BMNR vs. MSTR: Bitmine Immersion vs. Strategy Stock Comparison

November 11, 2026

How do Bitmine Immersion (BMNR) and Strategy (MSTR) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Bitmine Immersion (BMNR) and Strategy (MSTR) are both classified in the Application Software sub-industry within the broader Software industry, placing them in the closest GICS peer bucket.

Strategy (MSTR) carries decades of public-market history since June 11, 1998, while Bitmine Immersion (BMNR) listed on June 5, 2025 — long-window comparisons have far more historical data on the MSTR side.

Company profile comparison for Bitmine Immersion (BMNR) and Strategy (MSTR)
Profile Item	BMNR	MSTR
Name	BitMine Immersion Technologies, Inc.	Strategy Inc.
Country/Region	United States	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Software & Services	Software & Services
GICS Industry	Software	Software
GICS Sub-Industry	Application Software	Application Software
Market Capitalization	11.32 billion USD	54.57 billion USD
Currency	USD	USD
Exchange	NYSE American	Nasdaq
Listing Date	June 5, 2025	June 11, 1998
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

BMNR

MSTR

GSPC

Bitmine Immersion (BMNR) vs. Strategy (MSTR), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Bitmine Immersion (BMNR) and Strategy (MSTR). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Bitmine Immersion (BMNR) and Strategy (MSTR). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Total Return (1Y)	-52.72%	-48.13%
Total Return (3Y, Annualized)	--	36.44%
Total Return (5Y, Annualized)	--	7.87%

Risk Profile

Drawdown History

BMNR

MSTR

GSPC

Bitmine Immersion (BMNR) vs. Strategy (MSTR), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Bitmine Immersion (BMNR) and Strategy (MSTR). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Volatility (1Y, Annualized)	89.23%	82.34%
Beta (5Y)	1.75	3.60
Max Drawdown (5Y)	-90.14%	-84.09%
Avg. Volume (3M)	36.95M	22.35M

Risk-Adjusted Performance

Risk-Return Positioning

BMNR and MSTR are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Sharpe Ratio (1Y)	-0.64	-0.64
Sortino Ratio (1Y)	-0.93	-0.97

Profitability

ROE (TTM)

Both Bitmine Immersion (BMNR) at -150.91% and Strategy (MSTR) at -21.59% report negative ROE values. Negative ROE can reflect losses or negative shareholders’ equity, so both readings need extra context.

BMNR

Software & Services industry group

-150.91%

Max: 53.85%
Q3: 17.90%
Median: 6.59%
Q1: -9.59%
Min: -50.52%
BMNR: -150.91%

MSTR

Software & Services industry group

-21.59%

Max: 53.85%
Q3: 17.90%
Median: 6.59%
Q1: -9.59%
MSTR: -21.59%
Min: -50.52%

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their ROE against the Software & Services industry group benchmark.

Net Margin (TTM)

Both Bitmine Immersion (BMNR) at 0.00% and Strategy (MSTR) at 0.00% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

BMNR

Software & Services industry group

0.00%

Max: 41.17%
Q3: 15.28%
Median: 4.63%
BMNR: 0.00%
Q1: -5.42%
Min: -33.17%

MSTR

Software & Services industry group

0.00%

Max: 41.17%
Q3: 15.28%
Median: 4.63%
MSTR: 0.00%
Q1: -5.42%
Min: -33.17%

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their net margin against the Software & Services industry group benchmark.

Operating Margin (TTM)

Strategy (MSTR) reports a negative operating margin of -2.07%, usually indicating that operating costs exceeded revenue at the operating-income line. Meanwhile Bitmine Immersion (BMNR) reports 8.42%, ranking against industry peers normally.

BMNR

Software & Services industry group

8.42%

Max: 46.89%
Q3: 17.64%
Median: 8.73%
BMNR: 8.42%
Q1: -2.13%
Min: -30.45%

MSTR

Software & Services industry group

-2.07%

Max: 46.89%
Q3: 17.64%
Median: 8.73%
MSTR: -2.07%
Q1: -2.13%
Min: -30.45%

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their operating margin against the Software & Services industry group benchmark.

Profitability Metrics

Profitability metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
ROE (TTM)	-150.91%	-21.59%
ROA (TTM)	-3.17%	-4.52%
Net Margin (TTM)	0.00%	0.00%
Operating Margin (TTM)	8.42%	-2.07%
Gross Margin (TTM)	84.44%	67.84%

Growth

Revenue Growth

Bitmine Immersion (BMNR) at 84.14% delivers above-range revenue growth, while Strategy (MSTR) at 2.97% falls into the bottom quartile — a wide split in revenue momentum.

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their Revenue Growth across different time periods.

EPS Growth

Neither Bitmine Immersion (BMNR) nor Strategy (MSTR) reports a EPS growth value for this period, so a direct comparison isn't possible.

