NYSE Shariah screener · October 2026

Is BitMine Immersion Technologies, Inc. (BMNR) Halal?

FAIL

BitMine Immersion Technologies, Inc. · NYSE: BMNR · Technology

The short answer

BitMine Immersion fails this screener's first gate: its core business is an Ethereum treasury that holds billions of dollars of ETH and earns staking rewards - yield-bearing crypto activity that is interest-like and therefore assessed as haram-adjacent. It carries $0 of interest-bearing debt and separately-disclosed interest income of about 0.02% of revenue, both well under their ceilings, but the business-activity assessment decides the outcome.

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. BitMine Immersion Technologies, Inc. is a U.S.-based digital asset technology company that, in its own words from the FY2025 Form 10-K (Item 1, Business), is 'focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset' and provides investors 'indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within our corporate treasury.' The bitcoin immersion-cooling mining business it started with is now a minor legacy line: in the quarter ended May 31, 2026, revenue from staking and validation was $45,743 thousand of $46,535 thousand total revenue (about 98%), while self-mining contributed just $624 thousand. Over the nine months ended May 31, 2026, staking and validation revenue was $56,924 thousand of $59,870 thousand total revenue.

The company holds the world's largest corporate ETH treasury — digital assets of $10,871,934 thousand at May 31, 2026, and 4,874,858 ETH (about 4% of supply) per its April 13, 2026 SEC-filed press release, with 3,334,637 ETH staked on its MAVAN (Made in America VAlidator Network) platform. The 10-Q discloses 'the concentration of our revenue in ETH staking and validation operations conducted through MAVAN' as a risk, and the company cited annualised staking revenues of $212 million at that time, with $310 million projected at scale (7-day yield of 2.89%).

Staking is yield-bearing crypto activity — a protocol-level return earned on crypto holdings — and this screener treats it as interest-like. A company whose core business is accumulating crypto and harvesting staking yields, financed by issuing equity to buy more crypto, is a haram-adjacent financial activity. The company is not an interest-based lender and is not involved in alcohol, tobacco, gambling or pork — but the nature of the core activity itself fails this screener's first gate.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (0%, ceiling 33%). Per BitMine's Q3 FY2026 condensed consolidated balance sheet (May 31, 2026), total liabilities were $30,128 thousand — accrued liabilities ($10,230 thousand), other current liabilities ($1,908 thousand), an operating lease liability net of current portion ($1,216 thousand), a warrant liability ($2,087 thousand) and other non-current liabilities ($14,687 thousand). The company reports no long-term debt and no short-term borrowings. Operating lease liabilities are excluded — they are not interest-bearing debt.

$0 of interest-bearing debt against a market capitalisation of about $16.12 billion (Finnhub, October 2, 2026) is 0%, well under the 33% ceiling. Total liabilities are less than 0.3% of the company's $10.87 billion of digital assets on the balance sheet.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (about 0.02%, ceiling 5%). BitMine's FY2025 Form 10-K separately discloses interest income in its MD&A: "Interest income was $1 in fiscal year ended August 31, 2025, as compared to $55 in fiscal year ended August 31, 2024" (in thousands). FY2025 interest income of $1 thousand against FY2025 total revenue of $6,095 thousand is about 0.02%, far under the 5% ceiling.

Note: the Q3 FY2026 Form 10-Q income statement does not separately break out interest income — it reports only "Interest income (expense), net" of $9,917 thousand for the nine months ended May 31, 2026 — so the verified FY2025 figure from the 10-K is used for this gate. Staking and validation revenue ($56,924 thousand over the same nine months) is reported as operating revenue and is kept distinct from interest income — it is not counted here.

