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  "slug": "bitmine-immersion-technologi",
  "name": "BITMINE IMMERSION TECHNOLOGI",
  "updatedAt": "2026-10-04T09:33:34.303757Z",
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    {
      "type": "OVERVIEW",
      "text": "BitMine Immersion Technologies is a digital-asset and blockchain infrastructure company whose strategy centers on Ethereum and ETH treasury management, staking, and validator services. Its proprietary MAVAN platform provides institutional Ethereum staking infrastructure; the company also expanded into non-custodial staking and validator operations through its acquisition of Australian company Pier Two in 2026. [P145781537][P145781539][P145781538] The company describes its strategic focus as ETH treasury management, Ethereum-related services, and participation in the Ethereum ecosystem. [P145781747]\n\nBitMine’s business has evolved from immersion-cooled cryptocurrency mining and related services toward an asset-light model focused on digital assets and Ethereum services. [P145780064][P145781747] Its validator infrastructure is described as globally distributed, with a U.S. core, and its operations include the Australian-based Pier Two business. [https://www.bitminetech.io/mavan][P145781538] For the quarter ended May 31, 2026, BitMine reported revenue of $46.535 million; revenue for the nine months ended on that date was $59.870 million. [T16682910]\n[P145781537][P145781539][P145781538][P145781747][P145780064][T16682910][T16682910][https://www.bitminetech.io/mavan]",
      "updatedAt": "2026-10-04T09:33:34.303757Z"
    },
    {
      "type": "PRODUCTS",
      "text": "Bitmine’s principal current service is MAVAN (Made in America Validator Network), an institutional Ethereum staking platform. It provides non-custodial staking and validator operations, with access through APIs, a web-based Command Center, or participating custodians. Its tools support validator setup, configuration and monitoring, as well as performance and rewards reporting; the company describes the infrastructure as high-availability and designed for validator security and resilience. [P145781539][P145781924][https://docs.mavan.bitminetech.io/docs/start-staking-with-mavan][https://docs.mavan.bitminetech.io/docs/introduction][https://docs.mavan.bitminetech.io/docs/mavan-control-centre] The company also acquired Pier Two, which provides staking-as-a-service, non-custodial infrastructure and validator operations for Ethereum and other supported digital-asset networks. [P145781538]\n\nFor the three months ended May 31, 2026, staking and validation generated $45.743 million, or 98% of revenue; for the nine months ended that date, they generated $56.924 million, or 95%. The filing identifies MAVAN as the principal source of staking revenue. [P145781930][T16682910]\n\nLegacy offerings described in the FY2025 report included ASIC mining equipment and transformers, self-mining, miner leasing, hosting and consulting. Consulting services included mining and hosting-provider and pool management, repair coordination, performance monitoring and troubleshooting, market analysis, and shipping logistics. In the nine months ended May 31, 2026, the company reported no mining-equipment sales. [T16682673][P145780532][T16682910]\n[P145781539][P145781924][P145781538][P145781930][T16682910][T16682673][P145780532][https://docs.mavan.bitminetech.io/docs/start-staking-with-mavan][https://docs.mavan.bitminetech.io/docs/introduction][https://docs.mavan.bitminetech.io/docs/mavan-control-centre]",
      "updatedAt": "2026-10-04T09:33:34.303757Z"
    },
    {
      "type": "GEOGRAPHY",
      "text": "As of its FY2026 third-quarter filing, Bitmine listed its principal executive offices in Norwalk, Connecticut. Its FY2025 annual report listed a Las Vegas, Nevada address, indicating a subsequent change in the reported principal office. [T16682904][T16682602]\n\nIn March 2026, Bitmine acquired Australian blockchain infrastructure company Pier Two Holdings, adding operations in Australia. MAVAN documentation describes validator-region support in the United States and the European Union; these are service regions, not necessarily office locations. [P145781538][P145781928][https://docs.mavan.bitminetech.io/docs/multi-region-support]\n\nA FY2025 filing described a joint bitcoin-mining operation in Pecos, Texas, while also noting reliance on third-party hosting; this is historical information and does not establish a current company-owned facility there. The materials reviewed do not provide revenue percentages by geography or an employee-location breakdown. [P145780608][P145780083][P145780064]\n[T16682904][T16682602][P145781538][P145781928][P145780608][P145780083][P145780064][https://docs.mavan.bitminetech.io/docs/multi-region-support]",
