Bitmine Immersion Technologies, Inc 10-K for FY2025

Bitmine Immersion Technologies, Inc. (BMNR)

10-K 2025-11-21 For: 2025-08-31

Added on April 06, 2026

About this 10-K

Bitmine Immersion Technologies, Inc filed this 10-K on November 21, 2025, covering the fiscal year ended August 31, 2025 (FY2025).

Headline figures

Fiscal year ended August 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.1M; up 84.1% from $3.31M a year earlier
Net income: $348.58M; compared with a net loss of $3.29M a year earlier
Diluted EPS: $13.39; compared with -$1.32 a year earlier

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Title of Each Class		Trading Symbol		Name of Each Exchange on which Registered
Common Stock, par value $0.0001		BMNR		NYSE American LLC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

PART I	1
Item 1. Business	1
Item 1A. Risk Factors	7
Item 1B. Unresolved Staff Comments	22
Item 1C. Cybersecurity	22
Item 2. Properties	23
Item 3. Legal Proceedings	23
Item 4. Mine Safety Disclosures	23
PART II	24
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	24
Item 6. [Reserved]	24
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	32
Item 8. Financial Statements and Supplementary Data	34
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	34
Item 9A. Controls and Procedures	34
Item 9B. Other Information	35
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	35
PART III	36
Item 10. Directors, Executive Compensation, and Corporate Governance	36
Item 11. Executive Compensation	36
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	36
Item 13. Certain Relationships and Related Transactions, and Director Independence	36
Item 14. Principal Accountant Fees and Services	36
PART IV	37
Item 15. Exhibit, Financial Statement Schedules	37
Item 16. Form 10-K Summary	37

	●	Financing, liquidity capital markets and market access risks: Dilution associated with equity offerings; exchange listing requirements and compliance; constrained access to banking or capital markets for digital asset-related companies; debt, liens and collateral arrangements.

	●	Accounting, financial reporting and internal control risks: Evolving accounting for digital assets and fair value measurements; potential impairment charges; auditor transitions; internal control considerations.

	●	operating efficiency and working capital management in a lower-capex model; and

	●	ETH market conditions, principally as they affect the value of the ETH held in, and the activities of, our treasury.

	●	hardware sales and deployment support;

	●	operations management, uptime maximization, and pool payout optimization; and
	●	financial reporting and compliance support consistent with GAAP.

	Fiscal Year Ended August 31,
	2025			2024			% Change
Revenue from the sale of mining equipment	$	846		$	231			NM
Revenue from self-mining		3,133			3,031			3	%
Revenue from hosting		-			48			-100	%
Revenue from consulting		235			-			NM
Revenue from leasing		1,881			-			NM
Total Revenue		6,095			3,310			84	%

Cost of sales mining equipment		752			181			NM
Cost of sales self-mining		3,277			3,254			1	%
Cost of sales hosting		-			38			-100	%
Cost of sales consulting		7			-			NM
Cost of sales leasing		1,749			-			NM
Total Cost of Sales		5,785			3,473			67	%

Operating expenses:
General and administrative expenses		13,984			2,279			NM
Warrant expense		348,959			-			NM
Impairment of fixed assets		1,912			120			-100	%
Realized gain from the sale of digital assets		(3,748	)		(114	)		NM
Unrealized gain from the digital assets holding		(805,008	)		-			NM
Total operating expenses		(443,901	)		2,285			NM

Income (loss) from operations		444,211			(2,448	)		NM

Other income (expense):
Interest expense		(245	)		(269	)		-9	%
Interest income		1			55			-98	%
Loss on the extinguishment of debt		(289	)		(320	)		-10	%
Loss on investment in joint venture		(1,278	)		(311	)		NM
Loss on the sale of equipment		(1,528	)		-			NM
Pre-tax income (loss)		440,872			(3,293	)		NM

