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BMNR on NYSE

BitMine Immersion

Logo: bitminetech.io3

BitMine Immersion is a publicly traded cryptocurrency firm based in Las Vegas.1 Its shares trade on NYSE under the symbol BMNR.1

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Last updated Oct 21, 2026.

Overview

$6.1MRevenue, fiscal 20254
$348.6MNet income, fiscal 20254

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  • TickerBMNR on NYSE1
  • IndustryFinance Services1
  • HeadquartersLas Vegas1
  • Websitewww.bitminetech.io
  • Incorporated inDE5
  • Business address800 Connecticut Avenue, Norwalk, Ct 068545
  • Filer category, Emerging growth company5
  • Legal formCorporation

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BitMine Immersion image from its website
Image: bitminetech.io3

Our treasury operations prioritize multi-layer key management, segregation of duties, and independent oversight of custodians and counterparties.7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7288.1%Operating margin4
5719.1%Net margin4
84.1%Revenue growth, 20254
4.0%Return on equity4
-$5.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Self Mining brought in 51% of the revenue BitMine Immersion broke down this way in fiscal 2025.

  1. Self Mining$3.1M451%up 3% from 2024
  2. Leasing$1.9M431%
  3. Sale of Mining Equipment$846.0K414%up 266% from 2024
  4. Consulting$235.0K44%
Products and services by year
Products and services20242025
Self Mining$3.0M$3.1M
Leasing$1.9M
Sale of Mining Equipment$231.0K$846.0K
Consulting$235.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$5.8M
  • Income tax21¢$92.3M
  • Profit78¢$348.6M

Out of $6.1M in revenue.4

Financial statements

Revenue894$6.1M in 2025
0$2.0M$4.0M$6.0M$8.0M2021: $0$020212022: $427.7K$427.7K20222023: $645.3K$645.3K2023+51%2024: $3.3M$3.3M2024+413%2025: $6.1M$6.1M2025+84%
Gross profit8109$761.0K in 2024
-$250.0K0$250.0K$500.0K$750.0K$1.0M2021: $0$020212022: -$129.0K-$129.0K20222023: $222.5K$222.5K20232024: $761.0K$761.0K2024+242%
Operating income81094$444.2M in 2025
-$200.0M0$200.0M$400.0M$600.0M2021: -$131.8K-$131.8K20212022: -$1.7M-$1.7M2022+1200%2023: -$2.4M-$2.4M2023+41%2024: -$2.4M-$2.4M2024+1%2025: $444.2M$444.2M2025
Net income81094$348.6M in 2025
-$100.0M0$100.0M$200.0M$300.0M$400.0M2021: -$154.2K-$154.2K20212022: -$2.0M-$2.0M2022+1200%2023: -$2.5M-$2.5M2023+23%2024: -$3.3M-$3.3M2024+34%2025: $348.6M$348.6M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-08-312024-08-31
Total Revenue$6.1M$3.3M
Total Cost of Sales$5.8M$3.5M
General and administrative expenses$14.0M$2.3M
Warrant expense$349.0M
Impairment of property and equipment$1.9M$120.0K
Realized gain from the sale of digital assets-$3.7M-$114.0K
Unrealized gain from digital assets holdings-$805.0M
Total operating expenses-$443.9M$2.3M
Income (loss) from operations$444.2M-$2.4M
Interest expense-$245.0K-$269.0K
Interest income$1.0K$55.0K
Loss on the extinguishment of debt-$289.0K-$320.0K
Loss on investment in joint venture-$1.3M-$311.0K
Loss on the sale of equipment-$1.5M
Pre-tax income (loss)$440.9M-$3.3M
Income taxes$92.3M
Net Income (loss)$348.6M-$3.3M
Deemed dividend on Series A Preferred Stock-$3.0M
Allocation to participating preferred stock-$17.5M
Net Income (loss) attributable to common stockholders$328.2M-$3.3M
Basic income (loss) per common share$13.60-$1.32
Diluted income (loss) per common share$13.39-$1.32
Basic24.1M shares2.5M shares
Diluted24.5M shares2.5M shares

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Corporate structure

BitMine Immersion sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BitMine Immersion

  • BitMine Immersion Las Vegas
    • Eightco Holdings Inc. Stake · Easton, Pennsylvania
    • BMNR Subsidiary One, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What BitMine Immersion reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$669.0K4 Aug 31, 2025$6.2M4 Aug 31, 2024−89.2%
Accumulated depreciation$153.0K4 Aug 31, 2025$1.4M4 Aug 31, 2024−89.0%
Property and equipment, net$516.0K4 Aug 31, 2025$4.8M4 Aug 31, 2024−89.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$512.0M4 Aug 31, 2025$499.0K4 Aug 31, 2024+102505.0%

Properties, in its own words

As of August 31, 2025, we did not maintain a physical corporate office. We utilize a virtual office location in Las Vegas, Nevada for mailing, registered office, and administrative purposes. We do not lease dedicated office space.