Growth Metrics

Growth metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Revenue Growth (YoY)	84.14%	2.97%
Revenue Growth (3Y CAGR)	142.45%	-1.49%
EPS Growth (YoY)	--	--
EPS Growth (3Y CAGR)	--	--

Financial Strength

Current Ratio (MRQ)

Both Bitmine Immersion (BMNR) at 36.68 and Strategy (MSTR) at 4.04 post current ratio above their industries’ typical mid-ranges — short-term liquidity appears comfortable, though unusually high readings can point to idle current assets.

BMNR

Software & Services industry group

36.68

BMNR: 36.68
Max: 5.11
Q3: 2.77
Median: 1.67
Q1: 1.01
Min: 0.03

MSTR

Software & Services industry group

4.04

Max: 5.11
MSTR: 4.04
Q3: 2.77
Median: 1.67
Q1: 1.01
Min: 0.03

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their current ratio against the Software & Services industry group benchmark.

Debt / Equity (MRQ)

Bitmine Immersion (BMNR) at 0.00 keeps leverage in the lower industry quartile, while Strategy (MSTR) at 0.10 runs a more typical debt-to-equity mix.

BMNR

Software & Services industry group

0.00

Max: 2.52
Q3: 1.13
Median: 0.40
Q1: 0.07
BMNR: 0.00
Min: 0.00

MSTR

Software & Services industry group

0.10

Max: 2.52
Q3: 1.13
Median: 0.40
MSTR: 0.10
Q1: 0.07
Min: 0.00

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their debt-to-equity ratio against the Software & Services industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Current Ratio (MRQ)	36.68	4.04
Debt / Equity (MRQ)	0.00	0.10
Net Debt / EBITDA	--	--

Dividends

Dividend Yield (TTM)

Strategy (MSTR) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Bitmine Immersion (BMNR) reports a yield of 0.05%, ranking against industry peers normally.

BMNR

Software & Services industry group

0.05%

BMNR: 0.05%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MSTR

Software & Services industry group

0.00%

MSTR: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their dividend yield against the Software & Services industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Bitmine Immersion (BMNR) nor Strategy (MSTR) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

BMNR

Software & Services industry group

0.00%

BMNR: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

MSTR

Software & Services industry group

0.00%

MSTR: 0.00%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their payout ratio against the Software & Services industry group benchmark.

Dividend Metrics

Dividend metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
Dividend Yield (TTM)	0.05%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Neither Bitmine Immersion (BMNR) nor Strategy (MSTR) reports a P/E ratio value for this period, so a direct comparison isn’t possible.

BMNR

Software & Services industry group

Max: 112.94
Q3: 60.32
Median: 32.91
Q1: 18.77
Min: 6.69
BMNR: --

MSTR

Software & Services industry group

Max: 112.94
Q3: 60.32
Median: 32.91
Q1: 18.77
Min: 6.69
MSTR: --

Bitmine Immersion (BMNR) vs. Strategy (MSTR): Neither stock reports P/E ratio, so the chart shows available benchmark boxes without value markers.

P/S Ratio (TTM)

Investors are paying well above the peer range per dollar of sales for both Bitmine Immersion (BMNR) at 184.93 and Strategy (MSTR) at 110.23 — each P/S ratio clears its industry’s benchmark range.

BMNR

Software & Services industry group

184.93

BMNR: 184.93
Max: 17.91
Q3: 8.78
Median: 4.25
Q1: 2.23
Min: 0.02

MSTR

Software & Services industry group

110.23

MSTR: 110.23
Max: 17.91
Q3: 8.78
Median: 4.25
Q1: 2.23
Min: 0.02

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their P/S ratio against the Software & Services industry group benchmark.

P/B Ratio (MRQ)

Relative to net asset value, both Bitmine Immersion (BMNR) at 0.94 and Strategy (MSTR) at 0.98 look inexpensive, sitting in the lower P/B ratio quartile of their industries.

BMNR

Software & Services industry group

0.94

Max: 16.63
Q3: 8.50
Median: 4.30
Q1: 1.92
BMNR: 0.94
Min: -3.90

MSTR

Software & Services industry group

0.98

Max: 16.63
Q3: 8.50
Median: 4.30
Q1: 1.92
MSTR: 0.98
Min: -3.90

Bitmine Immersion (BMNR) vs. Strategy (MSTR): A comparison of their P/B ratio against the Software & Services industry group benchmark.

Valuation Metrics

Valuation metrics for Bitmine Immersion (BMNR) and Strategy (MSTR)
Metric	BMNR	MSTR
P/E Ratio (TTM)	--	--
P/S Ratio (TTM)	184.93	110.23
P/B Ratio (MRQ)	0.94	0.98
Free Cash Flow Yield (TTM)	-4.58%	-5.94%