Digital asset technology company. Previously Bitcoin mining, pivoted to ETH treasury strategy. Holds Ethereum as primary treasury reserve asset. BTC-related ecosystem services and consulting. | AGI Score: 4/10 | P/TB: 1.10x | Buybacks: -40% share count change | Analysis date: 2026-03-13
40% share buyback is extraordinary. ETH treasury strategy = leveraged bet on Ethereum. AGI score 4 reflects high uncertainty — crypto could benefit from or be disrupted by AGI. The massive buyback suggests management conviction in asset value.
Digital asset technology company. Previously Bitcoin mining, pivoted to ETH treasury strategy. Holds Ethereum as primary treasury reserve asset. BTC-related ecosystem services and consulting.
Sector: Crypto / Digital Assets | Employees: 3
Category: Minimal Impact
Bitmine's treasury strategy (holding ETH) is indirectly exposed to AGI through crypto market dynamics. AGI could increase blockchain/crypto adoption for smart contracts and autonomous agents (modest demand boost for ETH ecosystem), but also threatens the value proposition: AGI could design superior consensus mechanisms, more efficient blockchains, or entirely new paradigms for digital assets that render current cryptocurrencies obsolete (high innovation risk). The company's value is largely tied to ETH price appreciation, which is speculative and could move in either direction under AGI. Operational costs are modest (treasury management vs. mining), but no sustainable competitive moat. High uncertainty makes this a neutral to slightly negative AGI exposure.
40% buyback = management aggressively reducing share count. If ETH appreciates, per-share value compounds fast with fewer shares. AGI-powered smart contracts could drive ETH adoption. Pivoting from mining (capital-intensive) to treasury (capital-light).
Pure crypto exposure = speculative. ETH price is volatile and driven by sentiment. No operating business — just holding crypto. AGI could design better blockchain/consensus mechanisms that make ETH obsolete. Company is tiny. 40% buyback could be from delisting risk/share consolidation rather than value creation.
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | — | $428K | $645K | $3M | $6M |
| Net Income | $-154K | $-2M | $-2M | $-3M | $328M |
| Operating Income | $-132K | $-2M | $-2M | $-2M | $444M |
| Operating Cash Flow | $-76K | $-2M | $-810K | $-29K | $-4M |
| CapEx | $427K | $6M | $612K | $565K | $1M |
| Total Assets | $646K | $8M | $8M | $7M | $9B |
| Stockholders Equity | $361K | $7M | $6M | $4M | $9B |
| Shares Outstanding | 40,433,399 | 43,107,688 | 49,055,973 | 49,878,610 | 24,137,713 |
| Free Cash Flow* | $-504K | $-8M | $-1M | $-593K | $-5M |
| Share Count Change | — | +6.6% | +13.8% | +1.7% | -51.6% |
*FCF = Operating Cash Flow - CapEx
| Balance Sheet Item | Latest FY |
|---|---|
| Total Assets | $9B |
| PP&E (net) | $516K |
| Cash & Equivalents | $400K |
| Goodwill | — |
| Intangible Assets | — |
| Total Liabilities | $9B |
| Long-Term Debt | — |
| Stockholders Equity | $9B |
| Tangible Book Value | $9B |
Goodwill: None reported — no goodwill on books = tangible book IS book value (good)
Intangible Assets: None reported
PP&E: $516K — physical assets that could be liquidated
Tangible Book Value: $9B ($19.11 per share)
| Metric | Value | Notes |
|---|---|---|
| Book Value / Share | $19.11 | Stockholders equity / shares |
| Tangible Book Value / Share | $19.11 | Equity minus goodwill & intangibles |
| Price / Revenue | 1299.97x | Market cap / TTM revenue |
| OCF Yield | -2.5% | Operating cash flow / market cap |
| FCF Yield | -0.1% | Free cash flow / market cap |
| Floor Price Estimate (60% TBV) | $11.47 | Conservative: 60% of tangible book value per share |
Tangible Book Value per share: $19.11
Conservative Floor (60% of TBV): $11.47 — At this price, you are buying hard assets at 60 cents on the dollar with margin of safety.
Current price $20.54 is above tangible book value ($19.11).
Buyback impact: Buybacks: -40% share count change. If management continues buying back shares below book value, per-share intrinsic value compounds upward even without earnings growth.
Item 1. Business. Overview Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset. Through equity and other capital markets transactions, we provide investors with indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within our corporate treasury. From 2021 through mid-2025, we built and operated sites utilizing immersion cooling, conducted self-mining, provided hosting/mining-as-a-service, leased, and sold equipment and related infrastructure. Beginning in the third calendar quarter of 2025, management refined the business to prioritize (i) digital asset ecosystem services (including consulting/advisory), and (ii) disciplined digital asset treasury management, while winding down proprietary self-mining exposure and deferring new site buildouts. This evolution reflects our assessment of post-halving economics, capital allocation discipline, and market demand for digital asset-adjacent services. Our results are now driven primarily by: ● operating efficiency and working capital management in a lower-capex model; and ● ETH market conditions, principally as they affect the value of the ETH held in, and the activities of, our treasury. In July 2025, we strengthened our liquidity and expanded our access to capital through a public offering of common stock and related private placements, and by establishing a shelf registr
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read together with our audited financial statements and the related notes included elsewhere in this Annual Report on Form 10-K and with our interim financial statements incorporated by reference. This MD&A is intended to provide investors with an understanding of our results of operations, financial condition, liquidity and capital resources, and critical accounting estimates through the eyes of management. It includes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements due to a number of factors, including those discussed under “Risk Factors” and elsewhere in this Annual Report on Form 10-K. The numbers below are presented in thousands except for percentages as well as share and per share amounts. Overview We are a digital asset focused company. Beginning in the third calendar quarter of 2025, management expanded its existing digital asset business to primarily focus on the Ethereum blockchain and ETH as the digital asset. This included expanding toward an asset light operating model centered on Ethereum adjacent services (including advisory) and disciplined digital asset treasury management. Our results are now driven primarily by operating efficiency in a lower capex model and Ethereum market conditions, includin
What assets exist? PP&E of $516K. Total assets of $9B Tangible book value of $9B. No goodwill — clean balance sheet.
Are buybacks real? Yes — Buybacks: -40% share count change. This is the AMR playbook: buy back shares below book value to compound per-share intrinsic value.
Is the business durable? Crypto / Digital Assets with AGI score 4/10. Low AGI disruption risk — physical business that AGI does not easily replace.
What is the floor? At $11.47 (60% of TBV), downside is limited by hard assets. Current price $20.54 is above the floor estimate.
Data sources: SEC EDGAR XBRL, yfinance, 10-K filing extracts, AGI scoring framework. Analysis date: 2026-03-13.