Income taxes		92,295			-			NM
Net Income (loss)		348,577			(3,293	)		NM

	●	*Revenue from the sale of mining equipment.* During the fiscal year ended August 31, 2025, revenue from the sale of mining equipment was $846, compared to $231 in the fiscal year ended August 31, 2024. The increase was primarily the result of new brokered transactions of transformers and an increase in the sale of ASIC miners to third parties.
	●	*Revenue from self-mining.* During the fiscal year ended August 31, 2025, revenue from self-mining was $3,133, compared to $3,031 in the fiscal year ended August 31, 2024. Mining revenues were positively impacted during the 2025 period as a result of the purchase of additional ASIC miners in November 2024, most of which were installed in December 2024. This increase was offset by several factors, including delays in installing newly acquired miners, miners that were offline due to maintenance issues, and the termination of our hosting agreement with Soluna SW, LLC as of April 30, 2025. The increase in self-ming revenue was also offset by the execution of additional machine lease agreements resulting in less self-mining revenue and more leasing revenue.
	●	*Revenue from hosting.* During the fiscal year ended August 31, 2025, revenue from hosting was $0, compared to $48 in the fiscal year ended August 31, 2024. The decrease was a result of the termination of all hosting clients in the fourth quarter of fiscal 2024.
	●	*Revenue from consulting.* During the fiscal year ended August 31, 2025, revenue from consulting was $235, as compared to $0 during the fiscal year ended August 31, 2024. All of the consulting revenue in 2025 was derived from one consulting agreement under which the Company is obligated to provide various operational, maintenance and consulting services from May 16, 2025 to May 15, 2026 for aggregate consideration of $800, of which half was paid on May 16, 2025.
	●	*Revenue from leasing.* During the fiscal year ended August 31, 2025, revenue from the leasing of miners was $1,881, as compared to $0 during the fiscal year ended August 31, 2024. Under the March 2025 machine lease agreement, the lessee paid $850 for all revenues generated from 2,500 of our miners from March 8, 2025 to May 7, 2025. Under the May 2025 machine lease agreement, the lessee agreed to pay $3,200 for all revenues generated from 3,000 of our miners from May 16, 2025 to December 31, 2025.

	●	*Cost of sales mining equipment.* Cost of sales related to sales of mining equipment was $752 for the fiscal year ended August 31, 2025, compared to $181 for the fiscal year ended August 31, 2024. Cost of sales related to sales of mining equipment consisted of the purchase price of equipment sold, plus shipping and value added tax on the equipment sales reported under the “completed sale” method.
	●	*Cost of sales self-mining.* Cost of sales related self-mining remained relatively flat at $3,277 in the fiscal year ended August 31, 2025, compared to $3,254 in the fiscal year ended August 31, 2024. Cost of sales normally includes electricity, utilities, facilities costs, and supplies where mining is performed in self-owned facilities. Power prices are the most significant cost driver and can be highly volatile and global events may cause fuel prices, and to a lesser extent power prices, to fluctuate widely.
	●	*Cost of sales hosting.* Cost of sales related to hosting was $-0- in the fiscal year ended August 31, 2025, compared to $38 in the fiscal year ended August 31, 2024. Cost of sales normally includes utilities, facilities costs, and supplies. Unlike the cost of sales from mining, cost of sales from hosting does not include electricity costs, as such costs are passed on to the hosting client.
	●	*Cost of sales consulting.* Cost of sales related to consulting services was $7 for the fiscal year ended August 31, 2025 and $0 for the fiscal year ended August 31, 2024. Cost of sales for consulting services consists primarily of an allocation of a percentage of the labor costs of the employees who provide the consulting services.
	●	*Cost of sales leasing.* Cost of sales related to leasing was $1,749 for the fiscal year ended August 31, 2025, compared to $0 in the fiscal year ended August 31, 2024. The increase in cost of sales leasing is a result of the Machine Lease Agreement Bitmine entered with KULR Technology Group, Inc. on May 16, 2025. As part of this agreement, Bitmine is responsible for maintaining the equipment and ensuring continuous operation, either directly or through third-party providers.

