Bitmine Immersion Technologies

BMNR

Financial - Capital Markets · Financial Services

Price

$15.69

+0.25 (+1.62%)

Market Cap

$8.94B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+402.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 48.8M (2021) → 245.2M (2025)

Bitmine Immersion Technologies is a cryptocurrency mining company that earns Bitcoin by running specialized computers that process transactions on the Bitcoin network. Its main "product" is the Bitcoin it mines, and its customers are essentially the crypto markets where it sells that Bitcoin. The company uses immersion cooling technology, which submerges mining hardware in liquid instead of using traditional air cooling, to run its machines more efficiently.

Bitmine makes money by selling the Bitcoin it mines, so its revenue rises and falls directly with the price of Bitcoin. The company operates primarily in the United States and is a small-cap player in a crowded field of crypto miners. Its immersion cooling approach may lower energy costs compared to air-cooled rivals, but the business faces serious risks: the operating margin is deeply negative, Bitcoin's price is highly volatile, and the upcoming Bitcoin halving events periodically cut mining rewards in half, squeezing profitability across the entire industry.

Winston Score History

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0 Congressional buys and 1 sell on BMNR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+627.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

4.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$880M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$880M cash & investments at current burn rate

Revenue accelerating

Bitmine Immersion Technologies grew revenue 628% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

87.1%

Premium pricing power — 87.1% gross margin

Operating Margin

-34784.7%

Losing money on operations — -34784.7%

ROCE

-39.0%

Weak — -39.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+212.9%

Fast-growing sales (212.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-585.8%

Burning cash (-585.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.07%

Small dividend — 0.07% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

no trend

Data not available

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