BitMine's Bitcoin Treasury Practice Surges with $4M Deal, Q1 Revenue Up 135%
BitMine Immersion Technologies, Inc. (OTCQX: BMNRD) has made waves in the crypto sphere with the launch of its Bitcoin Treasury Advisory Practice and a significant $4 million deal. This move aligns with a growing trend among public companies exploring Bitcoin as a revenue source.
BitMine's first quarter 2025 results reflected this strategic shift, with GAAP revenue surging approximately 135% to $1.2 million. The company's new practice has already secured a substantial $4 million deal with Luxor Technology Corporation, a U.S. exchange-listed company.
The agreement includes an $800,000 consulting contract for one year, focusing on Bitcoin Mining-as-a-Service and Bitcoin Treasury Strategy. Notably, this single transaction surpassed BitMine's total revenue from the previous year. As part of the deal, BitMine will lease 3,000 Bitcoin ASIC miners to Luxor until December 31, 2025, with $1.6 million paid upfront out of the $3.2 million lease agreement.
BitMine's CEO, Jonathan Bates, anticipates an increase in public companies adopting Bitcoin as a treasury holding in the future, reflecting the growing acceptance and potential of cryptocurrencies as a revenue stream.
