Bitmine Immersion: An Ethereum Treasury Trading Below Its Own Assets
Source: SeekingAlpha
2026-05-31 02:15:06 ET
Investment Thesis-The Pivotal Metric
Bitmine Immersion (BMNR) is rated as a "sell" by SA's Quant model. While its P/S ratio of 243x and RoA of -88% are technically correct, there is no relation between either of these metrics and the true value of the business. Bitmine Immersion is not a software company. Bitmine Immersion is the biggest Ethereum Treasury in the world. Looking at BMNR as a software business completely misses the core investment thesis....
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Bitmine Immersion: An Ethereum Treasury Trading Below Its Own Assets
Bit Digital Inc.
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