	●	*General and administrative expenses.* General and administrative expenses were $13,984 in the fiscal year ended August 31, 2025, compared to $2,279 in the fiscal year ended August 31, 2024. This increase was due to new bank and custody fees in 2025, reflecting higher transaction and storage costs. Further, professional fees more than doubled, and officer’s compensation increased from 2024, driven by higher personnel costs. Employee shareholder compensation also grew significantly, likely due to stock-based awards.
	●	*Strategic Advisor expenses.* Estimated fees that will be incurred from industry-experienced third parties to manage the Company’s multi-billion dollar ETH portfolio are expected to be in the range of $40 to $50 million annually. The Company expects these fees to be significantly offset by projected staking fees earned from the same ETH portfolio, although there can be no assurances that the Company will be successful in doing so.
	●	*Warrant expense.* Warrant Expense was $348,959 in fiscal year 2025 which was entirely related to the Strategic Advisor warrants. Refer to Note 10–Stock Based Compensation within the financial statements for additional details.

	●	*Impairment of fixed assets.* Impairment of fixed assets was $1,912 in August 31, 2025, as compared to $120 in August 31, 2024, reflecting management’s review of under-utilized or obsolete equipment and site-specific assets.
	●	The Company acquired ETH on top of its BTC holdings as part of our business expansion during fiscal year 2025 and therefore only held an ETH balance as of August 31, 2025. As a result, the Company recognized the following on its ETH and BTC holdings:

	●	estimated fees that will be incurred from industry-experienced third parties to manage the Company’s multi-billion dollar ETH portfolio are expected to be in the range of $40 to $50 million annually. The Company expects these fees to be significantly offset by projected staking fees earned from the same ETH portfolio, although there can be no assurances that the Company will be successful in doing so;
	●	modest capital expenditures of approximately $1,500 primarily for maintenance of existing equipment and technology platforms’ supporting services;
	●	working capital to support services delivery, equipment leasing, and advisory engagements of approximately $1,000 per month at current run-rate activity levels; and
	●	public company costs, including audit and compliance, of approximately $4,000 annually.

	Year Ended
	August 31, 2025		August 31, 2024
Audit Fees⁽¹⁾	$	233,400	$	196,000
Audit Related Fees		-		-
Tax Fees		-		-
All Other Fees		55,000		-
Total	$	288,400	$	196,000

		Page
1.	Consolidated Financial Statements	F-1
	Report of Independent Registered Public Accounting Firm	F-2
	Consolidated Financial Statements:
	Balance Sheets	F-4
	Consolidated Statements of Income (loss)	F-5
	Statements of Stockholders’ Equity (Deficit)	F-6
	Statements of Cash Flows	F-7
	Notes to Consolidated Financial Statements	F-8
2.	Exhibits	38
3.	Consolidated Financial Statement Schedule	37
	Schedule II – Valuation and Qualification Accounts	37

Report of Independent Registered Public Accounting Firm	F-2

Consolidated Balance Sheets	F-4

Consolidated Statements of Income (loss)	F-5

Consolidated Statements of Changes in Stockholders’ Equity	F-6

Consolidated Statements of Cash Flows	F-7

Notes to the Consolidated Financial Statements	F-8

	●	We evaluated the design of controls over the process for recording digital assets transactions.
	●	We obtained evidence of ownership by verifying the Company’s control over the public addresses associated with its digital asset holdings.
	●	We independently calculated the fair value of Bitcoin and ETH using data from multiple reputable cryptocurrency exchanges and compared our valuation to the Company’s recorded amounts.
	●	We performed procedures to test the completeness and accuracy of the Bitcoin and ETH transaction data used in the Company’s accounting records.
	●	We obtained management memorandum and evaluated its reasonableness relating to the classification of digital assets in accordance with ASC 350-60, Intangibles—Goodwill and Other-Crypto Assets
	●	We assessed the Company’s disclosures related to the valuation methodology and risks associated with holding digital assets.