Our previous operations in Trinidad, Pecos, Texas, and Murray, Kentucky have been terminated as of August 31, 2025, and we no longer have any operations, facilities, or equipment at those locations.

Item 2 of the 10-K filed Nov 21, 2025.7

Leadership

Who has led BitMine Immersion, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Chi Keung Tsang2026–now

President

  1. Erik S. Nelson2023–now

Chief financial officer

  1. Raymond Mow2021–2026
  2. Young Kyu Kim2026–now

Chief operating officer

  1. Ryan Ramnath2021–2026
  2. Young Kyu Kim2026–now
2025
Board members and other officers (11)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, Director, PromoterJonathan Bates named Mar 21, 2025 to Jul 15, 202526
  • DirectorJohn S. Kelly named Mar 21, 2025 to Jul 15, 202526
  • DirectorThomas S. Lee named Jul 15, 202526

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BMNR Subsidiary One, LLC Delaware6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Sandy Springs Holdings, Inc.Oct 27, 2020 to Jul 27, 20215

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure27
  2. Oct 7, 20268-K Regulation FD disclosure28
  3. Oct 5, 20268-K Regulation FD disclosure29
  4. Sep 30, 20268-K Regulation FD disclosure30
  5. Sep 28, 20268-K Regulation FD disclosure31
  6. Sep 21, 20268-K Regulation FD disclosure32
  7. Sep 14, 20268-K Regulation FD disclosure33
  8. Sep 8, 20268-K Ended a material agreement; Regulation FD disclosure34
  9. Aug 31, 20268-K Regulation FD disclosure35
  10. Aug 24, 20268-K Regulation FD disclosure36
  11. Aug 17, 20268-K Regulation FD disclosure37
  12. Aug 14, 20268-K Regulation FD disclosure38
  13. Jan 27, 2026New chief executive Chi Keung Tsang becomes CEO14
  14. Jun 2025Went public Listed on NYSE1

Calendar

When it reported results

  1. Nov 21, 2025Reported quarterly or annual results39
  2. Jan 13, 2025Reported quarterly or annual results40
  3. Dec 11, 2024Reported quarterly or annual results41
  4. Jul 18, 2024Reported quarterly or annual results42
  5. Feb 28, 2024Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

319 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 136 major events, 67 insider forms, 4 large holders, 8 private raises, 81 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 7, 20268-K EDGAR
  3. Oct 5, 20268-K EDGAR
  4. Sep 30, 20268-K EDGAR
  5. Sep 28, 20268-K EDGAR
  6. Sep 21, 20268-K EDGAR
  7. Sep 14, 20268-K EDGAR
  8. Sep 8, 20268-K EDGAR
  9. Aug 31, 20268-K EDGAR
  10. Aug 24, 20268-K EDGAR
  11. Aug 17, 20268-K EDGAR
  12. Aug 14, 20268-K EDGAR
  13. Aug 10, 20268-K EDGAR
  14. Aug 3, 20268-K EDGAR
  15. Jul 27, 20268-K EDGAR
  16. Jul 24, 20264 EDGAR
  17. Jul 24, 20264 EDGAR
  18. Jul 24, 20264 EDGAR
  19. Jul 24, 20264 EDGAR
  20. Jul 24, 20264 EDGAR

The 319 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 20, 2026Love LoriDirectorBuy227$22.01$5.0KForm 4
Apr 16, 2026Love LoriDirectorBuy474$22.05$10.5KForm 4
Jul 17, 2025Lee Thomas JongDirectorBuy4,500$44.00$198.0KForm 4
Jul 9, 2025Lee Thomas JongDirectorBuy444,444$4.50$2.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

BitMine Immersion has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jonathan Bates$300.0K$1.6M48
2025Raymond Mow$120.0K$1.0M48
2025Erik Nelson58$120.0K$756.3K48
2024Former ChiefExecutive Officer$622.1K$622.1K48
2024Chief Financial Officer$155.1K$155.1K48
2024President$63.9K$63.9K48

