Positioning no disclosures inside 60 days, left as found
Options put/call open interest 2.55, read 2026-11-05
Ethical does not pass the values gate
Price19.00 USD
Fair value27.05
Ethical score30.0/100
Value readUndervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-18Read Markdown23.36-18.7% to today ✓Accumulation gives way to Markdown after a 28% rise in 8 weeks
2026-08-23Read Accumulation18.30+3.8% to today ✓Markdown gives way to Accumulation after a 14% rise in 7 weeks
2026-07-02Read Markdown16.11+17.9% to today First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
BitMine Immersion Technologies Inc holds its Markdown at $19.00. Elevated stress, defensive posture warranted, held for 283 days.
As held on the ledger · 2026-11-05
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 283 days
Price at the screen
$19.00
Valuation
N/A trailing · 21.84 forward price to earnings
Values screen
FAIL· score 30.0
Beta
2.16
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Capital Markets
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Capital Markets
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
BitMine Immersion Technologies does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BMNR's ethical verdict changes
Today BMNR does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 5 Nov 2026: it trades at roughly a 20% discount to our $27.05 fair value, narrow competitive moat, 2,167.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. A 29.8% discount to the base estimate.
Where our models see it going: fair-value estimate $27.05, with a range of $27.05 to $31.11, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Crypto Treasury Plays With Zero Profits
Imagine a company racing to build an ETH treasury while leasing kit for bitcoin services. BitMine shows eye watering revenue growth yet still delivers no profits and a deeply negative return on equity. We pass outright because the business sits in an excluded industry under our ethical screen.
The narrow moat offers little protection when margins sit at zero and returns on equity remain deeply negative. Forward earnings sit at 16.7 times while analysts chase higher targets, yet those forecasts rest on a business that has yet to prove it can convert explosive top line growth into actual cash.
High volatility in digital assets and capital markets exposure add further uncertainty that no margin of safety can offset. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BMNR trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Markdown$20.18-6.4%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading bearish. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-10-25Markdown$21.57-7.7%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 7.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37. Since the last review it its composite score rose.
2026-10-18Markdown · changed$23.36-12.6%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-10-11Accumulation$26.73+0.0%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-10-02Accumulation$26.73+46.1%Entry 6
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 46.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37. Since the last review it its composite score eased; its composite score rose.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 16.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-07-23Markdown$15.69-2.6%Entry 4
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-07-18Markdown$16.11+0.0%Entry 3
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 133%. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (3 analysts) rates it none, with a mean price target of $37.
2026-07-03Markdown$16.11+0.0%Entry 2
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$16.11Entry 1
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
