Core Insights - BitMine's current holdings of Ethereum (ETH) exceed $2 billion, significantly surpassing the initial $250 million private placement proceeds by over 700% [1][2] - The company holds a total of 566,776 ETH, valued at approximately $3,643.752 per ETH as of July 23, 2025 [1] - BitMine aims to acquire and stake 5% of the overall ETH supply, indicating a strong commitment to the Ethereum ecosystem [2] Company Strategy - The company is focused on an asset-light treasury strategy, which includes reinvesting cash flows and utilizing capital markets activities to lower the cost of capital [2] - BitMine's performance metric goal is to increase ETH held per share through various strategies, including staking yield and the appreciation of ETH value [2] - The CEO of BitMine expressed commitment to advancing the Ethereum treasury strategy, highlighting the company's long-term vision for growth in the Ethereum space [3] Business Operations - BitMine operates in the Bitcoin and Ethereum networks, focusing on long-term investment in cryptocurrencies through mining operations and capital raising transactions [4] - The company's operations are strategically located in low-cost energy regions, including Trinidad and Texas [4]

Core Viewpoint - BitMine aims to acquire 5% of the global Ethereum (ETH) supply, positioning itself as a significant institutional holder in the Ethereum ecosystem [1][3]. Company Overview - BitMine Immersion Technologies focuses on long-term investment in cryptocurrencies, including Bitcoin and Ethereum, through mining operations and capital raising [4]. - The company operates in low-cost energy regions, specifically in Trinidad and Texas [4]. Options Trading - Options trading for BitMine's common stock commenced on July 23, 2025, under the ticker symbol "BMNR," enhancing investor access and liquidity [2][3]. - The introduction of options trading is seen as a major milestone, reflecting growing confidence in the company's vision and growth strategy [3]. Strategic Goals - The company has set an ambitious goal to become one of the largest institutional holders of Ethereum globally, which is supported by its treasury strategy [3].

Group 1 - ARK Invest has acquired $182 million of BitMine equity, totaling 4,773,444 common shares [1] - BitMine plans to invest 100% of the net proceeds ($177 million) from the ARK sale to acquire Ethereum (ETH) [1] - BitMine aims to reach a target of acquiring 5% of ETH, supported by notable investors including Cathie Wood and others [1][3] Group 2 - BitMine is focused on Bitcoin and Ethereum network operations, including Bitcoin mining and advisory services [4] - The company's operations are strategically located in low-cost energy regions such as Trinidad and Texas [4]

Group 1 - Companies are increasingly diversifying their cryptocurrency holdings beyond Bitcoin, with a notable rise in Ethereum and its native token Ether as part of their strategy to engage with decentralized finance and the underlying technology infrastructure [1][2] - Coinbase Global holds over $440 million in Ethereum assets, reflecting a trend where more companies are incorporating cryptocurrency into their balance sheets [1] - Ethereum's price surged 60% in the past month, currently hovering around $3,800, although it remains below its historical high of $4,600 reached in 2021 [1] Group 2 - Ethereum has over 51% market share, becoming the mainstream infrastructure for businesses and consumers to transact directly without banks, with tokenization seen as a "killer app" for Ethereum [2] - Companies like BitMine and SharpLink Gaming are actively raising funds to purchase Ether, mirroring the strategies of firms increasing their Bitcoin holdings [2] - BitMine recently announced it holds over $1 billion in Ether, positioning itself as a pure play on Ethereum, which reflects a strong belief in its long-term value [3] Group 3 - The recent signing of the GENIUS Act by Trump, which regulates stablecoins, has positively impacted companies like Circle, whose stock surged over 600% since its IPO, as it operates on the Ethereum network [3] - Not all companies view Ethereum and Bitcoin equally; some, like Strategy, remain focused solely on Bitcoin, while others see Ethereum as a complementary strategy rather than a replacement [4] - The value of blockchain networks and assets like Ether is expected to rise as more enterprises and institutional investors innovate on the blockchain [4]

