Buy BMNR Stock At $36?

Core Viewpoint - BMNR stock has seen a 17% increase recently, driven by the acquisition of Ethereum tokens, a recovery in ETH prices, and positive market sentiment, despite concerns over its inflated valuation [2][3][14] Financial Performance - BitMine Immersion Technologies has reported a revenue growth of 84.1% over the last 12 months, increasing from $3.3 million to $6.1 million, and a quarterly revenue growth of 94.2% [12] - The company has an average revenue growth rate of 248.5% over the past three years, significantly outperforming the S&P 500's 5.5% growth [12] - However, the operating income for the last four quarters was -$363 million, resulting in an operating margin of -5949.7%, indicating unprofitability in core operations [12] Valuation Metrics - BMNR has a price-to-sales (P/S) ratio of 1360.1 and a price-to-earnings (P/E) ratio of 23.8, both of which are considerably higher than the S&P 500's ratios of 3.2 and 23.3, respectively [11] - The company's market capitalization is approximately $13.8 billion, closely aligning with its Ethereum holdings valued at over $13 billion, resulting in a Market Cap-to-Net Asset Value (MNAV) ratio of 1x [14] Investment Considerations - Despite moderate operational performance, the high valuation of BMNR stock poses risks, yet its significant crypto asset holdings may appeal to investors confident in Ethereum's long-term growth [14] - The stock has shown volatility, dropping 88% from its peak in March 2022 to a low in May 2023, but has since recovered to around $36 [16]