Verdict
Fairly valued
What is Bitmine Immersion Technologies, Inc. (BMNR) worth?
Currently $17.23 — 1% premium to Dolphy’s fair value · ● live
Asset / NAV
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-07-21 21:28 · Market cap $9.1B
As of 2026-07-15, Bitmine Immersion Technologies, Inc. (BMNR) looks fairly valued. Dolphy estimates a fair value of $17.00 versus a current price of $17.23 — a 1% premium to fair value.
Executive summary
BitMine Immersion has transformed from a tiny bitcoin miner (formerly Sandy Springs Holdings) into one of the largest publicly listed Ethereum treasury vehicles. Over nine months it raised ~$20B by issuing stock and deployed it into ETH, growing the balance sheet from ~$8M of assets to $11.6B. Reported revenue (~$60M/qtr, 98% from ETH staking via its MAVAN platform) is a rounding error against the asset base; the eye-catching multi-billion-dollar 'net losses' are unrealized mark-to-market swings on ETH, already captured in equity.
The only valuation that matters here is NAV. Equity is $11.6B on 579.7M shares → NAV ~$19-20/share. The stock trades at $15.92, ~0.8x NAV. That discount is partly rational: relentless dilution (shares up 2.5x in nine months), ETH price risk, disclosed control weaknesses, corporate cost drag, and the availability of direct ETH exposure via spot ETFs. My fair value of ~$17 sits just above the current price — the stock is close to fairly valued. It is, functionally, a diluting leveraged bet on the price of Ether.
How we value it
Net Asset Value (mark-to-market ETH treasury) with mNAV scenario weighting
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About Bitmine Immersion Technologies, Inc.
Bitmine Immersion Technologies, Inc. operates as a blockchain technology company primarily in the United States. The company engages in ETH treasury operations; BTC ecosystem services, including consulting and advisory engagements and equipment leasing; facilitation and optimization of third-party power and hosting arrangements; and disciplined BTC treasury management while winding down proprietary self-mining exposure and deferring new site buildouts. It also offers digital asset ecosystem services, including consulting/advisory, and disciplined digital asset treasury management. In addition, the company sells mining equipment to customers and related parties. The company was formerly known as Sandy Springs Holdings Inc. Bitmine Immersion Technologies, Inc. was incorporated in 2019 and is based in Las Vegas, Nevada.
Frequently asked questions
Is BMNR a buy?
As of 2026-07-15, Bitmine Immersion Technologies, Inc. (BMNR) looks fairly valued. Dolphy estimates a fair value of $17.00 versus a current price of $17.23 — a 1% premium to fair value.
What is BMNR's fair value?
Dolphy's estimated fair value for Bitmine Immersion Technologies, Inc. (BMNR) is $17.00, versus a current market price of $17.23.
Is BMNR overvalued or undervalued?
Bitmine Immersion Technologies, Inc. (BMNR) currently looks fairly valued — trading at a 1% premium to Dolphy's estimated fair value of $17.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.