Key figures used

Business: digital asset treasury - 'acquiring, holding and actively managing ETH as its primary treasury reserve asset' (FY2025 Form 10-K, Item 1); goal of owning 5% of ETH supply ('Alchemy of 5%'); chairman Tom Lee; uplisted from NYSE American to NYSE on April 9, 2026, ticker unchanged
ETH position: digital assets $10,871,934K at May 31, 2026; 4,874,858 ETH (~4% of supply) per April 13, 2026 SEC-filed press release, with 3,334,637 ETH staked on MAVAN; annualised staking revenues cited at $212M then ($310M projected at scale, 7-day yield 2.89%)
Haram assessment: ~98% of Q3 FY2026 revenue from staking and validation ($45,743K of $46,535K) - yield-bearing crypto activity assessed as interest-like and haram-adjacent; core model is crypto accumulation financed by equity issuance - FAILS gate 1
Debt: $0 interest-bearing debt at May 31, 2026 (no long-term debt, no short-term borrowings; total liabilities only $30.1M) - 0% of ~$16.12B market cap (Finnhub, Oct 2, 2026), well under the 33% ceiling
Interest income: $1K in FY2025 (10-K MD&A, in thousands) vs $6,095K revenue = about 0.02% - far under the 5% ceiling (FY2024: $55K)
Market data: NYSE-listed since the April 9, 2026 uplist from NYSE American (verified on the 10-Q cover page); still listed on NYSE (confirmed October 2, 2026; live quotes, no delisting)
Third-party: Zoya publishes a BMNR page but its public FAQ text is internally contradictory (rating unverifiable); no Musaffa page or ShariaPortfolio coverage found

Frequently asked questions

What does BitMine Immersion do?

BitMine Immersion Technologies, Inc. (NYSE: BMNR) is a U.S.-based digital asset technology company that, per its FY2025 Form 10-K, is focused on acquiring, holding and actively managing ETH as its primary treasury reserve asset, providing investors with indirect exposure to ETH by deploying offering proceeds to acquire and manage ETH within its corporate treasury. It was formerly a bitcoin miner using immersion cooling (mining rigs submerged in oil). Chairman Tom Lee leads the current strategy of accumulating ETH toward the stated goal of owning 5% of the total ETH supply - the 'Alchemy of 5%'. The company uplisted from NYSE American to the NYSE on April 9, 2026, keeping the BMNR ticker.

Is BitMine Immersion's business Shariah compliant?

By this screener's assessment, no. BitMine's core activity is holding a large Ethereum treasury and earning staking rewards: at May 31, 2026 digital assets were $10.87 billion on the balance sheet, and in the quarter ended May 31, 2026 revenue from staking and validation was $45.7 million of $46.5 million total revenue (about 98%). The 10-Q itself warns of the concentration of revenue in ETH staking and validation operations conducted through MAVAN, its Made in America VAlidator Network. Staking generates a protocol-level yield on crypto holdings - yield-bearing, interest-like activity - and the business model is to finance more crypto accumulation with equity issuance. That combination is assessed as haram-adjacent, so the business fails the first gate. The company still runs a small bitcoin self-mining operation plus consulting, leasing and equipment sales, but these are minor next to the treasury business.

How much interest-bearing debt does BitMine Immersion have?

None. Per its Q3 FY2026 Form 10-Q balance sheet at May 31, 2026, BitMine reports total liabilities of just $30.1 million - accrued liabilities, other current liabilities, a small operating lease liability, a warrant liability and other non-current liabilities - with no long-term debt and no short-term borrowings. Operating lease liabilities are excluded as they are not interest-bearing debt. $0 of interest-bearing debt against a market capitalisation of about $16.12 billion (Finnhub, October 2, 2026) is 0%, well under the 33% ceiling.

How much interest income does BitMine Immersion earn?

About 0.02% of revenue. BitMine's FY2025 Form 10-K separately discloses that interest income was $1 thousand in fiscal year ended August 31, 2025, as compared to $55 thousand in fiscal year ended August 31, 2024, against FY2025 total revenue of $6,095 thousand - about 0.02%, far under the 5% non-compliant income ceiling. Note the Q3 FY2026 Form 10-Q income statement does not separately break out interest income - it reports only 'Interest income (expense), net' - so the verified FY2025 figure from the 10-K is used. Staking and validation revenue ($56.9 million over the nine months ended May 31, 2026) is reported as operating revenue and is kept distinct from interest income - it is not counted here.

What do third-party Shariah screeners say about BitMine Immersion?

Zoya publishes a BitMine (BMNR) page, but the publicly visible FAQ text on it is internally contradictory - the page renders both 'Shariah-compliant' and 'not considered halal' boilerplate with blank dates - so its rating cannot be verified from public sources. I could not verify a Musaffa rating page for BMNR or ShariaPortfolio coverage from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).