olivLaw · US equity research
BitMine Immersion Technologies, Inc. BMNP
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
BitMine Immersion Technologies is a U.S. company that focuses on acquiring and managing ETH as its primary treasury reserve asset, alongside ecosystem services for digital assets. In 2025 it moved away from proprietary BTC mining, and its recent quarterly revenue has been dominated by staking, which ties its model more closely to ETH market conditions.
At the close of 04 Nov 2026, BitMine Immersion Technologies, Inc. (BMNP) stock was 98.10 USD (+0.27% on the day), with market capitalisation 59.2 bn USD, 52-week range 81.01–99.69 USD. Latest reported quarter (Q3 2026): revenue of 46.5 m USD (+2,167.9% YoY), net income of -83.6 m USD, diluted EPS -0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.7
- neutral
- Bollinger (20, 2)
- 95.95 – 99.75
- in the upper half of the band · %B 0.57 · band width 3.9%
- SMA 50 / 200
- 98.20 / unavailable
- MACD (12, 26, 9)
- -0.12 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.5% | −1.1% | −0.4 pp | — |
| 3 months | +9.9% | −0.5% | +10.4 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +12.3% | unavailable | — |
| 1 year | unavailable | +13.5% | unavailable | −52.3% |
| 3 years | unavailable | +76.4% | unavailable | −66.7% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 May 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 682.4 k | 1.2 m | 1.5 m | 2.1 m | 1.3 m | 2.3 m | 11.0 m | 46.5 m |
| Cost of revenue | — | 1.2 m | 1.4 m | 1.7 m | 1.4 m | 1.0 m | 1.4 m | 5.7 m |
| Gross profit | 111.6 k | 120.2 k | 304.7 k | 490.9 k | — | — | — | — |
| Operating income | -661.0 k | -884.0 k | -913.0 k | -468.0 k | 446.5 m | -5.5 bn | -3.8 bn | -11.9 m |
| Interest expense | 58.7 k | 68.0 k | 60.0 k | — | — | 200.0 k | -4.8 m | — |
| Pre-tax income | — | -974.0 k | -1.2 m | -623.0 k | 443.6 m | -5.3 bn | -3.8 bn | -83.6 m |
| Income tax | — | — | — | 0 | 92.3 m | -92.3 m | 0 ≈ | 0 |
| Net income | -814.4 k | -974.0 k | -1.2 m | -622.8 k | 351.3 m | -5.2 bn | -3.8 bn | -83.6 m |
| Diluted EPS | -0.33 ≈ | -1.66 | -0.58 | -0.31 | 3.87 ≈ | -15.98 | -8.40 | -0.15 |
| Operating cash flow | 217.0 k | -96.0 k | -215.0 k ≈ | 1.7 m ≈ | -5.5 m | -228.4 m | -88.2 m ≈ | 29.0 m ≈ |
| Capex | 66 | 18.0 k | 0 ≈ | 0 ≈ | 1.0 m | 376.0 k | 0 ≈ | 30.0 k ≈ |
| Dividends paid | — | — | — | — | — | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0 | 427.7 k | 645.3 k | 3.3 m | 6.1 m |
| Revenue YoY | unavailable | unavailable | +50.9% | +413.0% | +84.1% |
| Net income | -154.2 k | -2.0 m | -2.5 m | -3.3 m | 348.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.02 | -0.05 | -0.05 | -1.32 | 13.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | -468.9% | -382.0% | -99.5% | 5,719.1% |
| Free cash flow | -503.7 k | -4.4 m | -1.4 m | -106.0 k | -5.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 512.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 8.7 bn USD
- Total assets
- 8.8 bn USD
- Debt / equity
- unavailable
- Current ratio
- 51.50x
- ROE
- 8.0%
- ROA
- 7.9%
- FCF margin
- -85.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 0 | 427.7 k | 645.3 k | 3.3 m | 6.1 m | SEC (XBRL)· 21 Nov 2025verified |
| Cost of revenue | 0 | 556.7 k | — | 3.5 m | 5.8 m | SEC (XBRL)· 21 Nov 2025verified |
| Gross profit | 0 | -129.0 k | 222.5 k | 761.0 k | 310.0 k ≈ | SEC (XBRL)· 21 Nov 2025derived |
| Operating income | -131.8 k | -1.7 m | -2.4 m | -2.4 m | 444.2 m | SEC (XBRL)· 21 Nov 2025verified |
| Depreciation & amortisation | 0 | 0 | 470.7 k | — | — | SEC (XBRL)· 14 Dec 2023verified |
| EBITDA | -131.8 k ≈ | -1.7 m ≈ | -1.9 m ≈ | — | — | SEC (XBRL)· 09 Dec 2024derived |
