40.00, with the high target suggesting a 60.2% upside, likely assuming successful execution of Ethereum staking expansion and continued revenue growth, while the low target implies a 20.1% upside, possibly pricing in more conservative mining margins or regulatory risks. The narrow spread between low and high targets (33.3% of the average) indicates relatively high conviction among analysts, though the small number of analysts suggests limited institutional coverage, which could lead to higher volatility and less efficient price discovery.
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Bulls vs Bears: BMNR Investment Factors
BMNR presents a high-risk, high-reward opportunity. The bull case hinges on explosive revenue growth, high gross margins, and a successful capital raise to fund expansion. However, the bear case is equally compelling with extreme valuation, persistent losses, and negative cash flow. Currently, the bear side has stronger evidence due to the astronomical PS ratio and lack of profitability, but the recent revenue acceleration and analyst optimism provide a counterbalance. The most critical tension is whether the company can translate its high gross margins into net profitability while maintaining revenue growth—if it fails, the stock could see a severe de-rating.
Bullish
- Explosive Revenue Growth: Q3 FY2026 revenue surged to $46.5M, up 21.7% YoY and a massive jump from $11.0M in Q2 and $2.3M in Q1. This acceleration demonstrates the scalability of mining operations and capital-raising activities, with forward revenue estimates of $441.7M implying a 10x increase over the next year.
- High Gross Margin: Gross margin reached 87.7% in Q3 FY2026, up from 23.9% in the year-ago quarter. This indicates strong underlying profitability on mining operations, providing a solid foundation for future earnings once operating expenses are controlled.
- Strong Analyst Consensus: All 3 analysts rate BMNR a 'strong buy' with a mean recommendation of 1.0. The average target price of $33.53 implies 34.3% upside, with the high target of $40.00 suggesting 60.2% upside, reflecting confidence in the company's growth strategy.
- Successful Capital Raise: The upsized $273.8M Series A perpetual preferred stock offering in June 2026 signals strong institutional demand and provides crucial capital for Ethereum and staking expansion. This funding reduces liquidity risk and supports growth initiatives.
Bearish
- Extreme Valuation: Trailing PS ratio is an astronomical 1,727.5x, and EV/Sales is 255.2x. Even with forward revenue estimates, the forward PS of 23.8x is far above industry norms, pricing in explosive growth that may not materialize.
- Persistent Losses: Net loss of $83.6M in Q3 FY2026, with net margin at -179.6%. Operating margin is -25.5% due to SG&A expenses of $37.3M, indicating the company is far from profitability despite high gross margins.
- Massive Drawdown: The stock has suffered a 78.95% maximum drawdown over the past year, falling from a 52-week high of $65.60 to as low as $12.80. This extreme volatility highlights the speculative nature and risk of significant capital loss.
- Negative Free Cash Flow: Free cash flow TTM is -$294.6M, indicating the company is burning cash at an alarming rate. This reliance on external funding raises concerns about sustainability if capital markets tighten.
BMNR Technical Analysis
The prevailing price trend for BMNR is a sharp recovery from a severe downtrend, with the stock currently trading at $24.97, down 40.8% over the past year but up 57.0% over the last three months. The stock is positioned at 24.5% of its 52-week range (between $12.80 low and $65.60 high), indicating it remains well below its highs but has rebounded significantly from its June 2026 low of $13.31. This positioning suggests a potential value opportunity if the recovery sustains, but also highlights the stock's extreme volatility and the risk of a falling knife given its 78.95% maximum drawdown over the past year.
Beta
1.35
1.35x market volatility
Max Drawdown
-79.0%
Largest decline past year
52-Week Range
$13-$66
Price range past year
Annual Return
-46.9%
Cumulative gain past year
| Period | BMNR Return | S&P 500 |
|---|---|---|
| 1m | +33.8% | -1.6% |
| 3m | +50.2% | +2.2% |
| 6m | +17.8% | +14.4% |
| 1y | -46.9% | +16.2% |
| ytd | -22.4% | +11.1% |
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BMNR Fundamental Analysis
Revenue is growing rapidly, with the most recent quarter (Q3 FY2026, ending May 31, 2026) reporting $46.5 million in revenue, a 21.7% year-over-year increase, and a significant acceleration from prior quarters which saw revenues of $11.0 million (Q2) and $2.3 million (Q1). This growth is driven by the company's mining operations and capital-raising activities, though the revenue base is still small relative to its market cap of $10.5 billion. The company remains unprofitable, with a net loss of $83.6 million in the latest quarter, but gross margin is high at 87.7%, indicating strong underlying profitability on mining operations before operating expenses. However, operating margin is deeply negative at -25.5% due to substantial SG&A expenses of $37.3 million, and the company's net margin is -179.6%, reflecting significant other expenses and losses from investments.
Quarterly Revenue
$46535000.0B
2026-05
Revenue YoY Growth
N/A
YoY Comparison
Gross Margin
87.7%
Latest Quarter
Free Cash Flow
$-294559868.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is BMNR Overvalued?
Given the company's negative net income, I selected the price-to-sales (PS) ratio as the primary valuation metric, as earnings-based metrics are not meaningful. The trailing PS ratio is an astronomical 1,727.5x, while the forward PS ratio (based on estimated revenue of $441.7 million) is approximately 23.8x, implying the market expects explosive revenue growth. The company's EV/Sales ratio is 255.2x, and its price-to-book ratio is 1.21x, suggesting that while sales-based multiples are extreme, the book value provides some support. Compared to industry averages, BMNR's PS ratio is significantly higher than typical financial services or capital markets firms, reflecting a premium driven by its crypto-related growth narrative and potential for high returns on mining operations. Historically, the stock's PS ratio has ranged from 0 (when revenue was zero) to over 4,000x, and the current trailing PS of 1,727x is near the higher end of its historical band, indicating that the market is pricing in optimistic future growth expectations.
PE
32.1x
Latest Quarter
vs. Historical
N/A
5-Year PE Range 17x~59x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
22.7x
Enterprise Value Multiple
Investment Risk Disclosure
Financial risks are substantial. The company has a negative net income of $83.6M in Q3 FY2026, with net margin at -179.6%, indicating that expenses and other losses far exceed revenue. Operating margin is -25.5% due to SG&A of $37.3M, which is 80% of revenue. Free cash flow TTM is -$294.6M, showing heavy cash burn. Although the company has no debt (debt-to-equity of 0) and a current ratio of 51.5, the reliance on equity financing, such as the $273.8M preferred stock offering, dilutes shareholders and may not be sustainable if losses persist.
