Share count
25Mpeak FY2023
← All companies ← BMNP Manual BMRC → ← BMNP Capital Markets & Asset Management BTBT →
BMNR, BitMine Immersion Technologies Inc.
Capital Markets & Asset Management capital-intensive
Our results are now driven primarily by: operating efficiency and working capital management in a lower-capex model; and ETH market conditions, principally as they affect the value of the ETH held in, and the activities of, our treasury.
Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset.
Through equity and other capital markets transactions, we provide investors with indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within our corporate treasury.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$6M
+84.1% YoY
Vital signs · TTM, with 5-yr average
Revenue $61M 5-yr avg $2M
Revenue $47M +2167.8% vs yr-ago qtr
Operating margin −25.5% yr-ago −22.8%
Net income ($84M) yr-ago ($623K)
Net margin −179.6% yr-ago −30.4%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Self Mining (51%) and Leasing (31%), with 2 more lines behind.
- What moves the needle
- Operating margin has reached 7288% at its best but run negative through the cycle (median −374%) — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 40% of sales, a real and recurring claim on owners that the GAAP margin understates. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −32%, above 15% in 0 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 4 lines, the largest Self Mining at 51%.
Revenue by product line, FY2025
- Self Mining51%$3M
- Leasing31%$2M
- Sale of Mining Equipment14%$846K
- Consulting4%$235K
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
Revenue up 2167.8% year over year
figures computed from the filing's XBRL
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMay 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $0 | $428K | $645K | $3M | $6M | $61M | RevenueRevenue |
| — | −30% | — | −5% | — | 84% | Gross marginGross mgn |
| — | 53% | 7% | 69% | 229% | 567% | SG&A / revenueSG&A/rev |
| ($132K) | ($2M) | ($2M) | ($2M) | $444M | ($8.9B) | Operating incomeOp. inc. |
| — | −400.8% | −374.0% | −74.0% | n/m | n/m | Operating marginOp. mgn |
| ($154K) | ($2M) | ($2M) | ($3M) | $349M | ($8.8B) | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($76K) | ($2M) | ($810K) | ($30K) | ($4M) | ($293M) | Operating cash flowOp. cash |
| $0 | $0 | $471K | $924K | $761K | $853K | DepreciationDeprec. |
| $7K | ($481K) | ($134K) | $1M | ($356M) | $8.4B | Working capital & otherWC & other |
| $427K | $3M | $612K | $76K | $1M | $1M | CapexCapex |
| — | 647.1% | 94.9% | 2.3% | 17.5% | 2.4% | Capex / revenueCapex/rev |
| ($504K) | ($2M) | ($1M) | ($106K) | ($5M) | ($294M) | Owner earningsOwner earn. |
| — | −393.4% | −198.4% | −3.2% | −80.6% | −480.4% | Owner earnings marginOE mgn |
| ($504K) | ($4M) | ($1M) | ($106K) | ($5M) | ($295M) | Free cash flowFCF |
| — | n/m | −220.4% | −3.2% | −85.5% | −481.3% | Free cash flow marginFCF mgn |
| -73% | -19% | -32% | -54% | 4% | -62% | ROICROIC |
| -43% | -27% | -39% | -81% | 4% | -75% | Return on equityROE |
| −43% | −27% | −39% | −81% | 4% | −75% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| $219K | $393K | $271K | $499K | $512M | $340M | Cash & investmentsCash+inv |
| $0 | $491K | — | $374K | — | $374K | ReceivablesReceiv. |
| $4K | $85K | $75K | $401K | $9M | $10M | Accounts payablePayables |
| ($4K) | $407K | — | ($27K) | — | ($10M) | Operating working capitalOper. WC |
| $219K | $889K | $879K | $2M | $513M | $445M | Current assetsCur. assets |
| $285K | $318K | $2M | $3M | $10M | $12M | Current liabilitiesCur. liab. |
| 0.8× | 2.8× | 0.6× | 0.5× | 51.5× | 36.7× | Current ratioCurr. ratio |
| $646K | $8M | $8M | $7M | $8.8B | $11.6B | Total assetsAssets |
| $361K | $7M | $6M | $4M | $8.7B | $11.6B | Shareholders’ equityEquity |
| — | 200.3% | 204.3% | 33.9% | 39.8% | 64.5% | Stock comp / revenueSBC/rev |
| Per share | ||||||
| 9.8M | 43.1M | 49.1M | 2.5M | 24.5M | 444M | Shares out (diluted)Shares |
| $0.00 | $0.01 | $0.01 | $1.33 | $0.25 | $0.14 | Revenue / shareRev/sh |
| $-0.02 | $-0.05 | $-0.05 | $-1.32 | $14.22 | $-19.71 | EPS (diluted)EPS |
| $-0.05 | $-0.04 | $-0.03 | $-0.04 | $-0.20 | $-0.66 | Owner earnings / shareOE/sh |
| $-0.05 | $-0.10 | $-0.03 | $-0.04 | $-0.21 | $-0.66 | Free cash flow / shareFCF/sh |
| $0.04 | $0.06 | $0.01 | $0.03 | $0.04 | $0.00 | Cap. spending / shareCapex/sh |
| $0.04 | $0.17 | $0.13 | $1.64 | $354.59 | $26.13 | Book value / shareBVPS |
The diluted share count moved ×4.42 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/19.67 into 2024 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×9.83 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×18.11 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Capital spending / share | −0.2%/yr | −0.2%/yr (4-yr) |
| Book value / share | +889.8%/yr | +889.8%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
4%low FY2021
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($5M)owner earningsvs.$349Mnet incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($5M) of owner earnings, the operating cash left after the $761K it takes just to hold its position. It put $304K more into growth; free cash flow, after that spending, was ($5M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $349M | ($3M) | ($2M) | ($2M) | ($154K) |
| Depreciation & amortizationnon-cash charge added back | +$761K | +$924K | +$471K | — | — |