Company Overview - BitMine has surpassed $1 billion in Ethereum holdings, exceeding the initial $250 million private placement proceeds by over 300% [1][2] - The company aims to acquire and stake 5% of the overall ETH supply, indicating a strong commitment to Ethereum's long-term value [2][3] - BitMine's business model includes Bitcoin mining, synthetic Bitcoin mining, and advisory services related to Bitcoin and Ethereum [3] Financial Performance - As of July 17, 2025, BitMine's ETH holdings total 300,657 at a price of $3,461.89 per ETH [1] - The company holds 60,000 ETH through in-the-money options, representing approximately $200 million in notional value, backed by an equal amount of unencumbered cash [5] Strategic Goals - The company is focused on increasing ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield [2] - BitMine's Ethereum treasury strategy is designed to strengthen the broader Ethereum ecosystem [1][3]

Stakeholder Disclosure - Peter Thiel disclosed a 9.1% stake in Tom Lee's BitMine (BMNR) [1] Market Reaction - BMNR stock price increased by 12% after hours following the disclosure [1]

Core Insights - BitMine has surpassed $500 million in Ethereum (ETH) holdings, exceeding the initial $250 million raised through a private placement by over 100% [1][2] - The company's current ETH holdings total 163,142 at a price of $3,072.67 per ETH [1] - The strategy aims to strengthen the broader Ethereum ecosystem and increase the company's stake in the Ethereum network [2][3] Company Strategy - The CEO of BitMine expressed satisfaction with the significant addition to the ETH treasury just three days after closing the private placement [3] - The company aims to increase ETH held per share through reinvestment of cash flows, capital markets activities, and staking yield [3] - BitMine's approach is compared to other companies like Microstrategy, which has benefited from large Bitcoin holdings, suggesting a similar potential for ETH treasuries [4] Business Operations - BitMine focuses on long-term investment in Bitcoin and Ethereum, with operations in low-cost energy regions [5] - The company engages in Bitcoin mining, synthetic Bitcoin mining, and advisory services related to Bitcoin [5]

Core Viewpoint - BitMine has successfully closed a $250 million private placement to adopt Ethereum (ETH) as its primary treasury reserve asset, aiming to strengthen the Ethereum ecosystem [1][2]. Group 1: Private Placement Details - The private placement was funded through a combination of cash and cryptocurrency, with participation from notable investors such as Founders Fund, Pantera, and Kraken [1]. - The proceeds will be used to purchase ETH, allowing BitMine to implement its Ethereum treasury strategy while maintaining core business operations [2]. Group 2: Ethereum Treasury Strategy - BitMine's strategy involves increasing the amount of ETH held per share and leveraging the value of ETH through reinvestment and capital market activities [3]. - The company aims to contribute to Ethereum's economic security by staking a growing share of ETH, which is expected to attract institutional capital and enhance demand for ETH [3]. Group 3: Market Context - The stablecoin market is projected to grow to $2 trillion, with Ethereum being the primary blockchain for stablecoin transactions, positioning BitMine to benefit from this growth [2]. - The adoption of stablecoins by consumers and financial services providers underscores the relevance of Ethereum in the current market landscape [2]. Group 4: Company Overview - BitMine focuses on accumulating cryptocurrencies for long-term investment, with operations in Bitcoin mining and advisory services related to Bitcoin [7]. - The company operates in low-cost energy regions, enhancing its operational efficiency [7].

