← All companies ← BMI Manual BMNR → ← BMHL Capital Markets & Asset Management BMNR →
BMNP, Bitmine Immersion Technologies, Inc.
Revenue is led by Self Mining (51%) and Leasing (31%), with 2 more lines behind.
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.
Next report By 11/28 · the annual report (10-K) for the fiscal year ended late August · due within 90 days of period end · has filed ~100 days after · the wire records it on arrival
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
- A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
- What moves the needle
- Operating margin has reached 7288% at its best but run negative through the cycle (median −224%) — 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%.
- 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.
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 |
| — | ($129K) | $222K | — | — | $52M | Gross profitGross prof. |
| — | −30% | 34% | — | — | 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 | — | — | — | Depreciation & amortizationD&A |
| $7K | ($481K) | ($134K) | $2M | ($355M) | $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) | ($295M) | Owner earningsOwner earn. |
| — | −453.9% | −198.4% | −3.2% | −85.5% | −481.3% | 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 |
| ($427K) | ($3M) | ($612K) | ($67K) | ($7.4B) | — | Investing cash flowInv. cash |
| $720K | $5M | $1M | $325K | $7.9B | — | Financing cash flowFin. cash |
| $217K | $174K | ($122K) | $229K | $512M | — | Change in cashΔ cash |
| -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 | — | — | ReceivablesReceiv. |
| $4K | $85K | $75K | $401K | $9M | $6M | Accounts payablePayables |
| ($4K) | $407K | — | ($27K) | — | — | 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 |
| $427K | $7M | $5M | $5M | $516K | — | Net PP&ENet PP&E |
| $646K | $8M | $8M | $7M | $8.8B | $11.6B | Total assetsAssets |
| ($219K) | ($393K) | ($271K) | ($499K) | ($512M) | ($340M) | Net debt / (cash)Net debt |
| $285K | $570K | $2M | $3M | $102M | — | Total liabilitiesTotal liab. |
| $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 | $-0.05 | $-0.03 | $-0.04 | $-0.21 | $-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.
| 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) |
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 reported $349M of profit but ($5M) of owner earnings: $354M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $349M | ($3M) | ($2M) | ($2M) | ($154K) |
| Depreciation & amortizationnon-cash charge added back | — | — | +$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 | −$355M | +$2M | −$134K | −$481K | +$7K |
| Cash from operations | ($4M) | ($30K) | ($810K) | ($2M) | ($76K) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$1M | −$76K | −$471K | −$312K | −$427K |
| Owner earnings | ($5M) | ($106K) | ($1M) | ($2M) | ($504K) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −$142K | −$2M | — |
| Free cash flow | ($5M) | ($106K) | ($1M) | ($4M) | ($504K) |
| Owner-earnings marginowner earnings ÷ revenue | -86% | -3% | -198% | -454% | — |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . 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 ($8M).
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.
In dashed depreciation years the filer's own depreciation concepts changed scope and do not reconcile with the adjacent years; the add-back is withheld rather than guessed, and its amount remains inside "Working capital & other."
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
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 cash, debt-freeCash $512M − debt $0
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.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Not enough dataIndustry peers: median -47%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -142%Consumes cash through the cycle4-yr median margin, range -454%–-3%; latest ($5M) = operating cash ($4M) − maintenance capex $1MIndustry peers: median -59%
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 -86% of revenue this year, a -142% median across 4 years. Treating stock comp as the real expense it is (less $2M of SBC) leaves ($8M).
- 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? —Not enough data
What this means
The filing data didn't include the inputs for this check.
The promise and the pay packet
- Is the buyback buying ownership, or mopping up? 39.8%Stock pay, share count unreadStock compensation $2M (fiscal 2025), 39.8% of revenue · no repurchases · the share count is not comparable across these years (a split or a first listing sits in the record), so the drift is withheld
What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.
Graham’s defensive tests · 1 of 3 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.
- 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 —Uninterrupted dividends · no dividend line tagged in the data
What this means
An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.
- 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.
- Worst year 2022 · −400.8% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
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.
- Cash & short-term investments$340M
- Other current assets$105M
- Accounts payable$10M
- Other current liabilities$2M
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 in fiscal 2025, 39.8% of revenue, equal to 0.5% 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.
Peers
Bitmine Immersion Technologies, Inc. is listed here as a claim on a business rather than as the business itself — a preferred series, a bond or a warrant, filed under the same registrant as the common stock. A comparative table lines businesses up against one another, so there is none here. The business behind it is BitMine Immersion Technologies Inc. (BMNR), where the record, the scorecard and the peer bench are.
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.
Revenue, delivered161%/yr’21→’25
Enter a price to run it.
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.
Manual order: ← BMI its page in the Manual BMNR →
Industry order: ← BMHL the Capital Markets & Asset Management chapter BMNR →