BMNR
BitMine Immersion Technologies, Inc.
NYSE: BMNR · FINANCIAL SERVICES · CAPITAL MARKETS
$22.17
-11.12% today
Updated 2026-06-05
Market cap
$9.23B
P/E ratio
—
P/S ratio
552.13x
EPS (TTM)
$-7.44
Dividend yield
0.06%
52W range
$4 – $161
Volume
39.7M
BitMine Immersion Technologies, Inc. (BMNR) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed BMNR price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$22.17
Today
Analyst consensus
$34.50
+55.62% · 12M
2030 Base
$42.51
+91.75% future
NPV today
$23.42
@ 14% WACC
5 analysts:
1 Buy1 Hold1 Sell
Management guidance
No specific CEO revenue guidance found in available materials. Tom Lee (Chairman) has focused public statements on Ethereum accumulation strategy (targeting 5% of ETH supply by 2026) and staking revenue generation (~$297-352M annualized from MAVAN platform), but has not provided explicit 2026-2030 revenue targets for the parent company.
Sources: Management guidance, analyst consensus, sector analysismedium confidence
BMNR · BitMine Immersion Technologies, Inc. · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$22.32
NPV today: $12.30
Base case (2030)
$42.51
NPV today: $23.42
Bull case (2030)
$88.16
NPV today: $48.58
WallStSmart.com
BMNR financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.0B | $0.1B | $0.1B | $0.3B | $0.4B | $0.5B |
| Revenue growth | 84.1% | 1678.0% | 157.0% | 86.0% | 43.0% | 29.0% |
| Net margin | — | -8543.7% | -759.4% | 1822.6% | 2770.9% | 2961.8% |
| EPS | $-0.19 | $-12.00 | $-2.00 | $8.00 | $18.00 | $26.00 |
| Diluted shares | — | 570M | 570M | 570M | 570M | 570M |
| Net debt | — | $-847.68M | $-772.68M | $-647.68M | $-462.68M | $-212.68M |
| P/S multiple | — | 48.0x | 48.0x | 48.0x | 48.0x | 48.0x |
| Implied price (base) | — | $8.23 | $14.00 | $22.21 | $31.99 | $42.51 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $0.5B | $0.5B | $0.5B |
| P/S multiple | 25.0x | 48.0x | 100.0x |
| Diluted shares | 570M | 570M | 570M |
| Net debt | $-212.68M | $-212.68M | $-212.68M |
| Implied P/E † | 1x | 2x | 3x |
| 2030 Price | $22.32 | $42.51 | $88.16 |
| NPV @ 14% | $12.30 | $23.42 | $48.58 |
† Implied P/E: Multiples remain elevated across all three scenarios because BMNR is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $42.51 base case
BMNR catalysts and risks
Growth catalysts
+ MAVAN staking platform revenue scaling ($300M+ annualized base; upside if ETH staking yields expand or ETH price appreciates)
+ Achievement of 5% ETH supply ownership target in 2026 (currently 4.37% of 121.5M supply = 5.28M ETH; 5% = ~6.08M ETH); incremental ETH purchases generate protocol revenue
+ Regulatory clarity via CLARITY Act passage enabling institutional crypto treasury adoption and staking legitimacy
+ ETH price appreciation (company is a leveraged play on Ethereum; holdings of $12.6B at current prices could expand materially if ETH moves to $3000-5000+)
+ Wall Street institutional adoption of crypto/tokenization narrative (corporate treasuries, AI agents requiring ETH liquidity)
Key risks
- Business model concentration: >95% of revenue derives from staking fees on held ETH; if ETH staking yields compress (protocol shift, competition) or ETH price crashes, revenue collapses
- Market cap to revenue valuation is extreme (P/S of 668x); stock is pricing in astronomical long-term growth; any slowdown in ETH adoption or staking demand triggers severe repricing
- Regulatory risk: SEC or international regulators could restrict staking-as-a-service or classify ETH as security, eliminating primary revenue source
- Ethereum competitive risk: Layer 2 solutions, alternative staking platforms (Lido, Rocket Pool), or next-generation blockchains could cannibalize ETH staking demand
- Weak fundamental profitability: Currently unprofitable despite $16.71M TTM revenue (EPS -$7.44); high operating costs; path to profitability unclear at current scale
- Leverage to crypto volatility: 89% of ETH holdings staked; unrealized mark-to-market losses if ETH price drops; company is a directional crypto bet, not a traditional financial services business
Methodology · BitMine Immersion Technologies, Inc. 2030 stock forecast model
BitMine Immersion Technologies, Inc. 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 5 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for BMNR by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-212.68M by 2030) |
| 3. Time value | NPV calculated using 14% WACC (CAPM: beta 1.685) |
| 4. Multiple framework | P/S compresses with scale: bear 25.0x / base 48.0x / bull 100.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
BMNR price target FAQ
What is the BMNR price target for 2030?
WallStSmart's BitMine Immersion Technologies, Inc. 2030 base case is $42.51 per share, with a bull case of $88.16 and bear case of $22.32. The NPV of the base case discounted to today at 14% WACC is $23.42.
How is the BitMine Immersion Technologies, Inc. 2030 stock forecast calculated?
The BMNR 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the BMNR price target account for dilution?
BitMine Immersion Technologies, Inc. is projected to grow diluted share count from 570M to 570M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on BMNR stock?
5 analysts cover BMNR with an average 12-month price target of $34.50. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.