BMNR // BitMine Immersion Technologies Inc.

DES <GO> NYSE CIK 0001829311 ↗

Financials • Finance: Consumer Services

$21.66 ▼ -0.39 (-1.77%)

MKT CAP: $13.07B • VOL: 24.25M

52W L $13 52W H $45

ALTMAN Z

26.00 SAFE

PIOTROSKI

5 / 9

BMNR // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 60/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

60 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.85

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BMNR)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +3.56σ

BMNR Cash Conversion Gap Hits +220.0% as Net Income Decouples From 0% OCF

CASH CONVERSION GAP

+220.0% (NI vs OCF)

RECEIVABLES / WC BLOAT

+0.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

BitMine Immersion Technologies displays an extreme earnings divergence as net income growth of 220% contrasts sharply with 0% operating cash flow growth, yielding a +220.0% cash conversion gap. Cross-feed analysis across SEC EDGAR XBRL filings and working capital schedules confirms a z-score of 3.56 with receivables bloat at +0.0% vs rev. Despite 60-day C-suite Form 4 sales standing at 0 open-mkt dumps, the severe accrual anomaly warrants defensive institutional positioning.

BMNR // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -5.70%▼ SUPPORT BREAKDOWN

2026-10-30O $20.39H $20.77L $19.60C $20.18VOL 38.33M

RES: $30.45SUP: $21.69SMA50: $24.45SMA200: $20.94

BMNR // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

HIGH-CONVICTION LONG CONVICTION: 82/100

BEAR 0

100 BULL

BitMine Immersion Technologies Inc. (BMNR) exhibits 5.1% gross margins and 3.4% return on invested capital within Financials (Finance: Consumer Services), balanced against a 27.6x enterprise multiple and 6.9% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 5.1% gross profitability converts into 75.0% operating margin and 3.4% ROIC, outpacing sector cost of capital.

ROIC: 3.4% // GM: 5.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +84.1% paired with -0.04% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +84.1% // FCF YLD: -0.04%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 26.00 and Piotroski F-Score of 5/9 indicate low near-term refinancing stress.

ALTMAN Z: 26.00 // F-SCORE: 5/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 37.5x trailing P/E (31.5x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 37.5x // EV/EBITDA: 27.6x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.9% implied move with a 0.85 put/call ratio around $21.00 max pain.

IMPL MOVE: ±6.9% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Finance: Consumer Services require continuous execution to defend 68.0% net margins.

NET MARGIN: 68.0% // D/E: 0.01x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 31.5x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.01).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 37.5x

FORWARD P/E 31.5x

EV / EBITDA 27.6x

FCF YIELD -0.04%

GROSS MARGIN 5.1%

OPERATING MARGIN 75.0%

NET MARGIN 68.0%

ROIC % 3.4%

REV GROWTH YOY +84.1%

DILUTED EPS TTM $0.58

DEBT / EQUITY 0.01x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 36.8

5Y EQUITY BETA 1.01

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BMNRPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $19.82

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BMNR & activate live FRED threshold breach alerts.

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