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 30, 2025Raised $39.6 million in a private offering of equity Form D: $252.5 million offered in all Form D
  2. Jun 30, 2025Raised $212.9 million in a private offering of equity Form D: $252.5 million offered in all Form D
  3. Jan 18, 2022Raised $5.2 million in a private offering of equity Form D: $10 million offered in all Form D
  4. Jun 16, 2021Raised $563,250 in a private offering of equity Form D: 20 investors so far Form D
  5. May 11, 2021Raised $1,550 in a private offering of equity Form D: 12 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.27,297,148$363.3M0.0%+16,218,646
Vanguard Capital Management LLC25,670,167$341.7M0.0%+5,326,584
Vanguard Portfolio Management LLC22,344,900$297.4M0.0%+13,737,836
Morgan Stanley16,291,913$216.8M0.0%+2,503,350
Clear Street Group Inc.12,696,423$169.0M0.5%−1,939,646
Geode Capital Management, LLC10,190,278$165.6M0.0%+4,419,042
ARK Investment Management LLC8,811,588$117.3M0.8%−887,577
State Street Corp8,742,161$116.4M0.0%+6,441,890
Fmr LLC7,702,080$102.5M0.0%+7,144,272
Susquehanna International Group, Llp6,615,698$88.1M0.1%−1,918,424
Norges Bank6,151,062$81.9M0.0%New
Jane Street Group, LLC6,027,815$80.2M0.1%+2,143,748
Charles Schwab Investment Management Inc5,647,050$75.2M0.0%+1,240,827
Sumitomo Mitsui Trust Group, Inc.4,452,071$59.3M0.0%−455,104
Amova Asset Management Americas, Inc.4,448,358$59.2M0.8%−458,817
Van Eck Associates Corp3,611,932$48.1M0.0%+1,192,915
Vanguard Fiduciary Trust Co3,607,453$48.0M0.0%+836,862
Mozayyx Management LLC3,333,333$44.4M42.7%No change
Citadel Advisors LLC3,302,118$44.0M0.0%−9,029,391
Weiss Asset Management LP3,142,727$41.8M0.6%−1,185,567
Northern Trust Corp2,662,173$35.4M0.0%+1,652,271
UBS Group AG2,509,587$33.4M0.0%−444,198
Goldman Sachs Group Inc2,372,081$31.6M0.0%+411,377
Bank Of Montreal /can/2,322,384$30.9M0.0%−20,412
SIH Partners, LLLP1,893,815$25.2M1.1%+813,166

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 28, 2025Cleo FieldsDemocratic, HouseSale$50,001 - $100,000+59.5%Report
Jul 16, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−75.3%Report
Jul 16, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−75.3%Report
Jul 16, 2025Cleo FieldsDemocratic, HouseBuy$15,001 - $50,000−75.3%Report
Jul 16, 2025Cleo FieldsDemocratic, HouseBuy$1,001 - $15,000−75.3%Report
Jul 16, 2025Cleo FieldsDemocratic, HouseBuy$15,001 - $50,000−75.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How BitMine Immersion is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBITMINE IMMERSION TECHNOLOGIES, INC.2
  • CIK0001829311
  • Employer ID (EIN)84-39863547
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsAugust 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address800 Connecticut Avenue, Norwalk, CT 068542
  • Phone203-401-82002
  • Shares outstanding603,226,394 as of Jul 9, 202612
  • Public float$4.4M as of Feb 28, 20257
  • AuditorBush and Associates CPA, Henderson, Nevada PCAOB ID 6797; no auditor attestation of internal control over financial reporting7
  • On EDGAR sinceOct 27, 20202
  • Filings347 in all: 8-K (135), 4 (44), 10-Q (17), 3 (16), CORRESP (13), UPLOAD (12), 5 (11), DEFA14A (11)2
    All 45 form types

    144 (7), 10-K (5), 424B5 (5), D (5), SC 13D (5), 8-K/A (4), NT 10-K (4), S-1/A (4), 4/A (3), 8-A12B (3), CERT (3), D/A (3), S-3ASR (3), SCHEDULE 13G (3), 10-Q/A (2), DEF 14C (2), NT 10-Q (2), PRE 14C (2), RW (2), S-1 (2), S-8 (2), SCHEDULE 13D (2), 10-12G (1), 10-K/A (1), 144/A (1), 25 (1), 424B4 (1), ARS (1), DEF 14A (1), DEFR14A (1), EFFECT (1), FWP (1), POSASR (1), PRE 14A (1), S-1MEF (1), S-3 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Nov 21, 2025
    Quarterly report (10-Q) Jul 14, 2026
    Proxy statement (DEF 14A) Dec 9, 2025
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001BMNRNYSE American LLC

