The Scorecard: BMNR Sell — Correct so far

This is a Scorecard review, revisiting a past LF0 research call against what actually happened.

Ticker: BMNR Rating: Sell Published: 2026-07-22

Entry price: $17.74 Latest price: $17.58 as of 2026-11-13 Stock return since entry: -0.9% Signal return: +0.9% Verdict: Correct so far

This call is still open — LF0 tracks every directional call for 182 days from publication, then freezes the verdict permanently. This one’s tracking window closes 2027-01-20.

Read the original LF0 analysis

What I Said

I rated BMNR a Sell because I thought the recent revenue jump still needed to prove it could last and translate into cash. My view was that the market was already pricing in a much stronger operating model than the cash flow statement justified, so I wanted to stay cautious until that gap narrowed.

I also said I would only get more constructive if quarterly revenue stayed above $40M for two straight quarters and EBITDA moved toward positive territory, with free cash flow turning positive as the clearest sign that growth was becoming self-funded.

Peer Comparison

How Other Analysts Rate It

Every Wall Street rating action logged on Yahoo Finance since our Sell on 2026-07-22, one row per action (a firm that updates three times appears three times). LF0 rows are in bold.

No analyst changed their rating on this stock since our Sell on 2026-07-22; the table shows reiterations and price-target changes only.

2 firms still Buy-rated against our call at their latest action: B. Riley Securities and Cantor Fitzgerald.

Counting each firm’s latest action in this window: 2 bullish, 0 neutral, 0 bearish out of 2 firms.

Source: Yahoo Finance analyst rating actions. Dates are when Yahoo logged the action. Analyst ratings are third-party opinions, not LF0 views or recommendations.

Why It’s Working (Or Not)

Over this tracking window, following my Sell call would have earned a positive signal return of about 0.9%, so the bearish rating has been directionally right to date. BMNR has been roughly flat, but that is enough to keep the short thesis intact because the stock has not broken out higher in a way that would challenge the caution I expressed.

The peer set has been mixed, with several comparables down sharply and one up, so BMNR has not been an isolated outlier on the long side. That matters because my original concern was not just valuation in a vacuum, but whether the market was paying for a growth story that still needed cash-flow confirmation.

The specific part of my thesis that has held up is the idea that the company still had to prove the revenue step-up could persist and convert into cash. I have not seen price action that forces me to abandon that view, and the current result is consistent with a short that has worked modestly rather than spectacularly.

What Could Still Prove Me Wrong

I would start to reconsider if BMNR can keep quarterly revenue above $40M for two consecutive quarters and show EBITDA moving toward positive territory, because that would support the operating leverage I said was missing. I would also be forced to rethink the Sell if free cash flow turns positive, since that would mean growth is being funded internally rather than through balance-sheet strain.

If the company can do that while maintaining a current ratio above 10x, the liquidity concern in my original thesis would matter less and the market would have a stronger case for valuing the business on earnings instead of hope.

The July 2026 Cohort

Other directional calls published the same month:

Sector Scorecard: Financial Services

How are our Financial Services calls doing overall, and where does BMNR sit among them?

Across the league table, Technology led our directional calls with 25 calls, a 92% hit rate, and a +27.9% average signal return, while Industrials followed with 16 calls, an 81% hit rate, and +21.4%. Financial Services had 5 calls and a 100% hit rate with a +18.9% average signal return, and its best call was HUT +41.5% while its worst was BMNR +0.9%. At the other end, Healthcare lagged on a +6.3% average signal return with a 58% hit rate, and the weakest call overall was NLST -107.0%; thin sectors were not ranked, including Utilities (3 calls), Real Estate (2 calls), Consumer Defensive (1 calls), and Unclassified (2 calls).

Sector League Table

\* Fewer than 3 calls: not ranked.

Sector by Publish Month

Each cell: average signal return to date of the calls published that month (calls in brackets). Signal return is direction-adjusted, so a positive number means our call is right.

Live LF0 scorecard: The Scorecard | Research Performance dashboard

Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.