BMNR
Bitmine Immersion Technologies, Inc.Financial Services·Financial - Capital Markets
$19.27
$10.4B market cap
Revenue
$14.7M
Free Cash Flow
$-323.5M
Rev Growth
+0.0%
FCF Margin
-2207.1%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. The company engages in ETH treasury operations; BTC ecosystem services, including consulting and advisory engagements and equipment leasing; facilitation and optimization of third-party power and hosting arrangements; and disciplined BTC treasury management while winding down proprietary self-mining exposure and deferring new site buildouts. It also offers digital asset ecosystem serv
2-Year Price History
$18.88+71.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 11.0 | -3,818 | -3,841 | -3,818 | -88.2 | -88.2 | -0.0 | 879.6 | 1.2 | 454.6 | -397.4% | -792.7x | -- |
| Act | 2026-Q1 | 2.3 | -222.0 | -222.2 | -5,204 | -228.4 | -228.7 | -0.4 | 887.7 | 0.0 | 325.7 | -10.8% | -1110.2x | -- |
| Act | 2025-Q4 | 1.3 | 443.9 | 446.5 | 351.3 | -5.5 | -6.6 | -1.1 | 512.0 | 0.0 | 208.7 | 49.7% | 10042.4x | -- |
Valuation & Metrics
Market Stats
Price$19.27
Market Cap$10.4B
Enterprise Value$9.5B
P/S Ratio706.8x
P/FCF--
EV/FCF--
FCF Margin (TTM)-2207.1%
FCF Yield-3.1%
Dividend Yield (TTM)0.1%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$14.7M
Net Income$-8.7B
Free Cash Flow$-323.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin-24535.0%
Net Margin-59153.0%
FCF Margin-2207.1%
CapEx % of Revenue9.7%
SBC % of Revenue178.8%
ROIC-119.5%
WC Change % Rev-1.6%
Interest Coverage-710.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares32.8M
Days to Cover1.0
Change (vs Prior)+19.6%
Need at least 2 settlement dates for chart
Employees
Headcount3
Revenue / Employee$4,886,297
Gross Profit / Employee$3,426,069
Cash Runway
32.6months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
25.1%(+25.0% YoY)
394 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
9.9%(+9.9% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
2.6%(+2.6% YoY)
11 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $402M | $19.78 | +$402M | +$402M | — | $4.04T |
| Clear Street Group Inc. | $290M | $31.30 | −$50.8M | +$290M | -7.1% | $17.82B |
| MORGAN STANLEY | $273M | $43.68 | +$31.5M | +$273M | -0.3% | $1.65T |
| CITADEL ADVISORS LLC | $244M | $29.64 | +$117M | +$244M | -0.4% | $138.22B |
| BlackRock, Inc.Passive | $219M | $33.42 | +$40.1M | +$219M | -0.2% | $5.69T |
| ARK Investment Management LLC | $192M | $46.04 | +$4.8M | +$192M | -1.7% | $12.86B |
| Marex Group plc | $181M | $30.90 | −$16.8M | +$181M | -1.6% | $9.64B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $170M | $19.78 | +$170M | +$170M | — | $1.91T |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $169M | $39.02 | +$102M | +$169M | -0.6% | $77.14B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $114M | $32.89 | +$47.2M | +$114M | +2.3% | $1.61T |
| Sumitomo Mitsui Trust Group, Inc. | $97.1M | $46.21 | −$178K | +$97.1M | +1.8% | $154.47B |
| Nikko Asset Management Americas, Inc. | $97.0M | $46.21 | −$86K | +$97.0M | -1.1% | $7.07B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $87.2M | $33.98 | +$33.1M | +$87.2M | +0.7% | $645.81B |
| Weiss Asset Management LP | $85.6M | $21.37 | +$67.1M | +$85.6M | +2.8% | $4.24B |
| JANE STREET GROUP, LLCMM | $76.8M | $43.01 | +$24.7M | +$76.8M | -0.1% | $92.10B |
| MOZAYYX MANAGEMENT LLC | $65.9M | $27.15 | +$0 | +$65.9M | -29.0% | $98.6M |
| CANTOR FITZGERALD, L. P. | $61.9M | $28.52 | +$34.2M | +$61.9M | -3.0% | $2.75B |
| UBS Group AG | $58.4M | $31.07 | +$21.1M | +$58.4M | -0.3% | $562.11B |
| MILLENNIUM MANAGEMENT LLC | $57.3M | $22.82 | +$33.7M | +$57.3M | -0.5% | $127.40B |
| VANGUARD FIDUCIARY TRUST COPassive | $54.8M | $19.78 | +$54.8M | +$54.8M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-1.99%
avg per quarter
Holders (ex-self)
-2.04%
excl. this stock
Buyers (this Q)
+0.10%
189 buyers · $1.16B in
Sellers (this Q)
-2.19%
85 sellers · $0.96B out
alpha coverage: 84% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+1.8%
how holders react when this stock falls
On quiet Qs
-5.1%
−10% to +10% baseline
On rallies (+10%+)
-32.3%
how they react when this stock rises
Holders' portfolio flow this Q
+3.3%
inflows — adds are organic
Sellers' portfolio flow this Q
+3.8%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.4%
Holder mid (any stock)
-5.1%
Holder rally (any stock)
-10.8%
Biggest decreases this quarter
GOLDMAN SACHS GROUP INC−$64.6Mα-0.2Clear Street Group Inc.−$50.8Mα-7.1Marex Group plc−$16.8Mα-1.6MIRAE ASSET SECURITIES (USA) INC.exited−$10.9MCaitong International Asset Management Co., Ltdexited−$8.4MJump Financial, LLCexited−$6.2MQube Research & Technologies Ltdexited−$4.9MBI Asset Management Fondsmaeglerselskab A/Sexited−$4.5MARP Global Capital Ltdexited−$3.4MBANK OF MONTREAL /CAN/−$3.0Mα-0.1
New buyers this quarter
Top-5 holders · 36.4%
VANGUARD CAPITAL MANAGEMENT LLC--
Clear Street Group Inc.--
MORGAN STANLEY--
CITADEL ADVISORS LLC--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
MORGAN STANLEY13.8MClear Street Group Inc.14.6MARK Investment Management LLC9.7MFMR LLC558KMarex Group plc9.2MCITADEL ADVISORS LLC12.3MSumitomo Mitsui Trust Group, Inc.4.9MNikko Asset Management Americas, Inc.4.9MGOLDMAN SACHS GROUP INC2.0MPantera Capital Partners LP1.1M
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Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$39.0010240.0%
Current Price$19.27
Analyst Ratings
1
Buy: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$2.21M
4 txns · 2 insiders · 449,645 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-04-20 | BUY | Love Lori | director | 227 | $22.01 | $5K | $810K |
| 2026-04-16 | BUY | Love Lori | director | 474 | $22.05 | $10K | $806K |
| 2025-07-17 | BUY | Lee Thomas Jong | director | 4,500 | $44.00 | $198K | $9.98M |
| 2025-07-09 | BUY | Lee Thomas Jong | director | 444,444 | $4.50 | $2.00M | $1000K |
Order Flow (FINRA, ~3w lag)
40.9%retail+6.7pp
11.2%dark-0.5pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Bitmine Immersion Technologies: A Multibillion-Dollar Accounting Hallucination and Dilution Machine
Overall Risk
10/10
Fraud
9/10
Dilution
10/10
Insolvency
8/10
Earnings Overstated
9/10
Hidden Liabilities
7/10
Legal
6/10
Audit Warnings
5/10
Hidden Upside
1/10
Contextually Acceptable
1/10