Companies · Software / Tech

Bitmine Immersion Technologies, Inc.

LAS VEGAS · Software / Tech · refined from filed group “Other Technology

Diligence memoA one-page analyst read on Bitmine Immersion Technologies, Inc. — recommendation, valuation, rhythm, risks.
$258.3M
Total raised · real
4
Rounds
5.4×
Latest step-up
Top 2%
Sector rank · raised
Series D+
Latest stage · inferred · Mon Jun 30 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Bitmine Immersion Technologies, Inc. looks fair against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the technology sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 1.40× the median modeled value of Series D+ Software / Tech companies in 2025–2027 (22 peers) — value vs value, same stage and era.
  • Within the normal band (140% of peer median) for its niche.
Active
  • Last raise 12 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Software / Tech

Bitmine Immersion Technologies, Inc. is one of 3920 Software / Tech companies tracked from LAS VEGAS. By capital raised it ranks among the largest (ahead of 99% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
59
Investors (latest)
2025-06-30
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BPre-Seed · 2021-06-16 Raised $563K (real) Modeled valuation $14M (est)Pre-Seed2021Seed · 2022-01-18 Raised $1.1M (real) Modeled valuation $18M (est)Seed2022Seed · 2022-01-18 Raised $1.1M (real) Modeled valuation $18M (est)Seed2022Seed · 2022-01-18 Raised $1.1M (real) Modeled valuation $18M (est)Seed2022Series A · 2022-01-18 Raised $5.2M (real) Modeled valuation $76M (est)Series A2022Series B · 2025-06-30 Raised $40M (real) Modeled valuation $209M (est)Series B2025Series D+ · 2025-06-30 Raised $213M (real) Modeled valuation $1.9B (est)Series D+2025+$1.1M+$1.1M+$1.1M+$5.2M+$40M+$213MCumulative $262M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$563K · 2021
Seed$1.1M · 2022
Seed extension$1.1M · 2022
Seed extension$1.1M · 2022
Series A$5.2M · 2022
Series B$39.6M · 2025
Series D+$212.9M · 2025no Series C on file

Stages are modeled from round size (public records carry no series label). No record for: Series C — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 83%.

Modeled valuation trajectory
$1.9B
Base estimate est.
$1.2B
Conservative case
$2.4B
Upside case
$1.8B
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series D+a $100M–$400M round). Valuation is modeled from stage benchmarks scaled by the technology sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $14.2M · 2021-06-162021Seed · modeled $18.4M · 2022-01-18Seed · modeled $18.4M · 2022-01-18Seed · modeled $18.4M · 2022-01-18Series A · modeled $76.3M · 2022-01-18Series B · modeled $208.5M · 2025-06-30Series D+ · modeled $1.9B · 2025-06-302025
Model inputs · modeled:benchmark-stage-stepup-v1
12%
Dilution assumption
Implied ownership sold in the financing.
83%
Survival probability
67% low · 92% high
1.29×/yr
Annual markup
1.44×/yr upside case
1.0 yr
Elapsed time used
1.0 yr actual, capped for stale marks
technology
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$64.0M/yr
Capital velocity
5.0 yr
On record since
2021
First round
7
Rounds on file
How it compares to the market

Benchmarked against 3920 companies in Software / Tech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 56× above median
This company$258.3M
Sector median$4.6M
Latest round — vs other Series D+ rounds in sector (real $, this stage) 1.4× above median
This company$212.9M
Sector median$150.0M
Modeled value — vs sector median (estimate, all stages) 52× above median
This company$1.9B
Sector median$36.6M

Raised more than 99% of sector peers (real $). Modeled value above 98% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series D+) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #5 of 22.