| Interest expense | — | — | — | 269.0 k | 245.0 k | SEC (XBRL)· 21 Nov 2025verified |
| Pre-tax income | — | — | — | -3.3 m | 440.9 m | SEC (XBRL)· 21 Nov 2025verified |
| Income tax | — | — | — | — | 92.3 m | SEC (XBRL)· 21 Nov 2025verified |
| Net income | -154.2 k | -2.0 m | -2.5 m | -3.3 m | 348.6 m | SEC (XBRL)· 21 Nov 2025verified |
| Diluted EPS | -0.02 | -0.05 | -0.05 | -1.32 | 13.39 | SEC (XBRL)· 21 Nov 2025verified |
| Weighted average diluted shares | 9.8 m | 43.1 m | 49.1 m | 2.5 m | 24.5 m | SEC (XBRL)· 21 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 218.7 k | 392.6 k | 270.5 k | 499.0 k | 512.0 m | SEC (XBRL)· 21 Nov 2025verified |
| Current assets | 218.7 k | 888.9 k | 879.5 k | 1.5 m | 513.0 m | SEC (XBRL)· 21 Nov 2025verified |
| Property, plant & equipment, net | 427.3 k | 6.5 m | 4.9 m | 4.8 m | 516.0 k | SEC (XBRL)· 21 Nov 2025verified |
| Goodwill | — | — | — | — | 0 | SEC (XBRL)· 14 Jul 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 0 | SEC (XBRL)· 14 Jul 2026verified |
| Total assets | 646.0 k | 8.0 m | 8.2 m | 7.3 m | 8.8 bn | SEC (XBRL)· 21 Nov 2025verified |
| Accounts payable | 3.7 k | 84.8 k | 74.9 k | 400.6 k | 8.9 m | SEC (XBRL)· 21 Nov 2025verified |
| Current liabilities | 285.5 k | 317.7 k | 1.6 m | 3.1 m | 10.0 m | SEC (XBRL)· 21 Nov 2025verified |
| Total liabilities | 285.5 k | 570.0 k | 1.9 m | 3.2 m | 102.3 m | SEC (XBRL)· 21 Nov 2025verified |
| Equity | 360.6 k † | 7.4 m † | 6.3 m † | 4.1 m | 8.7 bn | SEC (XBRL)· 14 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | -76.4 k | -1.6 m | -809.7 k | -30.0 k | -4.1 m | SEC (XBRL)· 21 Nov 2025verified |
| Capex | 427.3 k | 2.8 m | 612.3 k | 76.0 k | 1.1 m | SEC (XBRL)· 21 Nov 2025verified |
| Free cash flow | -503.7 k ≈ | -4.4 m ≈ | -1.4 m ≈ | -106.0 k ≈ | -5.2 m ≈ | SEC (XBRL)· 21 Nov 2025derived |
| Investing cash flow | -427.3 k | -2.8 m | -612.3 k | -67.0 k | -7.4 bn | SEC (XBRL)· 21 Nov 2025verified |
| Financing cash flow | 720.5 k | 4.6 m | 1.3 m | 325.0 k | 7.9 bn | SEC (XBRL)· 21 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 59.2 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -14,306.6% | 3 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 142.4% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1,972.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 36.7x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.5% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BITMINE IMMERSION TECHNOLOGIES, INC. (BMNP). Latest full fiscal year: 2025; data up to 2026-05-31.
Figures computed from the financial statements: revenue 6.1 m USD in 2025; YoY growth 84.1%; net margin -14,306.6%; ROE -150.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 142.4%
- Current ratio: 36.7x
What contradicts it
- Net margin: -14,306.6%
- Interest coverage: -1,972.5x
- FCF yield: -0.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 59.2 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for BMNP from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BitMine Immersion Technologies is a U.S. company that focuses on acquiring and managing ETH as its primary treasury reserve asset, alongside ecosystem services for digital assets. In 2025 it moved away from proprietary BTC mining, and its recent quarterly revenue has been dominated by staking, which ties its model more closely to ETH market conditions 12.
SWOT
Strengths
- The company holds a large ETH treasury and a declared leading position in that segment, which gives it visibility in the market 1.
- A lower-capital structure and experience in digital asset infrastructure let it control its spending 1.
- Access to capital markets, including public offerings and ATM programs, gives flexibility in funding 12.
