# Bitmine Immersion Technologies, Inc. (BMNR)

> Source: Nexqual · https://nexqual.com/BMNR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Bitmine Immersion Technologies, Inc. (BMNR), nexqual.com/BMNR" · informational, not investment advice.

**Price:** USD 22.5 (-6.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.96 · day 21.95–23.15 · 52w 12.8–54.54 · market cap $13.6B · NYQ

## Key facts
- Last four reported quarters (through May 31, 2026): revenue $61.2M, net income -$8.75B (-14306.6% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $15K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 45.87 (range 34–63.6).
- Total return with dividends: 1Y -54.3% vs S&P 500 +14.9%; 5Y +198.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-20, EPS estimate USD 0.02, revenue estimate $59.9M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $428K | $645K | $3.3M | $6.1M | $61.2M |
| Gross profit | $0K | -$129K | $222K | $761K | $310K | — |
| Operating income | -$132K | -$1.7M | -$2.4M | -$2.4M | $444M | -$8.88B |
| Net income | -$154K | -$2.0M | -$2.5M | -$3.3M | $349M | -$8.75B |
| EPS (diluted) | -$0.02 | -$0.05 | -$0.05 | -$1.32 | $13.39 | — |
| Free cash flow | -$504K | -$4.4M | -$1.4M | -$106K | -$5.2M | -$295M |
| Gross margin | — | -30.2% | 34.5% | 23.0% | 5.1% | — |
| Operating margin | — | -400.8% | -374.0% | -73.9% | 7288.1% | -14505.1% |
| Net margin | — | -468.9% | -382.0% | -99.5% | 5719.1% | -14306.6% |
| Revenue growth | — | — | +50.9% | +413.0% | +84.1% | — |
| Cash + short-term investments | $219K | $393K | $271K | $499K | $512M | — |
Fiscal years end Aug. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through May 31, 2026)
P/S 221.8x · P/B 1.2x · FCF yield -2.17% · Earnings yield -64.50%
P/E at fiscal year-ends: Aug 2025 3.1x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $15K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-16…2026-04-20 | Love Lori | Director | 701 | $15K | 22.03 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 45.87 (low 34, high 63.6).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-22 | B. Riley Securities | Target raised | Buy | $30 → $34 |
| 2026-09-10 | Cantor Fitzgerald | Target raised | Overweight | $30.6 → $63.6 |
| 2026-09-03 | B. Riley Securities | Target raised | Buy | $25 → $30 |
| 2026-07-16 | B. Riley Securities | Target lowered | Buy | $33 → $25 |
| 2026-07-01 | Cantor Fitzgerald | Target lowered | Overweight | $39 → $30.3 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-06-02) |
|---|---|---|
| Total return | -54.3% | +198.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.4% | +119.5% |
| Volatility (annualized) | 89.8% | 324.5% |
| Max drawdown | -75.2% (Oct 2025→Jun 2026) | -90.0% (Jun 2025→Jun 2026) |

## Peers (Capital Markets)
FUTU (Futu Holdings Limited) USD 98.92 -5.82% · XP (XP Inc.) USD 29.35 -3.52% · IREN (IREN LIMITED) USD 25.51 -8.37% · JEF (Jefferies Financial Group Inc.) USD 45.64 +1.35% · SF (Stifel Financial Corporation) USD 67.85 +2.17% · GLXY (Galaxy Digital Inc.) USD 15.29 -9.69%

## More
Full page: https://nexqual.com/BMNR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-05-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Staking and validation | $45.7M | 98.3% | — |
| Self mining | $624,000 | 1.3% | -23.2% |
| Consulting | $168,000 | 0.4% | +380.0% |
| Total revenue | $46.5M | 100% | — |

## Customer concentration

Period ended 2026-02-28: 6% of revenue from unnamed direct customers (10-Q, filed 2026-04-14).

## Company outlook (8-K filed 2025-11-21)

- "Staking is expected to go live during the calendar first quarter of 2026. ● BitMine is the largest ETH Treasury in the world. ● BitMine will hold its annual shareholder meeting at the Wynn Las Vegas on January 15, 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-08-31) | $0.01 | $0.09 | -83.3% | $59.9M | 2 |
| Next quarter (ends 2026-11-30) | $0.12 | $0.21 | -42.9% | $108.7M | 1 |
| Current fiscal year (ends 2026-08-31) | $-21.89 | $-15.82 | +38.3% | $119.8M | 2 |
| Next fiscal year (ends 2027-08-31) | $0.69 | $0.69 | +1.5% | $624.8M | 2 |