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Ionic Digital vs Bitmine Immersion Technologies: IOND and BMNR compared
Ionic Digital is the larger company: $48.6M of revenue in its latest quarter (Q2 FY26) against $46.5M for Bitmine Immersion Technologies (Q3 FY26). Bitmine Immersion Technologies is growing faster (23× against +31% a year earlier). Ionic Digital is more profitable, with an operating margin of -16.9% against -25.5%.
Where the money goes: IOND and BMNR
Ionic Digital (IOND) · Q2 FY26
Ionic Digital, Q2 FY26: revenue $48.6M (+31% year over year), operating margin -16.9%, net loss $35.3M. The chart follows the revenue to costs, profit and cash.
Bitmine Immersion Technologies (BMNR) · Q3 FY26
Bitmine Immersion Technologies, Q3 FY26: revenue $46.5M (23× year over year), operating margin -25.5%, net loss $83.6M, operating cash flow $29.0M. The chart follows the revenue to costs, profit and cash.
| Ionic Digital (IOND) | Bitmine Immersion Technologies (BMNR) | |
|---|---|---|
| Latest quarter | Q2 FY26 | Q3 FY26 |
| Revenue | $48.6M | $46.5M |
| Revenue growth, Y/Y | +31% | 23× |
| Operating margin | -16.9% | -25.5% |
| Net earnings | −$35.3M | −$83.6M |
| Net margin | -72.6% | -179.6% |
| Operating cash flow | — | $29.0M |
| Free cash flow | — | $29.0M |
Where the revenue comes from
Ionic Digital
- Digital infrastructure leasing: $43.8M (90%)
- Cryptocurrency mining: $4.8M (10%)
Bitmine Immersion Technologies
- Staking and validation: $45.7M (98%)
- Self mining: $624K (1%)
- Consulting: $168K (0%)
Questions
Which is bigger, Ionic Digital or Bitmine Immersion Technologies?
Ionic Digital is the larger company: $48.6M of revenue in its latest quarter (Q2 FY26) against $46.5M for Bitmine Immersion Technologies (Q3 FY26).
Is Ionic Digital or Bitmine Immersion Technologies growing faster?
Bitmine Immersion Technologies is growing faster (23× against +31% a year earlier).
Which is more profitable, Ionic Digital or Bitmine Immersion Technologies?
Ionic Digital is more profitable, with an operating margin of -16.9% against -25.5%.
More: Ionic Digital earnings · how Ionic Digital makes money · Bitmine Immersion Technologies earnings · how Bitmine Immersion Technologies makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 1, 2026; 10-Q filed Jul 14, 2026). Fiscal quarters can end on different dates. Not investment advice.