Bitmine Immersion Technologies
20 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.
Suppliers
Third-party digital asset custodians
depends onnamed as a riskWe are currently exposed to potential uninsured losses to the extent digital asset balances exceed the custodian’s applicable insurance coverage.Risk factors (Item 1A)
Third-party ETH staking providers
depends onnamed as a riskAny failure in our validator operations or at a third-party staking provider could result in losses and reputational harm.Risk factors (Item 1A)
Third-party hosting firms
depends onOur BTC mining operations currently focus on placing new miners with third-party hosting firms because we do not have the data center capacity to accommodate new miners.Business (Item 1)
Partners and platforms
Mining pool operators
depends onnamed as a riskWe rely on pool operators to honestly and accurately account for our pro rata share of rewards, maintain operational security, and remit proceeds.Risk factors (Item 1A)
Coinbase
depends onThe fair value of the Company’s digital assets is determined based on the quoted price in its principal market, CoinBase, at the time of measurement (midnight UTC).Market risk (Item 7A)
Other companies
Bitcoin halving
named as a riskOur ability to earn mining rewards may decline and our revenues could be materially reduced.Risk factors (Item 1A)
Also named by CORZ
Competitors
Strategy Inc.
competes with · 641,692 BTC valued at $61 billionBased on publicly available information, the Company reigns as the largest ETH treasury and second largest global treasury, behind Strategy Inc. (NASDAQ:MSTR), which owns 641,692 BTC valued at $61 billion, as of November 16, 2025.Business (Item 1)
Commodities and inputs
Bitcoin (BTC)
exposed to its price · $20,922,793named as a riskBTC prices, global hash rate and network difficulty, power costs, pool fees, and miner efficiency materially influence expected BTC mining margins and the value of any BTC held.Market risk (Item 7A)
Ether (ETH)
exposed to its price · $8,260,608,190named as a riskOur revenues, gross margins, liquidity and ability to service obligations depend significantly on prevailing ETH prices and, less so, BTC prices.Risk factors (Item 1A)
Electricity
exposed to its pricenamed as a riskDependence on access to reliable, low-cost electricity and hosting; utility rate structures, curtailments, grid constraints, weather events; environmental and energy policy developments affecting proof-of-work mining.Risk factors (Item 1A)
Also named by AA, AESI, APD, APLD, ATI, ATO, BA, CLF and 22 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskGovernmental bodies and regulators, including the SEC, CFTC, FinCEN, IRS, Office of Foreign Assets Control, state authorities and non-U.S. regulators, continue to evaluate and assert jurisdiction over digital assets, mining activities, market structure, custody, broker-dealer/ATS regimes, sanctions/AML compliance, consumer protection, and energy usage.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskGovernmental bodies and regulators, including the SEC, CFTC, FinCEN, IRS, Office of Foreign Assets Control, state authorities and non-U.S. regulators, continue to evaluate and assert jurisdiction over digital assets, mining activities, market structure, custody, broker-dealer/ATS regimes, sanctions/AML compliance, consumer protection, and energy usage.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BPOP, CAT, CHRW and 46 more
Internal Revenue Service (IRS)
subject tonamed as a riskChanges to the characterization of mining rewards, sales or dispositions of digital assets, information reporting, withholding, or cost basis rules may affect our financial results and cash flows.Risk factors (Item 1A)
Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BRO, CAH and 39 more
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskWe monitor guidance and enforcement activity by the Securities and Exchange Commission (“SEC”), Commodity Futures Trading Commission (“CFTC”), Financial Crimes Enforcement Network (“FinCEN”), Internal Revenue Service (“IRS”), and other authorities.Business (Item 1)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, C, CBOE and 35 more
Financial Crimes Enforcement Network (FinCEN)
subject tonamed as a riskWe monitor guidance and enforcement activity by the Securities and Exchange Commission (“SEC”), Commodity Futures Trading Commission (“CFTC”), Financial Crimes Enforcement Network (“FinCEN”), Internal Revenue Service (“IRS”), and other authorities.Business (Item 1)
Also named by ABNB, ADP, AFRM, COIN, CORZ, EEFT, FISV, SNEX and 2 more
NYSE American
subject tonamed as a riskOur listing on NYSE American subjects us to continued quantitative and qualitative listing requirements.Risk factors (Item 1A)
Also named by DC
Laws and programs
ATM Program
depends on · $20,000,000named as a riskIn July 2025, we established an at-the-market program (our “ATM Program”) pursuant to our shelf registration statement, permitting sales of up to $20,000,000 of our common stock from time to time, subject to market conditions.Business (Item 1)
Also named by DC
ASC 350-60 Crypto Assets
subject to · $805,008,462named as a riskFor the fiscal year ended August 31, 2025, we recorded an unrealized gain of $805,008,462 in fair market value on our ETH and BTC.Market risk (Item 7A)
Technology
Ethereum network
depends onnamed as a riskEthereum-specific market, technology and regulatory developments may adversely affect the value and liquidity of our ETH holdings and our Treasury Strategy.Risk factors (Item 1A)
Immersion cooling
depends onnamed as a riskRapid technological change and equipment obsolescence; dependence on immersion cooling systems and other specialized infrastructure.Risk factors (Item 1A)