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Bitmine Immersion Technologies, Inc. BMNR

Three-pass checkedFresh as companies report

The bet you're really making is that Ethereum, the crypto coin, keeps rising, and that owning this company is a clean way to own a very large pile of it. BitMine holds billions of dollars of Ethereum and almost nothing else, so the stock is basically that stack cut into shares. Right now it is going the wrong way: the shares cost about the same as, or a touch less than, the coins behind them, so the premium that made the whole idea work has vanished. You pay roughly one times the value of what it owns, the cheapest this has ever been against its own assets, after years when the near-empty shell fetched hundreds of times its worth.

Key data

Price$24.97
52-week range$12.80 – $65.60
P/E (TTM / FY27E)neg / 72x
Price / book1.2x

BMNR · price with moving averages

Daily · 6MWeekly · 3Y
$-9$30$68$107$146 Sep '23Apr '24Nov '24Jul '25Feb '26Sep '26 BID
EMAs82140

Source: market data.

The business

BitMine started as a bitcoin operation, running immersion-cooled miners and hosting rigs for others. In mid-2025 it became something entirely different: an Ethereum treasury, chaired by Tom Lee of Fundstrat, whose one job is to accumulate ether and grow the amount of it standing behind each share. It raised billions in fresh equity, bought ether with it, and now holds a stack that dwarfs everything else on its books. The reported revenue, $46.5M in the May quarter at an 83% gross margin, is mostly the staking yield the company earns for helping run the Ethereum network; against a $14B value it is a rounding error. Nobody owns this for the revenue. The only edge a vehicle like this has is cost of capital: when the stock trades above the value of its coins, it can sell shares dear and buy ether accretively, and being the biggest makes that cheaper. Below that line the edge disappears, because anyone can buy ether directly. The company publishes its holdings in a weekly 8-K, which is the number that actually matters.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05Closing thoughts
  6. 06Methodology

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