	August 31,		August 31,
	2025		2024
ASSETS
Current assets:
Cash and cash equivalents	$	511,999	$	499
Prepaid expenses		498		673
Other receivables		510		374
Total current assets		513,007		1,546
Other receivables		–		281
Digital assets		8,281,530		15
Other assets		–		668
Property and equipment, net		516		4,772
Total assets	$	8,795,053	$	7,282

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accrued liabilities	$	8,894	$	716
Contract liabilities		1,067		790
Loans payable		–		1,625
Total current liabilities		9,961		3,131
Deferred tax liability		92,295		–
Contract liabilities		–		65
Total liabilities		102,256		3,196

Commitments and contingencies		–		–

Stockholders’ Equity:
Series A Preferred Stock, $0.0001 par value, 500 shares authorized, 0 and 454 shares issued and outstanding as of August 31, 2025 and August 31, 2024, respectively		–		–
Series B Preferred Stock, $0.0001 par value, 500 shares authorized, 0 and 0 shares issued and outstanding as of August 31, 2025 and August 31, 2024, respectively		–		–
Preferred stock, value		–		–
Common stock, $0.0001 par value, 500,000 shares authorized; 234,714 and 2,495 shares issued and outstanding as of August 31, 2025 and August 31, 2024, respectively		23		–
Additional paid-in capital		8,355,382		12,310
Retained earnings (deficit)		337,392		(8,224	)
Total stockholders’ equity		8,692,797		4,086
Total liabilities and equity	$	8,795,053	$	7,282

	Fiscal Year Ended			Fiscal Year Ended
	August 31, 2025			August 31, 2024
Revenue from the sale of mining equipment	$	846		$	231
Revenue from self-mining		3,133			3,031
Revenue from hosting		-			48
Revenue from consulting		235			-
Revenue from leasing		1,881			-
Total Revenue		6,095			3,310

Cost of sales mining equipment		752			181
Cost of sales self-mining		3,277			3,254
Cost of sales hosting		-			38
Cost of sales consulting		7			-
Cost of sales leasing		1,749			-
Total Cost of Sales		5,785			3,473

Operating expenses:
General and administrative expenses		13,984			2,279
Warrant expense		348,959			-
Impairment of property and equipment		1,912			120
Realized gain from the sale of digital assets		(3,748	)		(114	)
Unrealized gain from digital assets holdings		(805,008	)		-
Total operating expenses		(443,901	)		2,285

Income (loss) from operations		444,211			(2,448	)

Other income (expense):
Interest expense		(245	)		(269	)
Interest income		1			55
Loss on the extinguishment of debt		(289	)		(320	)
Loss on investment in joint venture		(1,278	)		(311	)
Loss on the sale of equipment		(1,528	)		-
Pre-tax income (loss)		440,872			(3,293	)

Income taxes		92,295			-
Net Income (loss)		348,577			(3,293	)
Deemed dividend on Series A Preferred Stock		(2,961	)		-
Allocation to participating preferred stock		(17,455	)		-
Net Income (loss) attributable to common stockholders	$	328,161		$	(3,293	)

Basic income (loss) per common share	$	13.60		$	(1.32	)
Diluted income (loss) per common share	$	13.39		$	(1.32	)

Weighted-average number of common shares outstanding:
Basic		24,137,713			2,493,931
Diluted		24,515,226			2,493,931

	Series A Preferred				Series B Preferred				Common Stock				Additional Paid-in		Accumulated			Total Stockholders
	Shares		Value		Shares		Value		Shares		Value		Capital		Deficit			Equity
Balance, August 31, 2023		453,966	$	–		–	$	–		2,483,282	$	–	$	11,188	$	(4,931	)	$	6,257
Balance		453,966	$	–		–	$	–		2,483,282	$	–	$	11,188	$	(4,931	)	$	6,257

