BitMine Launches Bitcoin Treasury Advisory, Secures $3.5M Deal in Q1 Revenue Surge
BitMine Immersion Technologies, Inc. (OTCQX: BMNRD) has launched a new Bitcoin Treasury Advisory Practice, joining a growing trend among public companies exploring Bitcoin's potential as both a treasury asset and revenue source.
The company's new practice will provide 'Mining as a Service' (MaaS), leasing 3,000 Bitcoin ASIC miners to a client until December 30, 2025, in a $3.2 million deal. This service, along with an $800,000 consulting agreement for Bitcoin Mining-as-a-Service and Bitcoin Treasury Strategy, was signed with a U.S. exchange-listed company, Thumzup.
BitMine's first quarter 2025 results demonstrated significant growth, with GAAP revenue increasing approximately 135% to $1.2 million, compared to $511,000 in Q1 2024. This growth was primarily driven by a $4 million deal with Thumzup, surpassing BitMine's 2024 fiscal year revenue in a single transaction. Excluding a one-time charge, BitMine's adjusted loss in Q1 2025 was approximately $975,000, consistent with the prior year's results. The net loss in Q1 2025 was $3.9 million, primarily due to a one-time, non-cash accounting adjustment related to preferred stock.
BitMine's new Bitcoin Treasury Advisory Practice and the successful MaaS lease and consulting agreements with Thumzup signal a promising direction for the company. These developments, coupled with strong revenue growth in Q1 2025, position BitMine well for future expansion in the Bitcoin and blockchain sectors.
