BMNR vs BTM

BitMine Immersion Technologies, vs Bitcoin Depot Inc. — Valuation Comparison 2026

By CirclFi Research Team · Updated 2026-06-03 · Data from SEC EDGAR, FRED & GDELT

Quick Summary — BTM scores higher on quality with 7.7/10 vs BMNR's 6.4/10. BMNR trades at $17.97 while BTM trades at $0.49. Both analyzed daily using SEC EDGAR data across 13 institutional models.

BMNR

Capital Markets
BitMine Immersion Technologies,
Quality
6.4
out of 10
Value Trap
18
SAFE
Price
$17.97
Last close
Models
13/13
Active
VS

BTM

Capital Markets
Bitcoin Depot Inc.
Quality
7.7
out of 10
Value Trap
11
SAFE
Price
$0.49
Last close
Models
2/13
Active
BMNR
2 models active
Limited to 2/13 visible models
BTM
Markov DDM sees +209.5% upside
Limited to 2/13 visible models

BMNR vs BTM — Fair Value Comparison

BMNR
$0$7$14$21 Price$17.97 Bayesian …$4.76 (-73.5%) Earnings …$8.37 (-53.4%)
BTM
$0$1$2$2 Price$0.49 ML-RIV$2.04 (-69.6%) Markov DDM$1.52 (+209.5%)
Market Price Model 1 Model 2

Model-by-Model Comparison

ModelType BMNR Fair ValueBMNR Upside BTM Fair ValueBTM Upside
Bayesian DCF Intrinsic $4.76 -73.5%
Earnings Power Value Intrinsic $8.37 -53.4%
EROIC Spread Intrinsic $•••.•• ••.•% $•••.•• ••.•%
First Chicago Scenario $•••.•• ••.•% $•••.•• ••.•%
Markov DDM Intrinsic $0.10 -99.6% $1.52 +209.5%
ML-RIV Intrinsic $30.29 +68.6% $2.04 -69.6%
Dynamic NAV Asset-Based $•••.•• ••.•% $•••.•• ••.•%
PWERM Option-Based $•••.•• ••.•% $•••.•• ••.•%
Regime Cross-Sectional Relative $•••.•• ••.•% $•••.•• ••.•%
Sentiment SOTP Hybrid $•••.•• ••.•% $•••.•• ••.•%
CUCE Ensemble Ensemble $•••.•• ••.•% $•••.•• ••.•%
FTNN Topology Relative $•••.•• ••.•% $•••.•• ••.•%
RCMH-DCF Intrinsic $•••.•• ••.•% $•••.•• ••.•%

BMNR vs BTM — Which Stock Is More Undervalued in 2026?

BTM scores higher with a 7.7/10 quality rating vs BMNR's 6.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

How Do BMNR and BTM Valuations Compare?

BMNR currently trades at $17.97 while BTM trades at $0.49. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily for both companies.

Quality of Company: BMNR vs BTM

BMNR earns a Quality of Company score of 6.4/10 compared to BTM's 7.7/10. This moderate difference suggests one company has an edge in fundamental quality, though both may offer investment merit depending on valuation. The QOC score synthesizes 32 signals spanning profitability margins, revenue growth, free cash flow, capital allocation, and leverage.

Value Trap Risk: BMNR vs BTM

BMNR carries a SAFE value trap risk (18/100) while BTM shows SAFE risk (11/100). Both companies show manageable value trap risk, suggesting their current valuations are not artificially depressed by fundamental deterioration.

Both in Capital Markets

Both BMNR and BTM operate in Capital Markets, which has 86 stocks tracked by CirclFi. Same-industry comparisons provide the most direct insight into relative valuation since both companies face similar regulatory environments, market dynamics, and competitive pressures. Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN), and ensemble methods (CUCE).

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