Bitmine Immersion Technologies

BMNP

Financial - Capital Markets · Financial Services

Price

$93.72

+1.82 (+1.98%)

Market Cap

$10.36B

Exchange

New York Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through May 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Good

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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)

Winston Score History

The full picture

Bitmine Immersion Technologies is a cryptocurrency mining company that uses specialized computers to earn Bitcoin. Instead of traditional air-cooled mining setups, it focuses on immersion cooling — submerging mining hardware in liquid to run machines faster and more efficiently. Its main "customers" are really the Bitcoin network itself, since miners earn Bitcoin as a reward for processing transactions.

The company makes money by accumulating Bitcoin through mining operations and, in some cases, holding it on its balance sheet as a treasury asset. Bitmine operates primarily in the United States and is a small player in a highly competitive industry dominated by much larger miners. Its immersion cooling approach could offer an efficiency edge, but the business faces serious risks: Bitcoin's price is volatile, mining difficulty keeps rising as more competitors enter, and the company's deeply negative operating margin shows it is currently spending far more than it earns, making profitability heavily dependent on Bitcoin staying at high prices.

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

>+1,000% 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

Cash Position

Cash flow positive

$532M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Bitmine Immersion Technologies grew revenue 2168% 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

Profit per sale

Gross Margin

87.7%

Premium pricing power — 87.7% gross margin

Profit after running costs

Operating Margin

-25.5%

Losing money on operations — -25.5%

Return on the money invested

ROCE

-76.6%

Weak — -76.6% return on capital

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

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Growth

Sales growth

Sales YoY

>+1,000%

Fast-growing sales (>+1,000% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-481.4%

Burning cash (-481.4%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.06%

Small dividend — 0.06% yield

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

Dividend record

Dividend Growth

+12.0%

Dividend growing fast (12.0% YoY)

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