Stock based compensation -related parties		–		–		–		–		12,348		–		1,123		–			1,123

Net loss		–		–		–		–		–		–		–		(3,293	)		(3,293	)
Net Income/(Loss)		–		–		–		–		–		–		–		(3,293	)		(3,293	)

Balance, August 31, 2024		453,966	$	–		–		–		2,495,630	$	–	$	12,310	$	(8,224	)	$	4,086
Balance		453,966	$	–		–		–		2,495,630	$	–	$	12,310	$	(8,224	)	$	4,086

	Fiscal year			Fiscal year
	ended			ended
	August 31, 2025			August 31, 2024
Cash flows from operating activities
Net Income (loss)	$	348,577		$	(3,293	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Stock based compensation		2,425			1,123
Warrant expense		348,959			-
Depreciation expense		761			924
Loss on the sale of property and equipment		1,528			32
Loss on investment in joint venture		1,278			311
Impairment of property and equipment		1,912			120
Amortization of note discount		8			-
Loss on extinguishment of debt		289			-
Gain on note settlement		-			(35	)
Realized gain on the sale of digital assets		(3,748	)		-
Unrealized gain on digital assets held		(805,008	)		-
Changes in operating assets and liabilities
Digital assets		(2,515	)		(225	)
Other receivables		-			374
Prepaid expenses		178			(570	)
Accrued liabilities		8,699			507
Deferred tax liability		92,295			-
Contract liabilities		213			704
Net cash provided by (used in) operating activities		(4,149	)		(30	)

Cash flows from investing activities
Purchase of digital assets		(7,433,131	)		-
Return of capital on joint venture		-			8
Proceeds form sale of digital assets		2,187			-
Purchase of property and equipment		(1,065	)		(76	)
Net cash (used in) investing activities		(7,432,009	)		(67	)

Cash flows from financing activities:
Proceeds from Series A preferred stock		25			-
Proceeds from Series B preferred stock		200			-
Proceeds from loan payable		1,035			-
Repayment of loan payable		(957	)		-
Proceeds from private placements and prefunded warrants, net of issuance costs		230,290			-
Proceeds from ATM, net of issuance costs		7,717,761			-
Repayment of related party loan		(945	)		-
Proceeds from related party loan		250			325
Net cash (used in) by financing activities		7,947,659			325

Net increase in cash and cash equivalents		511,500			229
Cash and cash equivalents at beginning of period		499			270
Cash and cash equivalents at end of period	$	511,999		$	499

Supplemental disclosure of non-cash investing and financing activity
Proceeds received from bitcoin loan	$	-		$	578
Proceeds of bitcoin loan in BTC	$	-		$	578
Repayment of loan with digital assets	$	374		$	-
Purchase of equipment for loan payable	$	1,035		$	-
Purchase of equipment with BTC	$	-		$	340
Repossession of equipment to satisfy notes receivable	$	-		$	531
Payment of an accrued liability to a related party with equipment	$	-		$	49
Deemed dividend on Preferred A stock	$	2,961		$	-
Issuance of common stock to reduce related party debt	$	796		$	-

	Units		Cost Basis		Fair Value
BTC		192	$	20,863	$	20,923
ETH		1,874,927		7,426,698		8,260,609
Total			$	7,447,561	$	8,281,532

	August 31, 2025			August 31, 2024
Fair value, beginning balance	$	15		$	129
Additions from BTC mining and hosting activity		3,133			3,079
Additions from purchases of BTC		20,404			528
Additions from advance payments in BTC		386			–
Additions from equity investment		–			8
Direct payments in BTC		(1,379	)		(1,705	)
Sale of BTC		(2,187	)		(2,138	)
Realized gains on BTC		–			114
Remeasurement of fair value of BTC		551			–
Fair value, ending balance	$	20,923		$	15

