BMNR

BitMine Immersion

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Financial Services

industry

Capital Markets

Exchange

NYSE

County of HQ

United States

Next Earnings Date

11/21/25

Business Summary

BitMine Immersion operates within Capital Markets, generating revenue through financial services activities tied to market participation and asset operations. The business model depends on deploying capital into market-driven strategies where spread capture, trading performance, or asset appreciation determine profitability. Its moat, if it exists, would come from operational infrastructure, access to capital markets, and execution efficiency rather than brand power. However, with negative margins and returns, the company is not currently demonstrating a durable competitive advantage — cash generation will only materialize if it can convert its asset base and liquidity position into consistently profitable capital deployment.

VALUATION

P/E

-

Market Cap ($M USD)

$9,690

Forward P/E

22.6

PEG

-

PRICE TO SALES

312.5

PRICE TO BOOK

0.9

EV / EBITDA

-2

5-Year Average P/E

DIVIDEND

Yield

0.10%

Annual Payout

$0.01

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-$0.72

Next Year EPS Growth Estimate

$0.94

Next Year Revenue Growth Estimate

189.70%

Return on Equity (ROE)

-43.30%

Operating Margin

-80923.20%

Debt-to-Equity

0

Piotroski F-Score

4

Altman Z-Score

22.5

Return on Invested Capital (ROIC)

-43.30%%

Current Ratio

6.5

Quick Ratio

Gainseekers Quantitative Analysis

Summary

This is a highly speculative, financially unstable business wrapped in a superficially “cheap” balance sheet. A Forward P/E of 22.6 might imply moderate growth expectations, but that multiple is sitting on negative EPS (-2) and a projected loss next year (-$0.72), meaning the earnings base is fundamentally broken. The Altman Z-Score of 22.5 suggests negligible bankruptcy risk in the near term, and the Price/Book of 0.9 implies asset coverage, but the operating profile (Operating Margin -43.30%, ROIC -43.30%) signals a company destroying capital rather than compounding it. The market is not mispricing safety — it is discounting a structurally unprofitable operation with extreme financial distortions.

AI Exposure / Tech Reliance

As a Capital Markets firm within Financial Services, its adaptability to AI depends entirely on technological integration in trading, analytics, and infrastructure optimization. The industry itself is highly exposed to algorithmic and AI-driven efficiencies, which can widen margins for well-run operators. However, with an Operating Margin of -43.30%, this firm currently lacks evidence that it is executing efficiently enough to capitalize on those structural shifts.

The Bull Case

A deep value investor could argue that the setup is asymmetrically interesting. The Price/Book of 0.9 implies the equity trades below stated book value, suggesting asset backing, while the Altman Z-Score of 22.5 indicates extremely low bankruptcy risk despite negative earnings. A Current Ratio of 6.5 reflects strong short-term liquidity, and Institutional Ownership at 33.00% suggests some professional conviction. The Piotroski F-Score of 4 is neutral but not catastrophic, implying operational metrics have not completely deteriorated. If losses narrow from -2 EPS to -$0.72 next year as projected, the Forward P/E of 22.6 could compress quickly if profitability stabilizes, creating operating leverage for a turnaround-driven GARP thesis.

The Bear Case

The bear case is brutal. Debt/Equity of -80923.20% signals severe balance sheet distortion, likely tied to negative equity dynamics, and when paired with ROIC of -43.30% and Operating Margin of -43.30%, it shows capital is being incinerated. A Price/Sales ratio of 312.5 is extreme and disconnected from fundamental profitability, especially for a company with negative earnings and no PEG ratio to justify growth visibility. EPS remains negative and next year is still projected negative (-$0.72), meaning there is no confirmed inflection to profitability. Add in a 0 TTM Yield and effectively negligible dividend profile, and shareholders are relying entirely on speculative multiple expansion rather than cash generation.

Market Sentiment & Smart Money

Short Interest %

4.60%

Analyst Consensus

1.5

Average Analyst Price Target

$33.00

Institutional Ownership %

32.50%

1-Year Beta

4.86

Insider Buying % (6 Mo)

0.90%%

Distance to 52-Week High

13.20%%

Distance to 52-Week Low

665.00%%