$BMNR BitMine Immersion Technologies is not getting enough attention imo • Revenue exploding: ~$6M (2025) → $16.7M TTM (+260% YoY) • Net income flipped positive in 2025 ($328M) after prior losses • Massive ETH bet: multi-billion $ crypto treasury driving valuation BUT: • Earnings extremely volatile (huge losses possible from mark-to-market swings) • Core business still small vs. valuation • Heavy dilution (share count exploded) Bull case: leveraged play on Ethereum + hyper growth narrative Bear case: basically a crypto proxy with accounting noise Its basically a volatile ETH balance sheet Will start to DCA here Similar to $MSTR
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