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Side-by-side financial comparison of BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) and Circle Internet Group, Inc. (CRCL). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($28.5M vs $2.3M, roughly 12.4× BITMINE IMMERSION TECHNOLOGIES, INC.). Circle Internet Group, Inc. runs the higher net margin — 751.8% vs -226955.7%, a 227707.5% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 90.9%). Circle Internet Group, Inc. produced more free cash flow last quarter ($-14.7M vs $-228.7M).
Bitmine Immersion Technologies is a tech firm focused on developing and providing professional immersion cooling solutions for high-performance computing scenarios, including cryptocurrency mining rig clusters and data center infrastructure. Its products boost hardware operating efficiency, cut energy consumption for heat control, extend high-power computing equipment lifespan, and help clients reduce long-term operational costs.
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
BMNR vs CRCL — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $2.3M | $28.5M |
| Net Profit | $-5.2B | $214.4M |
| Gross Margin | 55.3% | — |
| Operating Margin | -238564.8% | — |
| Net Margin | -226955.7% | 751.8% |
| Revenue YoY | 90.9% | 5113.5% |
| Net Profit YoY | -533796.8% | 202.0% |
| EPS (diluted) | $-15.98 | $0.64 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.3M | — | ||
| Q3 25 | — | $28.5M | ||
| Q2 25 | — | $23.8M | ||
| Q3 24 | — | $547.0K | ||
| Q2 24 | — | $6.8M |
| Q4 25 | $-5.2B | — | ||
| Q3 25 | — | $214.4M | ||
| Q2 25 | — | $-482.1M | ||
| Q3 24 | — | $71.0M | ||
| Q2 24 | — | $32.9M |
| Q4 25 | 55.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | -238564.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -1367.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | -226955.7% | — | ||
| Q3 25 | — | 751.8% | ||
| Q2 25 | — | -2025.3% | ||
| Q3 24 | — | 12979.2% | ||
| Q2 24 | — | 486.5% |
| Q4 25 | $-15.98 | — | ||
| Q3 25 | — | $0.64 | ||
| Q2 25 | — | $-4.48 | ||
| Q3 24 | — | $0.00 | ||
| Q2 24 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $887.7M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $11.3B | $3.0B |
| Total Assets | $11.5B | $76.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $887.7M | — | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.1B | ||
| Q3 24 | — | $577.3M | ||
| Q2 24 | — | $457.5M |
| Q4 25 | $11.3B | — | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.4B | ||
| Q3 24 | — | $557.7M | ||
| Q2 24 | — | $460.9M |
| Q4 25 | $11.5B | — | ||
| Q3 25 | — | $76.8B | ||
| Q2 25 | — | $64.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-228.4M | $-10.7M |
| Free Cash FlowOCF − Capex | $-228.7M | $-14.7M |
| FCF MarginFCF / Revenue | -9975.2% | -51.7% |
| Capex IntensityCapex / Revenue | 16.4% | 14.2% |
| Cash ConversionOCF / Net Profit | — | -0.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-228.4M | — | ||
| Q3 25 | — | $-10.7M | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $-228.7M | — | ||
| Q3 25 | — | $-14.7M | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | -9975.2% | — | ||
| Q3 25 | — | -51.7% | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | 16.4% | — | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BMNR
Segment breakdown not available.
CRCL
| Subscription And Services Revenue | $23.6M | 83% |
| Transaction Services | $4.7M | 16% |