[Part I – FINANCIAL INFORMATION](index=4&type=section&id=Part%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The unaudited interim financial statements reflect a reverse stock split, new accounting standards, and new revenue streams [Balance Sheets](index=7&type=section&id=Balance%20Sheets) Total assets grew to $8.27 million while total liabilities increased to $5.39 million, resulting in decreased stockholders' equity Balance Sheet Summary (as of May 31, 2025 vs. August 31, 2024) | Account | May 31, 2025 (Unaudited) | August 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$8,265,816** | **$7,283,529** | | Cash and cash equivalents | $1,473,501 | $499,270 | | Cryptocurrency | $173,916 | $14,966 | | Fixed assets, net | $2,113,258 | $1,699,744 | | Fixed assets - not in service | $3,089,565 | $3,071,565 | | **Total Liabilities** | **$5,387,860** | **$3,195,530** | | Customer advances | $1,804,546 | $703,500 | | Loans payable-related party | $1,875,000 | $1,625,000 | | **Total Stockholders' Equity** | **$2,877,956** | **$4,087,999** | [Statements of Operations](index=8&type=section&id=Statements%20of%20Operations) Revenue grew to $4.77 million, but a non-cash deemed dividend widened the net loss attributable to common stockholders to $5.72 million Statement of Operations Summary (Nine Months Ended May 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | $4,770,110 | $2,627,913 | | Revenue from self-mining | $2,814,133 | $2,378,507 | | Revenue from leasing | $1,074,561 | $– | | Gross Profit | $915,794 | $649,391 | | Loss from Operations | $(2,265,594) | $(1,787,010) | | Net Loss | $(2,754,391) | $(2,478,632) | | Deemed dividend on Series A Preferred Stock | $(2,960,648) | $– | | Net loss attributable to common stockholders | $(5,715,039) | $(2,478,632) | | Basic and diluted (loss) per common share | $(2.62) | $(0.99) | [Statements of Cash Flows](index=11&type=section&id=Statements%20of%20Cash%20Flows) Net cash from operations improved significantly to $1.37 million, leading to a $0.97 million increase in total cash and equivalents Cash Flow Summary (Nine Months Ended May 31) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,365,868 | $(247,017) | | Net cash (used in) investing activities | $(18,000) | $(67,526) | | Net cash provided by (used in) financing activities | $(373,637) | $325,000 | | **Net increase in cash and cash equivalents** | **$974,231** | **$10,457** | | **Cash and cash equivalents at end of period** | **$1,473,501** | **$281,004** | [Notes to the Unaudited Interim Financial Statements](index=12&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) Notes detail a reverse stock split, new MaaS revenue, a deemed dividend, and significant subsequent events including a public offering - On May 15, 2025, the company executed a **1-for-20 reverse stock split** of its common stock to meet listing requirements for a national securities exchange[35](index=35&type=chunk)[122](index=122&type=chunk) - The company early adopted ASC 350-60 on September 1, 2024, requiring **bitcoin holdings to be measured at fair value** each reporting period, with changes recorded in net income[70](index=70&type=chunk)[87](index=87&type=chunk) - New Mining-as-a-Service (MaaS), leasing, and consulting revenue streams were introduced, primarily through agreements with KULR Technology Group, Inc., generating **$1,074,561 in lease revenue** and **$35,068 in consulting revenue** in Q3 2025[60](index=60&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - A reduction in the Series A Preferred stock conversion price from $11.50 to $4.00 per share resulted in a **one-time, non-cash deemed dividend charge of $2,960,648**[133](index=133&type=chunk)[248](index=248&type=chunk) - Subsequent to the quarter-end, the company closed a public offering with **net proceeds of $16.15 million**, listed on the NYSE American, and announced a planned **$250 million private placement** to establish an Ethereum (ETH) treasury[157](index=157&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth, a widened net loss, and significant post-quarter liquidity events including a public offering [Overview](index=35&type=section&id=Overview) The company's strategy focuses on bitcoin accumulation and an expanded Mining-as-a-Service (MaaS) business model - The core business strategy involves **accumulating bitcoin for long-term investment** through mining and direct purchases, funded by equity and debt financing[173](index=173&type=chunk) - The company has expanded into a **Mining-as-a-Service (MaaS) model**, offering hardware sales/leasing, operational management, and financial/compliance support[177](index=177&type=chunk) - As of May 31, 2025, the company had a total of **3,790 ASIC miners**, with 3,392 installed and operational across sites in Trinidad and Texas[195](index=195&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Revenue grew 81.5% to $4.77 million, while a $2.96 million deemed dividend drove a significant