BitMine Immersion Technologies joins the tracked set today. Its Rule of 40 card reads n/m — not meaningful — for every quarter that has a year-ago comparison, and it will keep reading n/m for the foreseeable future. That is the correct output. This is the second ticker we have shipped on that basis, after AbCellera, and the reason here is different and more interesting.
BitMine is a digital-asset treasury company. As of 30 August 2026 it held 5,901,112 ETH — 4.9% of the entire 120.7 million ether supply — plus 211 bitcoin, $541 million of cash and marketable securities and about $261 million of venture stakes it calls "moonshots", for $15.6 billion in total. Fourteen months ago it was an immersion-cooled bitcoin miner with $6.1 million of annual revenue.
The three quarters that could be scored
| Quarter (FY, Aug year-end) | Revenue | YoY | FCF | FCF margin | R40 |
|---|---|---|---|---|---|
| 2026 Q1 (Nov 2025) | $2.3M | +90.9% | -$228.7M | -9,975% | n/m |
| 2026 Q2 (Feb 2026) | $11.0M | +627.8% | -$88.2M | -799% | n/m |
| 2026 Q3 (May 2026) | $46.5M | +2,167.8% | +$29.0M | +62.3% | n/m |
The site suppresses a quarter whose year-on-year growth exceeds 500% or whose free-cash-flow margin exceeds 100% in absolute terms. All three quarters trip at least one of those, and the May quarter trips the growth rule while looking, on its own, like the best score on the board: 2,168 plus 62 is 2,230, which would be fifty times NVIDIA. It means nothing. Revenue grew 2,168% because the denominator a year earlier was $2.05 million — a bitcoin miner's quarter — and the numerator today is staking rewards on five million ether.
The free-cash-flow column is just as unhelpful in the other direction. The -$228.7 million in the November quarter is not a business burning cash; it is working capital and operating outflow around a treasury that bought $11.69 billion of digital assets over the nine months, all of which sits in investing activities, not operating. Free cash flow as this site defines it — cash from operations less purchases of property and equipment — simply does not reach the thing BitMine does with money.
What the score does not capture
The equity story here has three variables and none of them is revenue growth or FCF margin.
The asset stack. Ether is carried at fair value through earnings, so the income statement is the ETH mark and nothing else. Fiscal 2025 closed with $328.2 million of net income available to common shareholders. The first nine months of fiscal 2026 produced a $9.11 billion net loss, of which $9.04 billion was the unrealised change in the digital-asset holdings — a single line larger than the entire balance sheet was two quarters earlier. The May 2026 quarter's headline loss of $83.6 million, or -$0.15 a share, is small only because ether happened to be roughly flat across those three months.
The share count. Total assets went from $8.27 million at 31 May 2025 to $11.63 billion at 31 May 2026. Shares outstanding went from 2,053,366 to 579,652,432 over the same twelve months, and the at-the-market programme is authorised for up to $24.5 billion. The 10-Q cover reports 603,226,394 shares as of 9 July 2026. A treasury company that issues stock to buy ether is only creating value if it buys more ether per share than it issues shares.
On that test, using period-end filings:
| Balance-sheet date | ETH held | Shares outstanding | ETH per 1,000 shares |
|---|---|---|---|
| 30 Nov 2025 | 3,737,333 | 408,578,823 | 9.15 |
| 28 Feb 2026 | 4,473,654 | 493,905,227 | 9.06 |
| 31 May 2026 | 5,700,049 | 579,652,432 | 9.83 |
The stack grew 53% over two quarters and ether per share grew 7.5%, with a dip in the February quarter when issuance ran ahead of accumulation. That single column is a better description of management's performance than anything the R40 card can produce, and it is not a Rule of 40 input.
The premium to net asset value. At Monday's $25.32 close, the 603,226,394 shares on the July 10-Q cover are worth about $15.3 billion against the $15.6 billion of crypto, cash and moonshots the company reported for 30 August — roughly parity, before the Series A Preferred that raised $273.8 million net after the quarter closed. Treat that ratio as a rough bound rather than a figure: the share count is seven weeks stale in a company running an active ATM, so the true multiple is not knowable from the filings. It has not always been near one. The stock has traded between $12.80 and $65.60 over the past year.
Where the revenue actually comes from now
The $46.5 million in the May quarter is overwhelmingly validation and staking rewards. As of 30 August the company had 5,067,309 ETH staked — 86% of the stack — much of it through MAVAN, the validator network it built for its own treasury and now intends to open to institutions. Gross margin on that line is 87.7%, against 15.1% a year earlier when the revenue was hosted mining. Management puts the annualised staking reward at $396 million at full deployment and current yields; that is a forward figure from a press release, not a filed one, and it is not in our series.
There is no debt. The balance sheet at 31 May 2026 carried $30.1 million of total liabilities against $11.63 billion of assets, and no borrowings tag at all.
What we are and are not storing
Seven quarters, fiscal 2025 Q1 through fiscal 2026 Q3, all on a GAAP basis, all from the company's own 10-Q and 10-K filings via the SEC's XBRL company-facts API. BitMine's fiscal year ends 31 August, so every quarter here is labelled by its fiscal year: the quarter ending 30 November 2025 is fiscal 2026 Q1, not calendar 2025 Q4.
Three deliberate gaps. There is no P/E series: trailing four-quarter GAAP earnings are deeply negative in every window, and a P/E is not a negative number, so the chart shows a gap and the card prints n/m. There is no earnings-per-share point for fiscal 2025 Q4: no quarterly per-share figure is filed for a fourth quarter, and deriving one would mean estimating a weighted average share count for the exact three months in which the count went from about 4.3 million to 384 million — an estimate too sensitive to be worth storing. And there is no CEO page: Chi Tsang was appointed on 12 November 2025 and we found no verified public appearance by him in the last twelve months. The chairman's page carries Tom Lee instead, which is the honest allocation for this company anyway.
Fourth-quarter revenue, cost of sales, cash flow and capital expenditure are derived as the fiscal year less the first three quarters, which is the only way those quarters exist.
Figures are from BitMine's Forms 10-Q for the quarters ended 30 November 2025, 28 February 2026 and 31 May 2026, its Form 10-K for the year ended 31 August 2025, the Item 7.01 Form 8-K of 31 August 2026 reporting holdings as of 30 August, and the 4 June 2025 Form 424B4. The listing history is from the Forms 8-A12B of 2 June 2025 and 8 April 2026 and the corresponding NYSE certifications; the common stock moved from the NYSE American to the New York Stock Exchange on 9 April 2026. The closing price is 31 August 2026. Analyst consensus is the S&P Global poll via stockanalysis.com. No forecast or valuation of our own appears here.