| Stock-based compensationreal costnon-cash, but a real cost | +$2M | +$1M | +$1M | +$857K | +$71K |
| Working capital & othertiming of cash in and out, other non-cash items | −$356M | +$1M | −$134K | −$481K | +$7K |
| Cash from operations | ($4M) | ($30K) | ($810K) | ($2M) | ($76K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$761K | −$76K | −$471K | −$53K | −$427K |
| Owner earnings | ($5M) | ($106K) | ($1M) | ($2M) | ($504K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$304K | — | −$142K | −$3M | — |
| Free cash flow | ($5M) | ($106K) | ($1M) | ($4M) | ($504K) |
| Owner-earnings marginowner earnings ÷ revenue | -81% | -3% | -198% | -393% | — |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $761K, roughly its depreciation, the rate its assets wear out). The other $304K of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $2M), owner earnings is nearer ($7M).
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 1813.1×ComfortableOperating income $444M ÷ interest expense $245K
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $512M − debt $169K
What this means
Cash and short-term investments exceed every dollar of debt by $512M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 22 + DIO 0 − DPO 561 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Below average through the cycle5-yr median, range -73%–4%; 4% latest = NOPAT $351M ÷ invested capital $8.2BIndustry peers: median -19%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 4% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Owner-earnings margin -198%Consumes cash through the cycle4-yr median margin, range -393%–-3%; latest ($5M) = operating cash ($4M) − maintenance capex $761KIndustry peers: median -55%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -81% of revenue this year, a -198% median across 4 years. Treating stock comp as the real expense it is (less $2M of SBC) leaves ($7M).
- Are earnings backed by cash? -0.01×Thinly cash-backedCash from ops ($4M) ÷ net income $349M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.40×ExpandingCapex $1M ÷ depreciation $761K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $6M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 51.50×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $169K vs $503M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (5-yr record) · 4 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.19/share (latest year $0.58), the averaged base the calculator's gate runs on, and book value is $14.41/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 5
What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
- Operating margin −387% → 3607% (2-yr avg ends)
What this means
Through the cycle the operating margin widened — about −387% early to 3607% lately, median −374% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2022 · −400.8% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, May 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$445M
- Cash & short-term investments$340M
- Receivables$374K
- Other current assets$105M
Current liabilities$12M
- Accounts payable$10M
- Other current liabilities$2M
Current ratio36.68×all current assets ÷ what's due · Graham looked for 2×
Quick ratio36.68×stricter: inventory excluded
Cash ratio28.04×strictest: cash alone against what's due
Working capital$433Mthe cushion left after near-term bills
Cash runway1.2 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+2167.8%the freshest read on whether the business is still growing
Current ratio, recent quarters0.5× → 36.7×
Deeper floors
Tangible book value$11.6Bequity stripped of goodwill & intangibles
Net current asset value$415MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$1M$1M of it operating leases
Deferred revenue$50Kcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$2M
The slice of the business handed to employees in shares this year, 40% of revenue, equal to 1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Does management own its misses?1 plain admission in this year's filing
“We depreciate miners, containers and related site equipment over estimated useful lives of 2 10 years.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Capital Markets & Asset Management
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| HIVEHIVE Digital Technologies Ltd. | $298M | — | 1.8% | 0% | -42% |
| CRCLCircle Internet Group Inc. | $110M | — | 1102.0% | -4% | 699% |
| DGXXDigi Power X Inc. | $34M | — | — | — | -95% |
| ORBSEightco Holdings Inc. | $33M | 9% | -20.7% | -39% | -33% |
| SLNHPSoluna Holdings, Inc. | $30M | 23% | -113.3% | -33% | -55% |
| PFSIPennyMac Financial Services Inc. | $20M | — | 6967.8% | 12% | -14347% |
| BMNRBitMine Immersion Technologies Inc. | $6M | — | -224.0% | -32% | -139% |
| AVXAvax One Technology Ltd. | $2M | 96% | -37998.5% | -55% | -670% |
| Group median | — | — | -20.7% | -32% | -75% |
The price
What a price has to assume.
What the price implies
reverse-DCFBitMine Immersion Technologies Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered161%/yr’21→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−481%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "BitMine Immersion Technologies Inc. (BMNR), the owner's record," https://ownerscorecard.com/c/BMNR, data as of 2026-07-09.
Manual order: ← BMNP its page in the Manual BMRC →
Industry order: ← BMNP the Capital Markets & Asset Management chapter BTBT →