Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitmine Immersion Technologies (BMNR) is back on investors radar after new Ethereum purchases pushed its holdings close to 5% of total ETH supply, alongside a disclosed US$14.9b crypto and moonshot portfolio.
The latest Ethereum buying and the disclosed US$14.9b crypto and moonshot portfolio have gone hand in hand with a sharp rebound in Bitmine Immersion Technologies. The 30-day share price return is 39.01% and the 90-day share price return is 29.40%. However, the share price return year to date is still down 20.13% and the 1-year total shareholder return is down 45.87%. Momentum is therefore rebuilding from a weak starting point, while longer-term holders have experienced a mixed picture that includes a 3-year total shareholder return of 132.87% but a 5-year total shareholder return that is down 55.18%.
Scan how Bitmine Immersion Technologies compares with other crypto related plays by reviewing our hand picked 21 cryptocurrency and blockchain stocks that are catching fresh institutional attention.
For Bitmine Immersion Technologies, the sharp rebound sits against heavy Ethereum exposure and a US$14.9b crypto and moonshot portfolio. Are investors re-rating the underlying business, or are they mostly chasing renewed crypto sentiment as the valuation resets?
Preferred Price to Book Multiple of 1.3x: Is it justified?
On a P/B basis, Bitmine Immersion Technologies trades at 1.3x, which is materially lower than both the US software industry average of 3.1x and its peer group average of 5.5x. That keeps the focus on whether the market is applying a discount that reflects the risks around profitability, funding and governance, or whether it is pricing in too little credit for the company’s growth profile and crypto exposure.
The P/B multiple compares the company’s market value to its book value, which is essentially its net assets on the balance sheet. For a business like Bitmine Immersion Technologies, with heavy exposure to digital assets and a loss making profile, P/B can be a useful cross check on how the market values its asset base relative to equity, especially when traditional earnings based metrics are less meaningful.
Bitmine Immersion Technologies is currently unprofitable and reports a loss of $8,772.208m with a negative return on equity of 75.47%. It also has less than one year of cash runway and 100% of liabilities funded from higher risk sources such as external borrowing rather than customer deposits. On top of that, shareholders have been substantially diluted in the past year. Taken together, these factors help explain why the market might assign a lower P/B multiple, even though revenue is forecast to grow 75.6% per year and earnings are expected to move into profit over the next three years.
Compared with the US software industry average P/B of 3.1x, Bitmine Immersion Technologies’ 1.3x looks compressed. Against the peer average of 5.5x, the gap is even wider. This is strong evidence that the market values the company at a discount relative to similar stocks with higher P/B ratios. Whether that discount narrows or persists will likely depend on how quickly the company can deliver on its high forecast revenue growth and move from losses to sustained profitability while managing its balance sheet risk.
See what the numbers say about this price — find out in our valuation breakdown.
Result: Price-to-book ratio of 1.3x (UNDERVALUED)
However, Bitmine Immersion Technologies still carries risks around ongoing losses and heavy reliance on crypto related activities, which could quickly shift sentiment if conditions weaken.
Find out about the key risks to this Bitmine Immersion Technologies narrative.
Another View Using The SWS DCF Model
The SWS DCF model paints a very different picture for Bitmine Immersion Technologies. While the P/B of 1.3x suggests the stock screens as good value against software peers, the DCF points to a future cash flow value of just $0.01 compared with the recent $24.91 share price. That signals a very large implied premium. Which yardstick do you treat as the anchor?
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Bitmine Immersion Technologies for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 51 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
Next Steps
With both optimism and concern threaded through the Bitmine Immersion Technologies story, consider acting while sentiment is still forming and test the numbers yourself. To weigh those mixed signals directly, start by checking the 1 key reward and 3 important warning signs.
Looking for more investment ideas beyond Bitmine Immersion Technologies?
If you want to stress test your view on Bitmine Immersion Technologies, compare it with other stocks that match different risk and return profiles across the market.
- Spot potential high risk high reward opportunities by scanning our 23 elite penny stocks with strong financials and see which stocks fit your appetite for bold moves.
- Zero in on quality at a sensible price by checking the 51 high quality undervalued stocks that combine stronger fundamentals with more modest valuations.
- Focus on stability and balance sheet strength by reviewing the list of solid balance sheet and fundamentals (51 results) that could help anchor a more resilient portfolio.
This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.
