Bitmine Immersion Technologies, Inc. operates as a blockchain technology company in the United States. The company engages in hosting third-party equipment used in mining of digital asset coins and tokens, primarily Bitcoin, as well as the self-mining for its own account. It also sells mining equipment to customers and related parties. Bitmine Immersion Technologies, Inc. was founded in 1995 and is based in Atlanta, Georgia.

Bitmine Immersion Technologies, Inc.

Industrials

The company does not pay dividends at all, or it pays them sporadically. There have only been a few years with dividend payments in the past ten years. 

Over the last six months, the stock performance has varied, with an increase following a drop. The stock's price trend wasn't definitive when matched against its global counterparts from the same sector and industry (as depicted above). Over the past six months the stock has exceeded the performance of this peer group by 574ppts and its growth accelerated by 543ppts in the past month. This is equally valid for peers from the same country and industry. Given the stock's valuation versus its peers, its total price movement is mildly favourable.

The company has reported very poor EBITDA margins compared to its global peers in recent years. EBITDA margin amounted to -54.3% in the last 12 months, up from -57.3% in FY24. 

Historically, BMNR has reported very poor net margins compared to its global peers. Specifically, in the last 12 months, this metric equalled -77.8%, a growth from -83.6% in FY24. 

Another important profitability metric, return on assets (RoA), amounted to -46.6% in the last 12 months, a decrease from -40.5% in FY24. 

In the last 12 months, the return on capital employed (RoCE) declined to -106.5%, below the peers. 

Bitmine Immersion Technologies, Inc. reported a return on equity (RoE) of -108.1% in the last 12 months, down from -71.1% in FY24. 

The ratio of return on invested capital (RoIC) to the weighted average cost of capital (WACC) has been -13.6 in the past several years. This ratio implies a fragile shareholder value creation. 

The institutional, legal, and compliance risks associated with the company's country are minimal. In combination with stringent business standards, shareholder rights are very highly protected.

BMNR has very poor trading liquidity. The average private investor can sell his common position in the stock immediately. Liquidity is very unstable and becomes extremely unfavourable on the days with the lowest activity. The trading volume mostly stays the same even under highly turbulent market conditions. Another factor to consider is the substantial number of days with zero trading volumes, i.e., without any ability to sell a position. The stock has a very small market capitalisation, which usually makes its trading liquidity erratic and unpredictable. 

No other major risks have been identified.

The risk of default is high. Among the negative credit factors, we point to bleak profitability, negligible return on capital, inadequate interest coverage, and poor cash flow generation. We note resilient historical revenue growth, low margin volatility, and an favourable capital structure, among the positive credit factors. 

In highly turbulent market conditions, BMNR is exceptionally volatile. In other words, the stock will be among the worst-performers in times of extreme market volatility or shocking company news. Standalone, the worst-day losses (less than 1% of the time) will likely be critical. 

In normal market circumstances, BMNR is exceptionally volatile. Put differently, without outstanding market volatility or shocking company news, the stock's price will change quite unpredictably. The stock's losses on its worst days (less than 1-5% of the time) will range from critical to immense. 

Based on key historical and expected multiples, the stock is greatly overvalued relative to its peers. In particular, the stock is overvalued on P/FCF. 

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Bitmine Immersion Technologies, Inc.

$ 41.02

1

Bitmine Immersion Technologies, Inc.

$ 41.02

1

Risk factor

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Risk / Profitability

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Risk factor

Profitability factor

$ 41.02

About

About

Bitmine Immersion Technologies, Inc.

$ 41.02

1

Bitmine Immersion Technologies, Inc.

$ 41.02

1

Risk factor

Profitability factor

Risk / Profitability

About

About

Risk factor

Profitability factor

$ 41.02

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