Bitmine Immersion Technologies BMNR

NYSE · Finance Services · $13.1B

$19.00−12.56%Nov 5 close · Databento

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BMNR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $19.001D −12.56%3M +4.97%SMA20 $21.96SMA50 $24.13RSI(14) 37.2

19.00

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 37.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$13.1B

Enterprise value$12.6B

Revenue$6.1M +84.1%

True FCF (ex-SBC)$-7.6M −4818.9%

Rule of 40-1.4%

ROIC4.3%

True FCF Yield-0.1%

EPS, diluted$13.39 +1114.4%

Modern Valuation (EOD)

Market Cap$13.1B

Enterprise Value$12.6B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT28.36

EV / Sales2066.63

P / E (GAAP)37.60

P / FCF—

P / Oper. CF—

P / Book1.51

Owner & Cash Yields

True FCF Yield-0.1%

FCF Yield0.0%

Owner Earn. Yield2.6%

Earnings Yield2.7%

Shareholder Yield—

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$-0.01

EPS (diluted)$13.39

Compounder & Returns

Rule of 40-1.4%

ROIC4.3%

Cash ROIC (CROIC)-0.1%

GP / Assets—

ROE4.0%

ROA4.0%

Gross Margin—

Oper. Margin7288.1%

Net Margin5719.1%

FCF Margin-85.5%

True FCF Margin-125.3%

Quality & Dilution

Cash Conversion-2%

Accrual Ratio+4.0%

SBC % of FCF—

SBC % of Rev39.8%

Reinvest. Rate—

Sales Growth Y/Y+84.1%

Sales 3Y CAGR+142.4%

EPS Growth Y/Y+1114.4%

FCF Growth Y/Y−4818.9%

FCF 3Y CAGR—

Share Change Y/Y+883.0%

Balance Sheet & Scale

Revenue (FY)$6.1M

Gross Profit (FY)—

Oper. Income (FY)$444.2M

GAAP Net Income$348.6M

True FCF (ex-SBC)$-7.6M

Cash & Equiv$512.0M

Total Debt—

Net Cash (Debt)$512.0M

Net Cash % MCap+3.9%

Debt / FCF (yrs)—

Current Ratio51.50603.23M sh

Price & Technicals (EOD)

Perf Week−12.28%

Perf Month−22.95%

Perf Quarter+0.96%

Perf Half Y−13.64%

Perf YTD−15.67%

SMA 20 Dist−13.47%$21.96

SMA 50 Dist−21.28%$24.13

SMA 100 Dist−7.92%$20.63

Window High−33.94%$28.76

Window Low+42.75%$13.31

RSI (14) · Vol37.285%v

Income Distribution & Cash Flow ConversionHow every dollar of BMNR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$5.8M ($94.9 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$95.6M ($100.0 / $100)

Net Profit Kept$348.6M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$348.6M (5719.1% margin)

Operating Cash Flow (OCF)$-4.1M(-68.1% of rev)

Less: Capital Expenditures−$1.1M(17.5% of rev)

Standard Free Cash Flow (FCF)$-5.2M(-85.5% margin)

Less: Stock-Based Comp (SBC)−$2.4M

True FCF (Owner Cash ex-SBC)$-7.6M(-125.3% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$0	$427,669	$645,278	$3.3M	$6.1M	+84.1%	—
Cost of Revenue (COGS)	$0	$556,699	$422,809	$3.5M	$5.8M	+66.6%	—
Gross Profit	$0	$-129,030	$222,469	$761,027	—	—	—
Total Operating Expenses	$131,815	$1.6M	$2.6M	$2.3M	$-443.9M	−19526.7%	—
Operating Income (EBIT)	$-131,815	$-1.7M	$-2.4M	$-2.4M	$444.2M	+18245.9%	—
Interest Expense	—	—	—	$269,000	$245,000	−8.9%	−8.9%
Income Tax Expense	—	—	—	—	$92.3M	—	—
GAAP Net Income	$-154,239	$-2.0M	$-2.5M	$-3.3M	$348.6M	+10685.4%	—
Diluted EPS	$-0.02	$-0.05	$-0.05	$-1.32	$13.39	+1114.4%	—
Diluted Shares	9.8M	43.1M	49.1M	2.5M	24.5M	+883.0%	+25.9%
Balance Sheet
Cash & Equivalents	$218,737	$392,550	$270,547	$499,270	$512.0M	+102449.5%	+595.6%
Total Current Assets	$218,737	$888,945	$879,460	$1.5M	$513.0M	+33082.9%	+595.9%
Total Assets	$646,033	$8.0M	$8.2M	$7.3M	$8.8B	+120678.0%	+980.2%
Total Current Liabilities	$285,481	$317,674	$1.6M	$3.1M	$10.0M	+218.1%	+143.0%
Total Liabilities	$285,481	$569,995	$1.9M	$3.2M	$102.3M	+3099.5%	+335.0%
Stockholders' Equity	$360,551	$7.4M	$6.3M	$4.1M	$8.7B	+212645.9%	+1146.1%
Net Cash / (Net Debt)	$218,737	$392,550	$270,547	$499,270	$512.0M	+102449.5%	+595.6%
Invested Capital	$141,814	$7.0M	$6.0M	$3.6M	$8.2B	+227985.1%	+1449.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-76,361	$-1.6M	$-809,715	$-30,000	$-4.1M	−13730.0%	—
Depreciation & Amortization (D&A)	$0	$0	$470,705	$924,000	$761,000	−17.6%	—
Stock-Based Compensation (SBC)	$71,250	$856,724	$1.3M	$1.1M	$2.4M	+115.9%	+141.5%
Capital Expenditures (CapEx)	$427,296	$2.8M	$612,288	$76,000	$1.1M	+1301.3%	+25.6%
Free Cash Flow (FCF)	$-503,657	$-4.4M	$-1.4M	$-106,000	$-5.2M	−4818.9%	—
True FCF (ex-SBC Owner Cash)	$-574,907	$-5.3M	$-2.7M	$-1.2M	$-7.6M	−521.6%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what BMNR did at the next close after each story

