Bitmine Immersion Technologies

1 serious warning sign in Bitmine Immersion Technologies’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 21 Nov 2025, plus the 10-Q filed 14 Jul 2026 and 70 later 8-Ks.

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of May 31, 2026, our disclosure controls and procedures were not effective due to the identification of material weaknesses in our internal control over financial reporting.”

  Show the full paragraph

  Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report. Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of May 31, 2026, our disclosure controls and procedures were not effective due to the identification of material weaknesses in our internal control over financial reporting.

  From the 10-Q filed 14 July 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

• Changed auditor

  Worth knowing

  The company changed its auditor (the firm that checks its books) in the last two years.

  “On April 27, 2026, upon the recommendation of the Audit Committee, the Board of Directors of the Company (the “ Board ”) approved the dismissal of Bush & Associates CPA LLC (“ Bush & Associates ”) as the Company’s independent registered public accounting firm.”

  From an 8-K filed 1 May 2026: Change of auditor. Read it in the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 37.7% last year. Losing that customer would hurt.

  “For the years ended August 31, 2025 and August 31, 2024, the Company derived approximately 37.7 % and 0 % of its total revenues, respectively, from one customer.”

  From the 10-K filed 21 November 2025, Item 8. Financial Statements and Notes. Read it in the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.