The company's total assets surged to $9.9B by 2026Q2, yet this expansion is offset by deeply negative retained earnings of -$8.7B, suggesting significant reliance on non-operating revaluations.
| Cash & Short Term Investments | 2.28B | 512M | 499K | 270.55K | 392.55K | 218.74K | 1.93K | 1.38K | 16.09K |
| Cash & Due from Banks | 879.58M | 512M | 499K | 270.55K | 392.55K | 218.74K | 1.93K | 1.38K | 0 |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 200.41M | 0 | 667.71K | 987.43K | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 35072.07% | -100% | -32.38% | - | - | - | - | - | - |
| Long-Term Investments | 236.97M | 0 | 667.71K | 987.43K | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 | 374.44K | 491.39K | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 8.81B | 0 | 0 | 129.47K | 21.43K | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 8.81B | 0 | 0 | 129.47K | 21.43K | 0 | 0 | 0 | 0 |
| PP&E (Net) | 1.66M | 516K | 4.77M | 4.95M | 6.53M | 427.3K | 0 | 0 | 0 |
| Other Assets | 26K | 8.28B | 296.29K | 1.26M | 532.35K | 0 | 0 | 183.13K | 199.23K |
| Total Current Assets | 885.88M | 513.01M | 1.55M | 879.46K | 888.95K | 218.74K | 1.93K | 1.63K | 30.05K |
| Total Non-Current Assets | 9.01B | 8.28B | 5.74M | 7.32M | 7.09M | 427.3K | 0 | 183.13K | 199.23K |
| Total Assets | 9.89B | 8.8B | 7.28M | 8.2M | 7.97M | 646.03K | 1.93K | 184.75K | 229.28K |
| Asset Growth % | 397133.91% | 120652.63% | -11.21% | 2.87% | 1134.33% | 33373.21% | -98.96% | -19.42% | - |
| Return on Assets (ROA) | -114.92% | 7.92% | -42.52% | -30.47% | -46.52% | -47.61% | -10.01% | -14.1% | 0.17% |
| Accounts Payable | 0 | 0 | 400.58K | 74.9K | 84.76K | 3.68K | 0 | 0 | 7.25K |
| Total Debt | 1.32M | 0 | 1.63M | 1.3M | 0 | 277.3K | 50.45K | 524.68K | 532.07K |
| Net Debt | -878.25M | -512M | 1.13M | 1.03M | -392.55K | 58.56K | 48.52K | 523.3K | 532.07K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 40K |
| Short-Term Debt | 81K | 0 | 1.63M | 1.3M | 0 | 277.3K | 50.45K | 484.68K | 492.07K |
| Other Liabilities | 18.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 16.35M | 9.96M | 3.13M | 1.56M | 317.67K | 285.48K | 52.01K | 484.68K | 493.69K |
| Total Non-Current Liabilities | 19.82M | 92.3M | 64.64K | 386.88K | 252.32K | 1 | 0 | 40K | 40K |
| Total Liabilities | 36.17M | 102.26M | 3.2M | 1.95M | 570K | 285.48K | 52.01K | 524.68K | 533.69K |
| Total Equity | 9.86B | 8.69B | 4.09M | 6.26M | 7.4M | 360.55K | -50.08K | -339.93K | -304.41K |
| Equity Growth % | 853183.88% | 212541.81% | -34.67% | -15.49% | 1953.58% | 820.02% | 85.27% | -11.67% | - |
| Equity / Assets (Capital Ratio) | 99.63% | 98.84% | 56.13% | 76.28% | 92.85% | 55.81% | -2594.56% | -183.99% | -132.77% |
| Return on Equity (ROE) | -116.38% | 8.02% | -63.65% | -36.08% | -51.65% | -99.36% | - | - | - |
| Book Value per Share | 21.68 | 35.46 | 0.02 | 0.03 | 0.03 | 0.01 | -0.02 | -0.08 | -0.07 |
| Tangible BV per Share | 2.31 | 35.46 | 0.02 | 0.02 | 0.03 | 0.01 | -0.02 | -0.08 | -0.07 |
| Common Stock | 49K | 23K | 4.99K | 4.97K | 4.86K | 4.04K | 269 | 170.98K | 170.98K |
| Additional Paid-in Capital | 18.55B | 8.36B | 12.31M | 11.18M | 9.87M | 817.84K | 256.75K | 1.04M | 1.04M |
| Retained Earnings | -8.69B | 337.39M | -8.22M | -4.93M | -2.47M | -461.33K | -307.1K | -1.55M | -1.52M |
| Accumulated OCI | 0 | 0 | 0 | 0 | -45 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 45 | 45 | 45 | 0 | 0 | 0 | 0 |
Extreme balance sheet volatility
According to recent SEC filings, BMNR's total assets surged from $7.3M in 2024Q4 to $9.9B by 2026Q2, a dramatic expansion that appears disconnected from the company's underlying operational scale and suggests significant, non-recurring balance sheet revaluations rather than organic growth in the firm's immersion mining infrastructure.
The massive fluctuation in total assets and equity suggests that the balance sheet is being utilized as a vehicle for accounting adjustments rather than a reflection of productive capital deployment. Investors should monitor whether these asset spikes are tied to intangible valuations or fair-value accounting of digital assets, as they provide little insight into the long-term quality of the business.
Based on reported financial statements, BMNR maintains a cash balance of $879.6M as of 2026Q2, yet this liquidity buffer exists alongside a history of extreme working capital volatility that warrants further investigation into the sustainability of the company's current funding model and its ability to cover ongoing operational costs.
While the current ratio of 54.19 suggests an immense short-term liquidity cushion, this figure is likely distorted by the timing of capital raises or asset liquidations. The disconnect between this cash hoard and the company's thin gross margins implies that management has yet to prove it can convert this liquidity into a self-sustaining, profitable mining operation.
As reported in recent financial disclosures, BMNR's equity base has expanded to $9.9B in 2026Q2, a figure that appears heavily influenced by non-operating accounting gains and potential equity dilution rather than the accumulation of retained earnings, which remain deeply negative at -$8.7B for the same period.
The massive deficit in retained earnings highlights a fundamental struggle to generate value for shareholders through core operations. The reliance on equity-based financing to bolster the balance sheet suggests that the company's valuation is highly sensitive to market sentiment and capital market access rather than the underlying performance of its immersion cooling technology.
Analysis of the balance sheet reveals that the $10.6B goodwill impairment risk noted in 2026Q1, followed by its disappearance in 2026Q2, indicates that the company's asset base is subject to extreme accounting volatility that makes headline figures potentially misleading for fundamental valuation purposes.
The rapid appearance and disappearance of massive goodwill figures suggest that the company's reported net worth is highly susceptible to management's accounting choices. Investors should be wary of relying on book value as a floor for the stock price, as the underlying asset quality remains unproven and potentially subject to further significant write-downs.
Quick answers to the most common questions about buying BMNR stock.
As of 2025, Bitmine Immersion Technologies, Inc. (BMNR) had total assets of $8.80B including $513.0M in current assets.
Bitmine Immersion Technologies, Inc. (BMNR) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bitmine Immersion Technologies, Inc. (BMNR) has total shareholders' equity (book value) of $8.69B ($35.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bitmine Immersion Technologies, Inc. (BMNR) reported a current ratio of 51.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.