BITMINE IMMERSION TECHNOLOGIES, INC.
BMNR · Finance Services · 537.6M shares · -37%/yr ↓ buyback · EDGAR filings ↗
Reference price $22.01 · est. market cap ~$11.8B — last insider purchase, 2026-04-20 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50BitMine Immersion — Ethereum-treasury company with huge crypto holdings.
Strengths
- Very large cash/crypto balance (83rd pct); long runway; mark-to-market ETH gains
Risks
- Operations minimal; value entirely Ethereum-price-dependent
- Negative free cash flow; speculative strategy
Notable findings
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-5.2M)
- Customer concentration~100% of revenue from one customer/distributor — Fiscal Year Ended August 31, 2025 2024 % Change Revenue from the sale of mining equipment $ 846 $ 231 NM Revenue from self-mining 3,133 3,031 3 % Revenue from hosting -
- Strong balance sheetStrong balance sheet — $512M cash & investments, ~393 quarters of runway
- Buying back stockNet buyback — share count -37%/yr over 3y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
5.1%
Operating margin
7288.1%
Net margin
5719.1%
Return on equity
4.0%
Return on assets
4.0%
Revenue growth (QoQ)
381.6%
Current ratio
51.5×
Free cash flow
-$5M
Tangible book value
$8.7B
Cash & investments
$512M
Cash runway
393q
Stock comp / revenue
39.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-04-23 | MALONEY MICHAEL STEPHEN | Option exercise | 4.0K | — |
| 2026-04-23 | Sechan II Robert J | Option exercise | 4.7K | — |
| 2026-04-23 | Howe Olivia | Option exercise | 4.7K | — |
| 2026-04-23 | Love Lori | Option exercise | 4.4K | — |
| 2026-04-23 | Edgeworth Jason A | Option exercise | 4.7K | — |
| 2026-04-20 | Love Lori | Buy | 227 | $22.01 |
| 2026-04-16 | Love Lori | Buy | 474 | $22.05 |
| 2026-01-23 | SHARBUTT DAVID E | Grant | 26K | — |
| 2026-01-23 | Edgeworth Jason A | Grant | 2.6K | — |
| 2026-01-23 | Edgeworth Jason A | Grant | 36K | — |
| 2026-01-23 | Howe Olivia | Grant | 2.6K | — |
| 2026-01-23 | Howe Olivia | Grant | 36K | — |
| 2026-01-23 | Lee Thomas Jong | Grant | 500K | — |
| 2026-01-23 | Sechan II Robert J | Grant | 36K | — |
| 2026-01-23 | Love Lori | Grant | 14K | — |
| 2026-01-23 | Lee Thomas Jong | Option exercise | 500K | — |
| 2026-01-23 | Lee Thomas Jong | Tax withheld | 232K | $28.80 |
| 2026-01-23 | Sechan II Robert J | Grant | 2.6K | — |
| 2026-01-23 | MALONEY MICHAEL STEPHEN | Grant | 12K | — |
| 2026-01-23 | SHARBUTT DAVID E | Grant | 7.1K | — |
| 2025-12-18 | MOW RAYMOND | Other | 55K | — |
| 2025-12-18 | MOW RAYMOND | Other | 55K | — |
| 2025-12-03 | MOW RAYMOND | Option exercise | 2.6K | — |
| 2025-12-03 | NELSON ERIK S | Option exercise | 652 | — |
| 2025-10-13 | NELSON ERIK S | Other | 39K | — |
| 2025-09-11 | Bates Jonathan Robert | Other | 250K | — |
| 2025-09-09 | SHARBUTT DAVID E | Grant | 10K | — |
| 2025-08-31 | NELSON ERIK S | Grant | 25K | — |
| 2025-08-31 | MOW RAYMOND | Grant | 5.2K | — |
| 2025-08-31 | MOW RAYMOND | Grant | 25K | — |
| 2025-08-31 | MALONEY MICHAEL STEPHEN | Grant | 3.8K | — |
| 2025-08-31 | Love Lori | Grant | 3.8K | — |
| 2025-08-31 | BAYLES SETH AARON | Grant | 2.2K | — |
| 2025-08-31 | Bates Jonathan Robert | Grant | 6.0K | — |
| 2025-08-31 | RAMNATH RYAN | Grant | 2.2K | — |
| 2025-08-31 | NELSON ERIK S | Grant | 5.2K | — |
| 2025-08-26 | Bates Jonathan Robert | Other | 97K | — |
| 2025-08-26 | MOW RAYMOND | Other | 55K | — |
| 2025-08-26 | MOW RAYMOND | Other | 12K | — |
| 2025-08-26 | Bates Jonathan Robert | Other | 252K | — |
| 2025-08-26 | Bates Jonathan Robert | Other | 97K | — |
| 2025-08-26 | Bates Jonathan Robert | Other | 15K | — |
| 2025-08-26 | Innovative Digital Investors Emerging Technology LP | Other | 1.5M | — |
| 2025-07-17 | Lee Thomas Jong | Buy | 4.5K | $44.00 |
| 2025-07-09 | Lee Thomas Jong | Buy | 222K | $4.50 |
| 2025-07-09 | Lee Thomas Jong | Buy | 222K | $4.50 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-22 | 0001493152-26-029507 ↗ |
| 8-K | 2026-06-18 | 2026-06-18 | 0001493152-26-029361 ↗ |
| 8-K | 2026-06-15 | 2026-06-15 | 0001493152-26-028622 ↗ |
| 8-K | 2026-06-12 | 2026-06-12 | 0001493152-26-028483 ↗ |
| 8-K | 2026-06-10 | 2026-06-10 | 0001493152-26-028140 ↗ |
| 8-K | 2026-06-08 | 2026-06-08 | 0001493152-26-027647 ↗ |
| 8-K | 2026-06-05 | 2026-06-04 | 0001493152-26-027502 ↗ |
| 8-K | 2026-06-02 | 2026-06-02 | 0001493152-26-026880 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001493152-26-026543 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001493152-26-025174 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001493152-26-024088 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001493152-26-022150 ↗ |