	August 31, 2025
Fair value, beginning balance	$	–
Additions from the purchase of ETH		7,452,402
Realized gains		3,748
Unrealized remeasurement of fair value		804,457
Fair value, ending balance	$	8,260,607

	August 31, 2025			August 31, 2024

Note receivable-related party in original principal amount of $1,200,000, bearing interest at 5.0% per annum, payable in 41 equal monthly payments of $31,204 commencing December 30, 2022		655			655
Less: Non-current portion		-			(281	)
Less: Settlement of notes receivable		(655	)		-

Notes receivable – short-term	$	–		$	374

	RSAs			Weighted-Average Grant Date Fair Value
Unvested shares at August 31, 2024		195,906		$	8.80
Granted		-			-
Vested		(195,906	)	$	8.80
Forfeited		-			-
Unvested shares at August 31, 2025		-		$	-

	Number of Warrants			Weighted Average Exercise Price
Outstanding as of August 31, 2024		-		$	-
Granted		4,553,940			5.53
Exercised		(1,446,826	)		5.40
Forfeited		-			-
Expired		-			-
Outstanding as of August 31, 2025		3,107,114		$	5.59
Exercisable as of August 31, 2025		3,107,114		$	5.59

	Placement Agent Warrants			Strategic Advisor Warrants			Representative Warrants
Stock Price	$	111.50		$	111.50		$	7.75
Exercise Price	$	5.40		$	5.40		$	10.00
Expected Term (in years)		5.00			5.00			5.00
Risk-free interest rate		3.99	%		3.99	%		3.93	%
Expected volatility		130.00	%		130.00	%		130.00	%
Expected dividend yield		0.00	%		0.00	%		0.00	%

	August 31, 2025			August 31, 2024
U.S. Federal Income Tax		21.0	%		21	%
Less: Non-current portion		(0.2	)%		(21	)%
Less: Settlement of notes receivable		0.0	%		0.0	%

Effective Tax Rate		20.9	%		0.0	%

	August 31, 2025		August 31, 2024
Current
Federal	$	–	$	–
State		–		–
Deferred
Federal	$	92,295	$	–
State		–		–

	August 31, 2025			August 31, 2024
Deferred tax assets
Net operating losses	$	10,626		$	3,614
Section 162(j) interest limitation carryforward		244			–
Accrued liabilities		1,734			–
Stock-based compensation		352,300			924
Total deferred tax assets	$	364,904		$	4,538
Deferred tax liabilities
Depreciation	$	(1,585	)	$	(1,326	)
Unrealized Gain/Loss on digital assets		(802,819	)		–
Total deferred tax liabilities	$	(804,404	)	$	(1,326	)
Net deferred tax asset/(liability)		(439,500	)		3,212
Less: valuation allowance		–			(3,212	)
Net deferred tax asset/(liability)	$	(439,500	)	$	–

(In thousands, except share and per share data)	Fiscal Year Ended August 31, 2025			Fiscal Year Ended August 31, 2024
Basic earnings per share:
Numerator:
Net income (loss)	$	348,577		$	(3,293	)
Less: Deemed dividend to participating preferred stock		(2,961	)		-
Less: allocation to participating preferred stock		(17,455	)		-
Net income (loss) available to common stockholders — Basic	$	328,161		$	(3,293	)

Denominator:
Weighted average common shares outstanding - basic		24,137,713			2,493,931
Basic earnings per common share	$	13.60		$	(1.32	)

Diluted earnings per share:
Numerator:
Net income (loss) available to common stockholders — Dilutive	$	328,681		$	(3,293	)
Denominator:
Weighted average common shares outstanding - basic		24,137,713			2,493,931
Add: dilutive securities
Warrants		345,239			-
RSAs		32,274			-
Weighted average common shares outstanding - diluted		24,515,226			2,493,931
Diluted earnings per common share	$	13.39		$	(1.32	)

	Outstanding as of August 31, 2025		Outstanding as of August 31, 2024 (3)
C-3 Warrants (1)		1,280		1,280
C-1 and C-2 Warrants (2)		-		414,760
RSAs		-		195,906

	●	1.00% per annum on digital assets managed up to $1,000,000;
	●	0.50% per annum on digital assets managed from $1,000,000 to $5,000,000; and
	●	0.25% per annum on digital assets managed above $5,000,000.