Weaknesses
- Operating revenue is small and can be dominated by asset price effects, which makes results volatile 12.
- Quarterly net losses can be large because of unrealized gains and losses and derivative instruments, which complicates reading operating performance 2.
- Reliance on one main asset makes the company vulnerable to ETH price declines or network problems 1.
Opportunities
- If staking develops as the company plans, it could become a stable source of recurring income 23.
- Developing its own validator network could increase control over yield and the services offered to clients 3.
- Growing institutional interest in tokenization and blockchain settlement could expand demand for the company's services 1.
Threats
Risks
- ETH price volatilityhigh
Revenue and treasury value depend heavily on the ETH price, and sharp declines could affect profitability and financial position 1.
- Staking riskshigh
Staking can involve penalties, locked assets and counterparty or operational risks that could lead to losses 12.
- Dilution from share issuancemedium
Repeated issuances through offerings and ATM programs could reduce the value of existing shares and weaken investor confidence 12.
- Changing regulationmedium
Changes in rules for digital assets and staking could alter how the company operates and impose extra requirements 1.
- Cybersecurity risksmedium
Attacks on systems or private keys could lead to loss of assets and damage to reputation 1.
Investment thesis
What would need to be true (bull case)
- If staking performs as planned and the company's own validator network grows, it could earn recurring revenue tied to its ETH treasury 23.
- A leading ETH treasury position and access to capital could give the company a competitive edge as institutions look for ETH exposure 1.
- The lower-capital model could let the company grow service revenue without heavy infrastructure spending 1.
What would break the thesis
- Revenue is concentrated in one source and could fall quickly if staking yields drop or the ETH price falls 12.
- Repeated share issuances could reduce value for shareholders, especially if the treasury does not grow in step 12.
- Large net losses from unrealized gains and losses and derivative instruments show that results can be highly volatile 2.
What to watch
- Development of staking and validation revenue and the effective yield achievedQ4 2026
- Launch of the MAVAN network and scaling of validation activity2026
- Changes in regulation of digital assets and staking2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
From the third calendar quarter of 2025, management refocused the business on three areas: ETH treasury operations, BTC ecosystem services (consulting, advisory and equipment leasing) and disciplined BTC treasury management, while winding down proprietary self-mining 1. The structure is described as lower-capex, since capital expenditure remains modest compared with a mining-centric model 1. Through the quarter ended May 31, 2026, quarterly revenue came almost entirely from staking and validation, with mining and consulting playing a smaller role 2.
The company initiated native staking in November 2025, with the intent that staking become a primary yield strategy 2. In November 2025 it announced MAVAN, its own validator network, planned to go live in the first calendar quarter of 2026 after a pilot with three providers 3. The Pier Two acquisition is cited as a source of staking revenue in the quarter ended May 31, 2026 2.
The company aims to accumulate ETH on a long-term basis and to hold a treasury position with a stated goal of becoming a major institutional ETH holder 1. Funding relies on equity offerings and the ATM program, so access to capital markets is a central part of the strategy 12.
Segments
Market context
The company's activity depends on the ETH price and on activity on the Ethereum network, which it describes as a growing programmable settlement layer 1. Digital assets are described as volatile, and results can be affected by price moves and regulation 1. Staking revenue depends on validator participation and protocol parameters, which can change over time 2.
The regulatory framework for digital assets and staking in the U.S. and other countries is changing, and the company monitors it as a factor that could affect operations and available capital 12. Access to regulated custody services is also a factor that could influence activity 2.
Trends
- Ethereum staking as a revenue sourcetailwind
Ethereum's move to proof-of-stake lets ETH be locked to secure the network and earn rewards, which became a major revenue source for the company in 2026 12. Yields can, however, change with participation rates and protocol parameters 2.
- ETH price volatilityheadwind
Revenue, margins and treasury value depend heavily on the ETH price, and sharp declines can reduce asset value and affect access to capital 1. The company notes that treasury losses can arise from price moves unrelated to operating activity 2.
- Lower-capital operating modelmixed
Stepping back from extensive mining and data-centre construction reduces capital needs, letting the company focus on services and treasury 1. This model could, however, limit operating revenue potential if demand for services falls 1.
- Access to capital through offerings and ATM programsmixed
The company used share issuances, private placements and the ATM program to fund ETH purchases, and in 2026 it completed a preferred stock offering 12. If market access worsens, funding the strategy could become harder 1.
