BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR)

The Company, originally incorporated in Nevada in 1995 under a different name and reincorporated in Delaware through a series of corporate reorganizations, was a shell company until a July 2021 change of control, after which it became a blockchain technology company focused on industrial-scale digital asset (primarily Bitcoin) mining, equipment sales, and hosting operations. Its core business consists of three interrelated activities: self-mining bitcoin for its own account using application-specific integrated circuit (ASIC) miners participating in third-party mining pools; hosting third-party mining equipment at company-operated data centers designed with immersion cooling technology, redundant power, connectivity, and 24/7 security to maximize energy efficiency and equipment longevity; and purchasing and reselling digital asset mining equipment, often bundled with hosting contracts. The company generates revenue through consumption-based hosting agreements (typically one-to-three-year contracts where clients reimburse electricity costs and pay a percentage—typically around 25%—of mined bitcoin), digital asset mining income earned through mining pools, and equipment sales to customers and related parties.

Its hosting operations include an agreement with Telecommunications Services of Trinidad & Tobago Limited (TSTT) for co-locating up to 125 hosting containers, a joint venture with ROC Digital Mining in Pecos, Texas for a Bitcoin mining facility (in which the Company holds Class B Units and a note receivable), and a hosting arrangement with Soluna SW, LLC in Murray, Kentucky, where the Company deployed purchased ASIC miners under a co-location agreement with hosting fees payable in bitcoin. The Company is also pursuing development of additional hosting centers in the United States and Canada, exploring power agreements with traditional and renewable energy sources to support growth and potentially generate ancillary revenue from excess power sales and carbon credits. Customers include third-party miners seeking hosting services and equipment purchasers, while the Company's own mined and received bitcoin is generally sold promptly to fund operations and capital expenditures rather than held as a long-term investment, with digital assets stored in cold storage wallets and relationships maintained with custodians such as Gemini Trust Company and BitGo Trust.

The business operates within the broader blockchain and cryptocurrency ecosystem, subject to volatility in Bitcoin prices, network difficulty, electricity costs, and regulatory and market risks inherent to digital assets.