Exhibit Number		Description
3.1		Amended and Restated Certificate of Incorporation (incorporated by reference from Form 8-K filed September 6, 2022).
3.2		Certificate of Designations, Rights and Preferences of Series A Convertible Preferred Stock (incorporated by reference from Form 8-K filed September 6, 2022).
3.3		Certificate of Designations, Rights and Preferences of Series B Convertible Preferred Stock (incorporated by reference from Form 8-K filed November 7, 2024).
3.4		Certificate of Merger (incorporated by reference from Form 10 filed October 27, 2020).
3.5		Amended and Restated Bylaws (incorporated by reference from Form S-1 (File No. 333-284361), filed January 21, 2025).
4.4		Form of Class C-1 Warrant (incorporated by reference from Form S-1, File No. 333-266348, filed July 27, 2022).
4.5		Form of Class C-2 Warrant (incorporated by reference from Form S-1, File No. 333-266348, filed July 27, 2022).
4.6		Form of Class C-3 Warrant (incorporated by reference from Form S-1, File No. 333-266348, filed July 27, 2022).
4.7		Form of Pre-Funded Warrant, dated June 30, 2025 (incorporated herein by reference from the Current Report on Form 8-K filed with the SEC on July 3, 2025).
4.8		Form of Strategic Advisor Warrant, dated July 8, 2025 (incorporated herein by reference from the Current Report on Form 8-K filed with the SEC on July 9, 2025).
4.9		Form of Placement Agent Warrant, dated June 27, 2025 (incorporated herein by reference from the Current Report on Form 8-K filed with the SEC on July 3, 2025).
4.10		Form of Representative’s Warrant dated June 4, 2025 (incorporated herein by reference from the Current Report on Form 8-K filed with the SEC on June 10, 2025).
10.1		Employment Agreement between the Company and Ryan Ramnath dated July 19, 2021 (incorporated by reference from Form 8-K/A filed September 9, 2021).
10.2		Master Services Agreement between Telecommunications Services of Trinidad and Tobago Limited and the Company for Colocation Services dated October 21, 2021 (incorporated by reference from Form S-1/A filed November 14, 2022).
10.3		Statement of Work No. 1 Colocation Services by and between the Company and Telecommunications Services of Trinidad and Tobago Limited dated June 17, 2022 (incorporated by reference from Annual Report on Form 10-K filed December 14, 2023).
10.4		Form of Restricted Stock Agreement (incorporated by reference from Form S-1/A filed November 14, 2022).
10.5		Amended and Restated Line of Credit Agreement between the Company and Innovative Digital Investors Emerging Technology, L.P. dated May 13, 2023 (incorporated by reference from Annual Report on Form 10-K filed December 14, 2023).
10.6		Promissory Note executed by ROC Digital Mining I LLC dated October 13, 2022 (incorporated by reference from Form 8-K filed October 19, 2022).
10.7		Security Agreement executed by ROC Digital Mining I LLC and the Company dated October 13, 2022 (incorporated by reference from Form 8-K filed October 19, 2022).
10.8		Transfer, Bill of Sale and Assignment executed by ROC Digital Mining I LLC and the Company dated October 13, 2022 (incorporated by reference from Form 8-K filed October 19, 2022).
10.9		Limited Liability Company Operating Agreement of ROC Digital Mining I LLC dated July 27, 2022 (incorporated by reference from Form 8-K filed October 19, 2022).
10.10		Limited Liability Company Operating Agreement of ROC Digital Mining Manager LLC dated July 27, 2022 (incorporated by reference from Form 8-K filed October 19, 2022).