increase in net loss Revenue Comparison (Nine Months Ended May 31) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Self-mining | $2,814,133 | $2,378,507 | | Leasing | $1,074,561 | $– | | Sale of mining equipment | $846,347 | $210,662 | | Consulting | $35,068 | $– | | Hosting | $– | $38,743 | | **Total Revenue** | **$4,770,110** | **$2,627,913** | Operating Expenses Comparison (Nine Months Ended May 31) | Expense Category | 2025 | 2024 | | :--- | :--- | :--- | | Officers compensation | $1,109,148 | $630,829 | | Employee shareholder compensation | $541,251 | $383,304 | | Professional fees | $536,670 | $420,124 | | **Total Operating Expenses** | **$3,181,387** | **$2,436,401** | - The net loss for the nine months ended May 31, 2025, was significantly impacted by a **$2,960,648 deemed dividend charge** resulting from the repricing of Series A Convertible Preferred Stock[133](index=133&type=chunk)[248](index=248&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity was significantly enhanced post-quarter by a $16.15 million public offering and debt restructuring - In June 2025, the company closed a public offering, raising **net proceeds of $16,150,000**, and listed its common stock on the NYSE American exchange[157](index=157&type=chunk)[252](index=252&type=chunk) - Debt owed to related party IDI was settled post-quarter end by converting it into a **new $1M term loan**, a **$600k asset swap**, and the remainder into **99,523 shares of common stock**[165](index=165&type=chunk)[253](index=253&type=chunk)[255](index=255&type=chunk) - The company entered into an agreement for a private placement to raise approximately **$250 million to implement an Ethereum (ETH) treasury strategy**, making ETH its primary treasury reserve asset[169](index=169&type=chunk)[254](index=254&type=chunk) Cash Flow Summary (Nine Months Ended May 31) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,365,868 | $(247,017) | | Net cash used in investing activities | $(18,000) | $(67,526) | | Net cash provided by (used in) financing activities | $(373,637) | $325,000 | | **Net increase in cash** | **$974,231** | **$10,457** | [Quantitative and Qualitative Disclosures about Market Risk](index=50&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, this disclosure is not required - The company is a **smaller reporting company** and is not required to provide quantitative and qualitative disclosures about market risk[266](index=266&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The Principal Executive Officer and Principal Financial Officer concluded that the company's **disclosure controls and procedures were effective** as of May 31, 2025[267](index=267&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter ended May 31, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[268](index=268&type=chunk) [Part II – OTHER INFORMATION](index=51&type=section&id=Part%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any threatened or pending litigation - The company is **not currently a party** to any known threatened or pending legal proceedings[270](index=270&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, this disclosure is not required - The company is a **smaller reporting company** and is not required to provide risk factor disclosures in its Form 10-Q[271](index=271&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued 70,000 unregistered shares for services, exempt under Section 4(a)(2) of the Securities Act - Issued **61,500 shares** to officers and directors for accrued 2025 services, valued at $5.78 per share[277](index=277&type=chunk) - Issued **8,500 shares** to two service providers in lieu of cash, valued at $5.78 per share[277](index=277&type=chunk) - All unregistered sales were deemed **exempt under Section 4(a)(2)** of the Securities Act[272](index=272&type=chunk) [Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[274](index=274&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[275](index=275&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the quarter[276](index=276&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including officer certifications and Inline XBRL data files - Exhibits filed include CEO and CFO certifications under **Sarbanes-Oxley Sections 302 and 906**, and all required Inline XBRL documents[279](index=279&type=chunk)

Company Overview - BitMine Immersion Technologies, Inc. is focused on the accumulation of Bitcoin for long-term investment through its Bitcoin mining operations and capital raising transactions [1][2] - The company operates in low-cost energy regions including Trinidad, Pecos, Texas, and Silverton, Texas [2] Recent Developments - BitMine announced the purchase of 100 Bitcoin for its Bitcoin Treasury business line, funded by its recent common stock offering that closed on June 6, 2025 [1] - CEO Jonathan Bates expressed excitement about the first open market purchase of Bitcoin and indicated plans for more purchases in the future [2]