Bitmine Immersion Technologies Inc (NYSE American: BMNR) is a digital asset company that operates Bitcoin self-mining, equipment sales, leasing, and consulting services while holding cryptocurrency as a treasury asset. Revenue comes from four streams: self-mining Bitcoin ($3,133 thousand, FY2025), leasing ($1,881 thousand, FY2025), mining equipment sales ($846 thousand, FY2025), and consulting ($235 thousand, FY2025), totaling $6,095 thousand for the fiscal year ended August 31, 2025, up 84% from $3,310 thousand in FY2024. The company has described a strategic shift during FY2025 toward digital asset treasury operations, accumulating Ethereum and Bitcoin as long-term holdings, funded in part by $7,717,761 in proceeds from an at-the-money equity offering during FY2025. Total cost of sales was $5,785 thousand in FY2025, with electricity, utilities, and facilities as the primary cost drivers for the self-mining segment. The company is classified as a smaller reporting company and lists on NYSE American.

Revenue model

Transactional and service revenue from Bitcoin self-mining, mining equipment resale, equipment leasing, and consulting fees, supplemented by treasury gains from holding and selling Bitcoin and Ethereum. Self-mining revenue was $3,133 thousand and leasing revenue was $1,881 thousand for FY2025 (fiscal year ended August 31, 2025). Equity capital via ATM and private placement offerings funds operations and digital asset purchases.

Products and services

Bitcoin self-mining operations; mining equipment sales; equipment leasing; cryptocurrency consulting services; digital asset treasury holdings in Bitcoin (BTC) and Ethereum (ETH).

Customers and end markets

End markets are cryptocurrency mining and digital asset sectors. The filing does not disclose individual customer names or concentration data. Hosting revenue went to zero in FY2025 (down from $48 thousand in FY2024), indicating an exit from third-party hosting services during the period.

Value-chain role

Operator in the Bitcoin mining value chain combining direct mining, equipment distribution, and asset leasing. Also functions as a cryptocurrency treasury holder, purchasing and selling BTC and ETH on its own balance sheet.

Geographic exposure

The filing does not specify revenue by geography. The company is incorporated in the United States and lists on NYSE American.

Source: SEC 10-K, filed 2025-11-21

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