From the cover page of the 10-K filed Nov 21, 2025 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks BitMine Immersion names in Item 1A of its 10-K filed Nov 21, 2025: 34 risks under these headings, as written.7

  • Risks Related to Digital Asset Prices, Network Dynamics and Treasury Holdings
  • Volatility in the prices of ETH and BTC may materially and adversely affect our business, financial condition and results of operations.
  • The future development and growth of digital assets are subject to a variety of factors that are difficult to predict and evaluate. If digital assets do not grow as we expect, our business, operating results and financial condition could be adversely affected.
  • Ethereum-specific market, technology and regulatory developments may adversely affect the value and liquidity of our ETH holdings and our Treasury Strategy.
  • Our digital asset treasury business model has multiple layers of corporate finance risks.
  • Our ETH Treasury Strategy and any decision to hold digital assets may increase our exposure to market volatility and potential uninsured losses.
  • Operational, Cybersecurity and Custody Risks
  • Any ETH staking and related activities may expose us to slashing, lock-ups, liquidity, counterparty and operational risks.
  • Ethereum scaling via rollups and Layer 2 solutions introduces additional dependencies and risks.
  • Smart contract, bridge, oracle and protocol vulnerabilities could result in loss of digital assets or business interruption.
  • Market structure and liquidity for ETH could deteriorate, impacting our ability to transact or to accurately value our holdings.
  • ETH price declines or prolonged underperformance versus other digital assets could adversely affect our financial position and capital access.
The other 24 risks
  • Restaking and correlated risk exposures may amplify losses during stress events.
  • Concentration and governance risks in the Ethereum ecosystem could create systemic vulnerabilities.
  • Our ability to earn mining rewards may decline and our revenues could be materially reduced.
  • Our treasury strategy and any decision to hold digital assets may increase our exposure to market volatility and potential uninsured losses.
  • Our failure to securely store and manage our fiat currencies and digital assets could adversely affect our business, operating results and financial condition.
  • Reliance on mining pools and other third-party service providers may expose us to counterparty failures, operational issues, and losses.
  • The theft, loss or destruction of private keys required to access any digital assets held in custody for our own account or for our operational partners may be irreversible. If we are unable to access our private keys or if we experience a hack or other data loss relating to our ability to access any digital assets, it could cause regulatory scrutiny, reputational harm, and other losses.
  • Regulatory, Legal and Policy Risks
  • We are subject to an extensive, highly evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results and financial condition.
  • Changes in laws and regulations applicable to digital assets may increase our compliance costs, restrict our operations, or expose us to enforcement actions.
  • Conflicting or extraterritorial regulations may complicate cross-border operations and disrupt access to essential services.
  • Adverse changes in the tax treatment of digital assets may increase our tax liabilities and compliance costs.
  • Financing, Liquidity, Capital Markets and Listing Risks
  • We may be unable to raise additional capital when needed or on acceptable terms, and future financings may be highly dilutive.
  • Failure to maintain exchange listing standards may reduce liquidity, increase financing costs, and negatively affect valuation.
  • Limited access to banking, payments and insurance services for digital asset-related businesses may create operational friction and liquidity risks.
  • Accounting, Financial Reporting and Internal Control Risks
  • Complex and evolving accounting for digital assets and related items may increase the volatility of our reported results and require significant judgment.
  • Auditor transitions and internal control remediation may result in delays, increased costs, or identification of material weaknesses.
  • If our breakeven metrics or related assumptions are inaccurate, investors may misinterpret our operating performance and risk profile.
  • Strategic, Counterparty and Concentration Risks
  • Our strategic exposure to ETH may subject us to ETH-specific market, technology, and regulatory risks.
  • We operate in a highly competitive industry and we compete against unregulated or less regulated companies and companies with greater financial and other resources, and our business, operating results, and financial condition could be adversely affected if we are unable to compete effectively.
  • Dependence on a limited number of counterparties and strategic partners may concentrate risk and exacerbate disruptions.
  • Cybersecurity, Data Privacy and Intellectual Property Risks
  • Cybersecurity incidents, including data breaches and ransomware, may compromise systems, disrupt operations, and cause financial loss.
  • Loss of key personnel or inability to recruit and retain qualified employees may adversely affect our operations and growth.
  • Litigation, arbitration or governmental proceedings may be costly, time-consuming, and disruptive, and adverse outcomes could result in significant liabilities.
  • Our stock price may be highly volatile, and future sales or issuances of our securities could depress the trading price.

Legal proceedings

We are involved from time to time in legal proceedings arising in the ordinary course of business. We do not currently believe that any such proceedings are material to our financial position, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.7

Sources

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