Valuation is complex, but we’re here to simplify it.
Discover if Bitmine Immersion Technologies might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.
Have feedback on this article? Concerned about the content? Get in touch with us directly.Alternatively, email editorial-team@simplywallst.com
MI
mitchell_lawler
The Foxhole
Is Nvidia actually expensive at 32 times earnings? I think that number can melt faster than people realise.
Why would I fret over Nvidia results now? I think it’s moment has gone. I will invert and see what companies can be the next Nvidia.
Multiple has already melted 50 percent in the last year. It can melt another 50 percent from here in the next year?
Mitchell Lawler
Market Insights
Which payment stocks actually get paid?
Every new payment app was supposed to kill Visa and Mastercard. Instead, they got bigger. So what does that mean for the payment stocks on your radar?
42
Aug 20, 2026
About NYSE:BMNR
Bitmine Immersion Technologies
Operates as a blockchain technology company primarily in the United States.
High growth potential with excellent balance sheet.
Similar Companies
-
NasdaqGS:MSTR
Strategy
-
NasdaqCM:BTBT
Bit Digital
Market Insights
Which payment stocks actually get paid?MI
Mitchell Lawler
Picking portfolio winners takes more than hot airAN
Andrew Legget
What Korea’s market says about your index fundMI
Mitchell Lawler
Advertisement
Weekly Picks
Rick_Orfordon Starfighters Space·20 days ago
The 1960s Fighter Jet That Could Crack Open a $20 Billion Satellite Market
Fair Value:US$522.6% undervalued
71followersusers have followed this narrative
·4commentsusers have commented on this narrative
·11likesusers have liked this narrative
TR
tripledubon Meta Platforms·23 days ago
The $135 Billion Bet That Should Make Every Shareholder Nervous
Fair Value:US$5861.7% undervalued
56followersusers have followed this narrative
·3commentsusers have commented on this narrative
·34likesusers have liked this narrative
TA
Taloson Voyager Technologies·17 days ago
The “Landlord of Orbit” – A Deep Value Play Ahead of the Starlab Era
Fair Value:US$385.291.0% undervalued
49followersusers have followed this narrative
·0commentsusers have commented on this narrative
·5likesusers have liked this narrative
IV
Ivoedon Uber Technologies·12 days ago
Uber’s Valuation Depends On Who Captures The Economics Of Driverless Rides
Fair Value:US$11632.3% undervalued
12followersusers have followed this narrative
·0commentsusers have commented on this narrative
·3likesusers have liked this narrative
RecentlyUpdated Narratives
John_Ericon Veeva Systems·about 3 hours ago
AI-Powered Veeva Systems Poised for Solid Growth Amid Regulatory Stability
Fair Value:US$383.1436.1% undervalued
45followersusers have followed this narrative
·0commentsusers have commented on this narrative
·0likesusers have liked this narrative
LU
LunaRodason NVIDIA·about 6 hours ago
NVDA | Nvidia Corporation: What They Said vs. What They Did
Fair Value:US$315.0333.4% undervalued
1followerusers have followed this narrative
·0commentsusers have commented on this narrative
·0likesusers have liked this narrative
IN
InvestingNurseon Lexaria Bioscience·about 7 hours ago
Lexaria Bioscience’s Breakthrough with DehydraTECH to Revolutionize Drug Delivery
Fair Value:US$2352.0% undervalued
3followersusers have followed this narrative
·0commentsusers have commented on this narrative
·0likesusers have liked this narrative
Popular Narratives
OSoscargarciaon NVIDIA·3 months ago
The company that went from selling GPUs to gamers to becoming the AI arms dealer of the 21st century.
Fair Value:US$28025.1% undervalued
360followersusers have followed this narrative
·9commentsusers have commented on this narrative
·16likesusers have liked this narrative
CU
CubanEroson Microsoft·about 2 months ago
A wonderful business at reasonable price.
Fair Value:US$419.9118.2% overvalued
207followersusers have followed this narrative
·0commentsusers have commented on this narrative
·9likesusers have liked this narrative
KI
KiwiInveston Amazon.com·4 months ago
Amazon’s high growth, high tech segments propel its profits, while traditional segments plod along
Fair Value:US$475.0945.2% undervalued
232followersusers have followed this narrative
·1commentusers have commented on this narrative
·8likesusers have liked this narrative
Source: simplywall.st