Sep 21

Bitmine’s ETH holdings reach 5.98 million tokens worth $17.1 billion in crypto and cash

PR Newswire · 8:30 AM ET

+8.70%

What happened · big days

12 big days in a year, and what we hold on each

A big day is a close more than 11.05% from the one before, three times BMNR’s median day (3.68%). On 2 of the 12, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±11.05%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayBMNRWhat we hold that dayGroup (median of 4) · each

1 Nov 24, 2025+19.62%
Before our storiesgroup +2.9%, did not move with it
1Nov 24, 2025+19.62%
Before our stories
+2.9% did not move with itCOIN +6.5 · MSTR +5.0 · AXP +0.9 · SYF −0.1
2 Dec 1, 2025−12.62%
Before our storiesgroup −2.3%, did not move with it
2Dec 1, 2025−12.62%
Before our stories
−2.3% did not move with itCOIN −4.8 · MSTR −3.3 · AXP −1.4 · SYF +0.9
3 Dec 15, 2025−11.22%
Before our storiesgroup −3.8%, did not move with it
3Dec 15, 2025−11.22%
Before our stories
−3.8% did not move with itMSTR −8.1 · COIN −6.4 · SYF −1.2 · AXP 0.0
4 Jan 2, 2026+14.88%
Before our storiesgroup +2.5%, did not move with it
4Jan 2, 2026+14.88%
Before our stories
+2.5% did not move with itCOIN +4.6 · MSTR +3.4 · SYF +1.5 · AXP +0.8
5 Feb 5, 2026−14.29%
Before our storiesgroup −7.5%, moved with BMNR
5Feb 5, 2026−14.29%
Before our stories
−7.5% moved with BMNRMSTR −17.1 · COIN −13.3 · SYF −1.6 · AXP +0.3
6 Feb 6, 2026+17.64%
Before our storiesgroup +7.3%, did not move with it
6Feb 6, 2026+17.64%
Before our stories
+7.3% did not move with itMSTR +26.1 · COIN +13.0 · SYF +1.6 · AXP +1.3
7 Mar 16, 2026+13.88%
Before our storiesgroup +2.2%, did not move with it
7Mar 16, 2026+13.88%
Before our stories
+2.2% did not move with itMSTR +5.6 · COIN +4.0 · SYF +0.4 · AXP −0.6
8 Jun 5, 2026−11.12%
Before our storiesgroup −3.8%, did not move with it
8Jun 5, 2026−11.12%
Before our stories
−3.8% did not move with itCOIN −7.2 · MSTR −6.9 · AXP −0.6 · SYF +0.1
9 Jul 14, 2026+11.50%
Nothing on BMNRgroup +1.6%, did not move with it
9Jul 14, 2026+11.50%
Nothing on BMNRNo BMNR story, brief or results filing in our record that day
+1.6% did not move with itMSTR +6.0 · COIN +2.6 · SYF +0.6 · AXP +0.2
10 Jul 27, 2026+13.49%
Nothing on BMNRgroup +4.6%, did not move with it
10Jul 27, 2026+13.49%
Nothing on BMNRNo BMNR story, brief or results filing in our record that day
+4.6% did not move with itMSTR +7.6 · COIN +5.8 · SYF +3.3 · AXP +2.8
11 Sep 3, 2026+14.70%
Nothing on BMNRgroup +6.0%, did not move with it
11Sep 3, 2026+14.70%
Nothing on BMNRNo BMNR story, brief or results filing in our record that day
+6.0% did not move with itMSTR +17.6 · COIN +10.1 · SYF +1.9 · AXP −0.1
12 Nov 5, 2026−12.56%
Nothing on BMNRgroup −9.3%, moved with BMNR
12Nov 5, 2026−12.56%
Nothing on BMNRNo BMNR story, brief or results filing in our record that day
−9.3% moved with BMNRCOIN −9.7 · MSTR −9.3 · SYF −1.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AXP, COIN, MSTR and SYF that day, the largest companies in BMNR’s SEC industry; “moved with BMNR” means the same direction and at least half the size.

Same industry

BMNR against four same-industry peers, a year at 100

BMNR is down 52.8% in a year. Synchrony Financial is up 1.2%, American Express is down 9.8% and Strategy 46.5%. Of these four, only Coinbase Global (−55.7%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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BMNR −52.8%. Synchrony Financial +1.2%, American Express −9.8%, Strategy −46.5%, Coinbase Global −55.7%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in BMNR’s SEC industry (Finance Services) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

AXP	American Express	$224.6B	−2.29%
COIN	Coinbase Global	$43.5B	−9.69%
MSTR	Strategy	$39.6B	−9.29%
SYF	Synchrony Financial	$24.4B	−1.28%
SOFI	SoFi Technologies	$22.4B	−7.71%
CRCL	Circle Internet	$12.1B	−8.72%
IREN	IREN	$7.8B	−16.95%
CHYM	Chime Financial	$7.1B	+1.04%