Today, BitMine Immersion Technologies, Inc. (OTCQX: BMNRD) revealed the initiation of its Bitcoin Treasury Advisory Practice and a $4 million agreement with a U.S. publicly traded firm. This transaction enabled BitMine to exceed its total revenue from last year with just this one deal, per the announcement.
BitMine is set to offer “Mining as a Service” (MaaS) by renting 3,000 Bitcoin ASIC miners to the client until December 30, 2025, under a $3.2 million lease agreement, with an upfront payment of $1.6 million. Moreover, the client has entered into an $800,000 consulting contract for one year, concentrating on Bitcoin Mining-as-a-Service and Bitcoin Treasury Strategy.
“At present, nearly 100 public firms are utilizing Bitcoin as a treasury asset. We anticipate that this figure will increase over time. As more businesses implement Bitcoin treasury strategies, the demand for infrastructure, revenue generation, and professional insight escalates accordingly,” stated Jonathan Bates, CEO of BitMine. “This particular transaction surpasses our total revenue for the entire fiscal year 2024, and we believe there is a chance to onboard additional clients soon as interest in Bitcoin ownership rises.”
BitMine’s first quarter 2025 findings indicated significant revenue growth, with GAAP revenue increasing by roughly 135% to $1.2 million, up from $511,000 in Q1 2024, bolstered by an expanded mining capacity of 4,640 miners as of November 30, 2024, compared to 1,606 the year prior. Yet, despite this growth, the company posted a net loss of $3.9 million in Q1 2025, mainly due to a one-time, non-cash accounting adjustment involving preferred stock; excluding this expense, the adjusted loss was approximately $975,000, aligning with the previous year’s figures.
BitMine’s newly established Bitcoin Treasury Advisory Practice, along with the $4 million agreement, aligns with a trend among public companies investigating Bitcoin not only as a treasury asset but also as a revenue generator.