Competitive position
The company describes its competitors as other public and private companies holding BTC or ETH as treasury assets, digital asset miners, and asset managers offering digital asset exposure products 1. Competition is based on access to capital, technology, execution, security and reputation, and many competitors have greater resources 1. The company sees its public structure, treasury focus and technical expertise as differentiators 1.
The company states it is the largest ETH treasury holder in the world at the reporting date, though this depends on publicly available information 1. The rival named in the source documents is Strategy Inc., which holds a large BTC position 1.
- Strategy Inc.MSTR
Named in the annual report as the largest digital asset treasury holder by value, with a large BTC position, making it the main reference point for the company's treasury 1.
- Public companies with BTC or ETH treasuries
A general group of companies holding digital assets as treasury and competing for capital and investors 1.
- Digital asset miners
Companies that mine BTC and compete on energy costs and technology, while the company has reduced its own mining activity 1.
- Digital asset fund managers
Asset managers offering digital asset exposure and yield services, competing especially for investors seeking ETH exposure 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Tom Lee's Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market 'Underway'Yahoo Finance — News · 21 Sept 2026 · EN
- Bitmine Buys $75 Million Of Ethereum Amid Signs ‘Crypto Winter’ Is OverYahoo Finance — News · 21 Sept 2026 · EN
- Bitmine Climbs 6% as Ethereum Extends Rally After SEC Tokenization Order; Sharplink Rises 5%, Coinbase Jumps 6%Yahoo Finance — News · 21 Sept 2026 · EN
- Circle Internet Sinks 8% as ARK Trims Its Stake Before the Senate Clarity Act Vote; Coinbase and Bitmine Drop 5%Yahoo Finance — News · 15 Sept 2026 · EN
- Bitmine Adds $68 Million in Ethereum as Holdings Near 6 Million ETHYahoo Finance — News · 14 Sept 2026 · EN
- Bitmine Purchases Another $68 Million Of EthereumYahoo Finance — News · 14 Sept 2026 · EN
- Bitmine Surges 8% on Ethereum Strength After Cantor Fitzgerald Doubles Its Target, SharpLink Advances 9%, Strategy Gains 4%Yahoo Finance — News · 11 Sept 2026 · EN
- Bitmine’s Ethereum Holdings Near $15 Billion After Buying 28,086 More ETHYahoo Finance — News · 09 Sept 2026 · EN
- Bitmine Buys $69M in Ether, Closes In on 5% of Ethereum SupplyYahoo Finance — News · 08 Sept 2026 · EN
- Tom Lee's Bitmine Adds $70 Million in Ethereum, Holdings Reach 5.93 Million ETHYahoo Finance — News · 08 Sept 2026 · EN
- Crypto Stocks Slide as Bitcoin and Ethereum Hold Flat: Circle Internet and Bitmine Fall 4%, Coinbase Drops 3%Yahoo Finance — News · 01 Sept 2026 · EN
- Bitmine Accelerates Ethereum Purchases To Close Out AugustYahoo Finance — News · 31 Aug 2026 · EN
- Tom Lee's Bitmine Continues to Buy Ethereum Hand Over Fist. Should Crypto Investors Be Doing the Same?Yahoo Finance — News · 29 Aug 2026 · EN
- Crypto Stocks Rally While Bitcoin Trades Near $80K: CleanSpark Jumps 7%, BitMine Climbs 4%Yahoo Finance — News · 25 Aug 2026 · EN
- Bitmine Is 187,000 ETH Away From Owning 5% of All Ethereum, And It Just Got a Lot CloserYahoo Finance — News · 25 Aug 2026 · EN
- BitMine Is About to Own 5% of Ethereum, Tom Lee Reveals What Comes NextYahoo Finance — News · 24 Aug 2026 · EN
- Bitmine Immersion shares jump over 7% as crypto holdings reach $14.9BYahoo Finance — News · 24 Aug 2026 · EN
- Tom Lee’s BitMine Buys $81 Million in Ethereum as ETH Hits $2,500Yahoo Finance — News · 24 Aug 2026 · EN
- Bitmine Buys Another $81M in Ethereum as ETH Outperforms BitcoinYahoo Finance — News · 24 Aug 2026 · EN
- Bitmine Makes Biggest Ethereum Purchase Since Early JulyYahoo Finance — News · 24 Aug 2026 · EN
Sources
- [1] Form 10-K, fiscal year ended 2025-08-31 · SEC / BitMine Immersion Technologies, Inc. · 21 Nov 2025
- [2] Form 10-Q, quarter ended 2026-05-31 · SEC / BitMine Immersion Technologies, Inc. · 14 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / BitMine Immersion Technologies, Inc. · 21 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.