      "updatedAt": "2026-10-04T09:33:34.303757Z"
    },
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      "text": "Bitmine reports one formal reportable segment; its chief operating decision maker reviews consolidated results rather than separate results by business line, geography, or asset type. The company’s revenue categories therefore describe activities, not separately reported segments. [P145781725]\n\nFor the nine months ended May 31, 2026, staking and validation generated $56.924 million, approximately 95.1% of total revenue of $59.870 million. This activity principally comprises Ethereum staking rewards, including through MAVAN, the company’s validator platform. [T16682910][P145781539][P145781938] Other reported revenue sources were leasing ($1.536 million; approximately 2.6%), self-mining ($0.845 million; approximately 1.4%), and consulting ($0.565 million; approximately 0.9%); mining-equipment sales contributed no revenue in the period. [T16682910]\n[P145781725][T16682910][P145781539][P145781938][https://www.sec.gov/Archives/edgar/data/1829311/000162828026048157/bmnr-20260531.htm]",
      "updatedAt": "2026-10-04T09:33:34.303757Z"
    },
    {
      "type": "HISTORY",
      "text": "BitMine Immersion Technologies’ corporate lineage dates to a Nevada company incorporated in 1995 as Interactive Lighting Showrooms, Inc.; it later operated under several names before becoming Renewable Energy Solution Systems. In 2019, Sandy Springs Holdings, Inc. was incorporated, and a 2020 holding-company reorganization brought the predecessor business under that structure. The company’s filings date the start of its operations to July 2020. [P145776961][P145776962][https://www.sec.gov/Archives/edgar/data/1829311/000168316820003541/sandysprings_1012g.htm][https://www.sec.gov/Archives/edgar/data/1829311/000149315225024689/formars.pdf]\n\nIn July 2021, new management began pursuing Bitcoin mining and hosting. In March 2022, the company adopted the BitMine Immersion Technologies name and BMNR ticker, presenting its business around Bitcoin mining and immersion-cooled hosting. It later emphasized self-mining; by fiscal 2024 it operated mining facilities and hosted customers, although it ended its hosting-client arrangements during that year. [P145777591][https://stockhouse.com/news/press-releases/2022/03/17/bitmine-immersion-technologies-inc-announces-name-change-and-symbol-change-to][https://www.thetechoutlook.com/press-release/bitmine-immersion-technologies-inc-announces-entry-into-joint-venture-entry-into-line-of-credit-buyout-of-hosting-agreement-and-trinidad-operations-update/][P145780298]\n\nIn 2025, BitMine uplisted from OTCQX to NYSE American and began expanding from its Bitcoin-focused business into a digital-asset treasury strategy, initially buying bitcoin and then adding an Ethereum focus. Leadership changes that year included Thomas J. Lee’s appointment as board chairman and Chi Tsang’s appointment as CEO. In March 2026, BitMine acquired Australian blockchain-infrastructure company Pier Two Holdings through a subsidiary and launched MAVAN, an institutional Ethereum-staking platform that included Pier Two’s validator operations. [P145780072][P145780073][P145780077][P145780074][P145781846][P145781538][P145781539][P145781928]\n[P145776961][P145776962][P145777591][P145780298][P145780072][P145780073][P145780077][P145780074][P145781846][P145781538][P145781539][P145781928][https://www.sec.gov/Archives/edgar/data/1829311/000168316820003541/sandysprings_1012g.htm][https://www.sec.gov/Archives/edgar/data/1829311/000149315225024689/formars.pdf][https://stockhouse.com/news/press-releases/2022/03/17/bitmine-immersion-technologies-inc-announces-name-change-and-symbol-change-to][https://www.thetechoutlook.com/press-release/bitmine-immersion-technologies-inc-announces-entry-into-joint-venture-entry-into-line-of-credit-buyout-of-hosting-agreement-and-trinidad-operations-update/]",
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