BitMine Immersion Technologies, Inc.
sandyspringsholdings.comWhat Do They Do?
Mines digital assets for its own account, manages an ETH-focused treasury, and provides advisory and mining-infrastructure services to institutional digital-asset customers.
10-K for FY2025, filed Nov 21, 2025Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing…View ↗
From 2021 through mid-2025, we built and operated sites utilizing immersion cooling, conducted self-mining, provided…View ↗
The Company was originally engaged in digital asset mining and related infrastructure services, including (i) proprietary and synthetic BTC…View ↗
Our business integrates (i) a digital asset treasury anchored in ETH with (ii) an operating platform historically focused on BTC mining and…View ↗
Through our legacy mining-as-a-service business, we provided turnkey infrastructure and management solutions for institutional clients…View ↗
How Do They Make Money?
Mining pools pay Bitmine in bitcoin for each valid unit of computing work submitted. Equipment customers pay when their order is delivered, while miners are leased under time-based agreements; consulting customers receive services over a contract term, with part paid upfront.
10-K for FY2025, filed Nov 21, 2025The Company participates in digital asset mining pools by executing agreements with a mining pool operator (the Luxor Mining Pool) to…View ↗
During the fiscal year ended August 31, 2025, the Company sold and delivered transformers and other mining equipment to customers as part…View ↗
During the fiscal year ended August 31, 2025, the Company entered into two machine leasing agreements with KULR Technology Group, Inc.…View ↗
Revenue from consulting. During the fiscal year ended August 31, 2025, revenue from consulting was $235, as compared to $0 during the…View ↗
The agreement represents a legally enforceable contract with specified rights, payment terms, and commercial substance. The services are…View ↗
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10-K for FY2025, filed Nov 21, 2025
FY2025 revenue by product or service ↗
$6.1M
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10-K for FY2025, filed Nov 21, 2025
$6.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Sale of Mining Equipment
Sold outright
10-K for FY2025, filed Nov 21, 2025 |
14% |
Sale of Mining Equipment, FY2025
$846K Sources
|
Sold outright |
|
Self Mining
Usage-based
10-K for FY2025, filed Nov 21, 2025 |
51% |
Self Mining, FY2025
$3.1M Sources
|
Usage-based |
|
Consulting
Recurring
|
3.9% |
Consulting, FY2025
$235K Sources
|
Recurring |
|
Leasing
Recurring
10-K for FY2025, filed Nov 21, 2025 |
31% |
Leasing, FY2025
$1.9M Sources
|
Recurring |
Who Are Their Customers?
Institutional clients use mining management and hosting; other customers buy mining equipment, lease miners, or receive operational and treasury advice.
10-K for FY2025, filed Nov 21, 2025Through our legacy mining-as-a-service business, we provided turnkey infrastructure and management solutions for institutional clients…View ↗
During the fiscal year ended August 31, 2025, the Company sold and delivered transformers and other mining equipment to customers as part…View ↗
During the fiscal year ended August 31, 2025, the Company entered into two machine leasing agreements with KULR Technology Group, Inc.…View ↗
In 2025, the Company began selling consulting services and entered into a consulting and services agreement with KULR. Under this…View ↗
In addition, the Company provides treasury management services, including advice on security and custody solutions; regulatory and…View ↗
10-K for FY2025, filed Nov 21, 2025
For the years ended August 31, 2025 and August 31, 2024, the Company derived approximately 37.7% and 0% of its total revenues…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue, but spent more cash than it brought in: free cash flow was −$5.2M.
10-K for FY2025, filed Nov 21, 2025
$444.2MView ↗
10-K for FY2025, filed Nov 21, 2025
$348.6MView ↗
10-K for FY2025, filed Nov 21, 2025
−$5.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Jul 14, 2026
−$83.6MView ↗
- ▲ +13318% (Loss)
- vs −$623K in Q3 FY2025
10-Q for Q3 FY2026, filed Jul 14, 2026
Open tableView ↗
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Sep 14, 2026
Projects annualized staking revenue of $334 million
Sources
8-K, filed Sep 14, 2026
“Annualized staking revenues are now projected at $334 million. And this 5.1 million ETH is 85% of the 5.96 million ETH held by Bitmine.…View ↗
From Bitcoin hosting to ETH treasury
The older report centers on building and operating Bitcoin mining sites for customer hosting and self-mining. The latest report centers on accumulating and managing ETH, with advisory services, while winding down proprietary mining and deferring new site builds.
10-K for FY2022, filed Dec 9, 2022 10-K for FY2025, filed Nov 21, 2025Since July 2021, our business has been as a blockchain technology company that is building out industrial scale digital asset mining…View ↗
Bitmine Immersion Technologies, Inc. is a U.S.-based digital asset technology company focused on acquiring, holding and actively managing…View ↗
From 2021 through mid-2025, we built and operated sites utilizing immersion cooling, conducted self-mining, provided…View ↗
Beginning in the third calendar quarter of 2025, management reoriented the business to prioritize (i) ETH treasury operations; (ii) BTC…View ↗
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