10.11		Colocation Services Agreement between Bitmine Immersion Technologies, Inc. and Soluna SW, LLC dated October 9, 2023 (incorporated by reference from Annual Report on Form 10-K filed December 14, 2023).
10.12		Amendment of Line of Credit Agreement between the Company and Innovative Digital Investors Emerging Technology, L.P. dated November 4, 2024 (incorporated by reference from Form 8-K filed November 7, 2024).
10.13		Master Hashrate Purchase and Sale Agreement between the Company and Luxor Technology Corporation dated November 14, 2024 (incorporated by reference from Annual Report on Form 10-K filed December 9, 2024).
10.14		Unit Lien Agreement between the Company and Luxor Technology Corporation dated November 14, 2024. (incorporated by reference from Annual Report on Form 10-K filed December 9, 2024).
10.15		Master Hashrate Purchase and Sale Agreement between the Company and Luxor Technology Corporation dated May 22, 2025 (incorporated by reference to Form S-1/A filed on May 27, 2025).
10.16		Form of Underwriting Agreement by and between Bitmine Immersion Technologies, Inc. and ThinkEquity LLC (incorporated by reference from the Form S-1/A filed May 27, 2025).
10.17		Controlled Equity Offering^SM Sales Agreement with Cantor Fitzgerald & Co. and ThinkEquity LLC (incorporated by reference from Form 8-K filed July 9, 2025).
10.18		Form of Cash Securities Purchase Agreement, dated as of June 30, 2025, between Bitmine Immersion Technologies, Inc. and each Purchaser (as defined therein) (incorporated by reference from Form 8-K filed July 3, 2025).
10.19		Form of Cryptocurrency Securities Purchase Agreement, dated as of June 30, 2025, between Bitmine Immersion Technologies, Inc. and each Purchaser (as defined therein) (incorporated by reference from Form 8-K filed July 3, 2025).
10.20		Placement Agency Agreement, dated June 27, 2025, between Bitmine Immersion Technologies, Inc. and ThinkEquity LLC (incorporated by reference from Form 8-K filed July 3, 2025).
10.21		Form of Registration Rights Agreement, dated as of June 30, 2025, between Bitmine Immersion Technologies, Inc. and each Purchaser (as defined therein) (incorporated by reference from Form 8-K filed July 3, 2025).
10.22		Consulting Agreement, dated July 8, 2025, between Bitmine Immersion Technologies, Inc. and Ethereum Tower LLC (incorporated by reference from Form 8-K filed July 9, 2025).
10.23		Strategic Advisor Agreement, dated July 8, 2025, between Bitmine Immersion Technologies, Inc. and Ethereum Tower Instant LLC (incorporated by reference from Form 8-K filed July 9, 2025).
10.24		Open Market Share Repurchase Agreement, dated July 28, 2025 (incorporated by reference from Form 8-K filed July 29, 2025).
14		Code of Ethics (incorporated by reference to the Annual Report on Form 10-K filed December 9, 2021).
21*		List of Subsidiaries.
31.1*		Rule 13a-14(a) Certification of Principal Executive Officer.
31.2*		Rule 13a-14(a) Certification of Principal Accounting Officer.
32.1*		Section 1350 Certification of Principal Executive Officer.
32.2*		Section 1350 Certification of Principal Financial Officer.
101.INS		Inline XBRL Instance Document (does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH		Inline XBRL Taxonomy Extension Scheme Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101.INS)

	Bitmine Immersion Technologies, Inc.
	(Registrant)

	By:	/s/ Chi Tsang
	Name:	Chi Tsang
	Title:	Chief Executive Officer

	Date: November 21, 2025