NEW YORK, June 25, 2026, 14:07 (EDT)
- Bitmine shares fell 4.4% to $13.40 in afternoon trading. Ether was near $1,571.
- Bitmine booked 5.67 million ETH at $1,733 on June 21. With ether trading lower, that position is now down about $921 million.
- With the April 23 share count and the $350 million preferred stock amount, BMNR common shares were about 19% under adjusted disclosed assets.
- Every $1 swing in BMNR adjusts the common value by roughly $570 million. A $100 shift in ETH changes Bitmine’s reported ETH holdings by about $567 million.
Bitmine Immersion Technologies, Inc. (NYSE:BMNR) dropped 4.4% to $13.40 in U.S. afternoon trading on Thursday, outpacing moves in bigger ETF trackers. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) slipped 0.2%. The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) rose 0.6%.
BMNR’s problem goes beyond today’s price. The bigger issue is the spread between the market value of BMNR common and the assets the company says it has, mostly now held in ether.
Bitmine disclosed in a June 22 filing that as of June 21 it held 5,672,956 ETH, 205 bitcoin, $601 million in cash and marketable securities, a $180 million investment in Beast Industries and $104 million in Eightco Holdings Inc. (NASDAQ:ORBS). Bitmine said its ETH holdings made up 4.7% of total ETH supply.
Ether was trading around $1,570.60 on Thursday, putting the value of Bitmine’s ETH holdings at roughly $8.91 billion. That’s down from about $9.83 billion when Bitmine last updated on June 21, using a $1,733 ether price. For bitcoin, the latest calculation only added about $12 million.
With the reported cash, Beast stake and Eightco stake, the adjusted asset number comes to roughly $9.81 billion, not counting operating liabilities or asset changes after June 21. This figure strips out old ether prices and doesn’t factor in any fresh buying or selling from Bitmine.
The common stock checked in at roughly $7.63 billion based on the 569.6 million shares the company reported as of April 23 and a share price of $13.40. Pulling out the $350 million from 3.5 million preferred shares, adjusted disclosed asset cover for the common came to $9.46 billion, or $16.60 per share.
That’s the number for holders. BMNR common traded roughly 19% under that adjusted level. The gap hinges on token prices that move quickly, nonpublic company marks, and a share count that isn’t fixed.
Capital structure is back in focus after Bitmine issued 3.5 million shares of 9.50% Series A Perpetual Preferred Stock (NYSE:BMNP) at $80 a share. Net proceeds came in at about $273.8 million. The company said it could spend the cash on ETH, staking, working capital, strategic deals or buying back common stock. Bitmine used to trade mostly as a common-stock ether play.
The preferred comes with a $100 stated amount, and the initial liquidation preference is $100 per share. The cash dividend rate is set at 9.50% of the stated amount, paid weekly if declared.
Bitmine reported 4,718,677 ETH staked as of June 21, just over 83% of its total ETH. Chairman Thomas “Tom” Lee put annualized staking revenue at $223 million. He said Bitmine has “kept a steady pace of accumulation” as it aims for its 5% ETH supply goal. PR Newswire
Lee said, “best years for crypto remain ahead” and described the current market as “crypto spring.” Those are Bitmine’s views, not market data. With Thursday’s prices, every $100 swing in ether changes Bitmine’s reported ETH value by around $567 million. That’s just under $1 per BMNR share based on the April 23 share count. PR Newswire
Bitmine has cautioned in SEC filings that its stock price has swung from $4.07 up to $161.00 while listed on NYSE American, and said shares tied to digital assets and blockchain don’t always track their business results. MarketWatch put BMNR’s 52-week trading range at $3.92 to $161.00.