This companyCohort peer
$1.0B$10.0B$100.0M$1.0B$10.0BCapital raised (log)Saronic Technologies, Inc. · Series D+ Raised $523.3M · modeled $3.4B (est)Mercor.io Corp · Series D+ Raised $468.6M · modeled $2.8B (est)Clearwater Analytics Holdings, Inc. · Series D+ Raised $261.8M · modeled $2.4B (est)Mercury Technologies, Inc. · Series D+ Raised $221.3M · modeled $1.9B (est)Elise A.I. Technologies Corp. · Series D+ Raised $320.9M · modeled $1.8B (est)Ontic Technologies, Inc. · Series D+ Raised $196.4M · modeled $1.6B (est)Luminary Cloud, Inc. · Series D+ Raised $187.0M · modeled $1.5B (est)Bancar Technologies Ltd · Series D+ Raised $1.1B · modeled $1.5B (est)Oxide Computer Co · Series D+ Raised $265.2M · modeled $1.5B (est)Motive Technologies, Inc. · Series D+ Raised $408.0M · modeled $1.4B (est)Starburst Labs, Inc. · Series D+ Raised $178.3M · modeled $1.3B (est)Bitmine Immersion Technologies, Inc. (this company) Raised $258.3M · modeled $1.9B (est)Bitmine Immersion Technologies, Inc.
CompanyStageRaised · realValue · estvs peer med.
Saronic Technologies, Inc.Series D+$523.3M$3.4B2.51×
Mercor.io CorpSeries D+$468.6M$2.8B2.02×
Clearwater Analytics Holdings, Inc.Series D+$261.8M$2.4B1.79×
Mercury Technologies, Inc.Series D+$221.3M$1.9B1.41×
Bitmine Immersion Technologies, Inc. this companySeries D+$258.3M$1.9B1.40×
Elise A.I. Technologies Corp.Series D+$320.9M$1.8B1.34×
Ontic Technologies, Inc.Series D+$196.4M$1.6B1.20×
Luminary Cloud, Inc.Series D+$187.0M$1.5B1.13×
Bancar Technologies LtdSeries D+$1.1B$1.5B1.10×
Oxide Computer CoSeries D+$265.2M$1.5B1.07×
Motive Technologies, Inc.Series D+$408.0M$1.4B1.01×
Starburst Labs, Inc.Series D+$178.3M$1.3B0.99×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$563K2021-06-16$3.1M$14.2M90%
Seed$1.1M2022-01-18$5.7M$18.4M90%
Seed$1.1M2022-01-18$5.7M$18.4M90%
Seed$1.1M2022-01-18$5.7M$18.4M90%
Series A$5.2M2022-01-18$23.4M$76.3M90%
Series B$39.6M2025-06-30$220.1M$208.5M90%
Series D+$212.9M2025-06-30$1.8B$1.9B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$563K2021-06-16
    • First recorded raise — entered as Pre-Seed.
    • 20 investors on this round.
  2. Seed$1.1M2022-01-18
    • Came back fast: 7 mo vs the ~13 mo sector norm.
    • Round 2.0× larger than the prior — scaling up.
    • 12 investors on this round.
  3. Seed$1.1M2022-01-18
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  4. Seed$1.1M2022-01-18
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  5. Series A$5.2M2022-01-18
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.5× larger than the prior — scaling up.
    • 20 investors on this round.
  6. Series B$39.6M2025-06-30
    • Raised again after 41 mo — slower than the ~13 mo sector norm.
    • Round 7.7× larger than the prior — scaling up.
    • 7 investors on this round.
  7. Series D+$212.9M2025-06-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 5.4× larger than the prior — scaling up.
    • 59 investors on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~8mo cadence
$638.8M
Modeled next size est.range $415.2M$1.0B
5.4×
Last step-up
$64.0M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Jonathan Bates2 other2021-06
ERIK S. NELSON1 other2021-06
Thomas S. Lee1 other2025-06
John S. Kelly2021-06
Jonathan S, Bates2022-01
Lori S. Love2021-06
Michael S. Maloney2021-06
Raymond S. Mow2021-06
Ryan S. Ramnath2021-06
Seth S. Bayles2021-06
Registry & provenance

Bitmine Immersion Technologies, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1829311
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Monad Labs, Inc.Software / TechSeries D+$258.4M$2.7Bsame sector · same stage
Uptake Technologies, Inc.Software / TechSeries D+$255.3M$657.4Msame sector · same stage
Clearwater Analytics Holdings, Inc.Software / TechSeries D+$261.8M$2.4Bsame sector · same stage
Oxide Computer CoSoftware / TechSeries D+$265.2M$1.5Bsame sector · same stage
Mammoth Admin & Tech, LLCSoftware / TechSeries D+$270.0M$3.4Bsame sector · same stage
R Software Inc.Software / TechSeries D+$242.0M$3.0Bsame sector · same stage
Powerup Technology Inc.Software / TechSeries D+$277.0M$588.0Msame sector · same stage
Built Technologies, Inc.Software / TechSeries D+$277.6M$451.0Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Bitonic Technology Labs, Inc.Software / TechSeries C$1.8B85%
Bitfusion.io Inc.Software / TechSeries A$27.7M84%
Amulet Technologies Ltd.Software / TechPre-Seed$3.6M82%
BitFlow Labs Inc.Software / TechSeed$11.0M82%
Bit Digital, IncSoftware / TechSeries C$1.7B82%
Aleph Labs, Inc.Software / TechSeries B$143.6M82%
Alembic Technologies, Inc.Software / TechSeries C$644.1M81%
Dive Technologies Inc.Software / TechSeed$111.1M81%
Frequently asked
How much funding has Bitmine Immersion Technologies, Inc. raised?
Bitmine Immersion Technologies, Inc. has raised approximately $258.3M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Bitmine Immersion Technologies, Inc.'s estimated valuation?
Provath's modeled valuation for Bitmine Immersion Technologies, Inc. is approximately $1.9B (modeled range $1.2B–$2.4B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Bitmine Immersion Technologies, Inc. at?
Bitmine Immersion Technologies, Inc.'s latest modeled financing stage is Series D+. Its most recent recorded round closed around Mon Jun 30.
What does Bitmine Immersion Technologies, Inc. do and where is it based?
Bitmine Immersion Technologies, Inc. operates in the Software / Tech sector, based in LAS VEGAS.
Explore related

See where Bitmine Immersion Technologies, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Bitmine Immersion Technologies, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.