NEW YORK, July 5, 2026, 16:06 (EDT)
- Bitmine’s common stock last closed with a market cap near $8.18 billion, calculated off WSJ/FactSet share count. That’s lower than Sunday’s figure—about $10.1 billion—for its reported crypto, cash and investments.
- BMNR closed at $14.36 on July 2. NYSE was closed July 3 for the Independence Day holiday.
- The stock joined the Russell 1000 on June 26. Its next big test after the holiday is if that index crowd closes the gap with its mostly-ETH assets.
- For every $100 swing in ether, the marked value of Bitmine’s reported ETH stack shifts about $570 million.
Bitmine Immersion Technologies, Inc. NYSE:BMNR is set to reopen Monday, and the main focus is on valuation. The stock remains under the stated value of its listed crypto, cash and investments. U.S. exchanges didn’t trade Friday for the Independence Day holiday. On a regular session, NYSE trading goes from 9:30 a.m. to 4 p.m. Eastern.
BMNR ended at $14.36, up 1.5%, on July 2. Volume was 41.1 million shares, according to the latest quote feed. WSJ/FactSet data shows 569.58 million shares outstanding, with a market value of $8.18 billion. Short interest stood at 35.54 million shares, or 6.38% of the float as of June 15.
Bitmine’s June 29 update showed it held 5,700,040 ETH, 206 bitcoin, $555 million in cash and marketable securities, a $180 million stake in Beast Industries, and $74 million in Eightco Holdings NASDAQ:ORBS. The company said the ETH holdings make up 4.7% of the total Ethereum supply. BMNR joined the Russell 1000 on June 26. Staked ETH was 4,879,157. Chairman Thomas “Tom” Lee said Bitmine is maintaining a “steady pace of accumulation” and remains positive on crypto’s “future roadmap.” EQS News
With Sunday’s marks at $1,624.95 for ether and $62,729 for bitcoin, and keeping cash and stake values unchanged, the company’s reported stash comes in around $10.08 billion. That works out to about $17.70 per WSJ/FactSet share, while the stock finished at $14.36.
| Item | Disclosed amount | Sunday mark used | Approx. value |
|---|---|---|---|
| ETH | 5,700,040 tokens | $1,624.95 | $9.26 bln |
| Bitcoin | 206 tokens | $62,729 | $12.9 mln |
| Cash and marketable securities | — | company figure | $555 mln |
| Beast Industries stake | — | company figure | $180 mln |
| Eightco Holdings NASDAQ:ORBS stake | — | company figure | $74 mln |
| Total marked disclosed pile | — | mixed mark | $10.08 bln |
| BMNR common market cap | 569.58 mln shares at $14.36 | WSJ/FactSet share count | $8.18 bln |
The discount here isn’t a straight liquidation play. Bitmine’s Series A Preferred Stock NYSE:BMNP carries a $100 stated value and the same amount for its initial liquidation preference, with a 9.50% cumulative dividend on top. Bitmine later said it completed an offering of 3.5 million preferred shares, so the preferred holders sit ahead of common with $350 million of liquidation preference.
| Measure | Approx. value |
|---|---|
| Reported total disclosed | $10.08 bln |
| Minus estimated preferred liquidation preference | $350 mln |
| Estimate before common, before any other items | $9.73 bln |
| Per common share, WSJ/FactSet count | $17.09 |
| BMNR previous close | $14.36 |
| Difference to rough adjusted figure | about 16% |
The discount is key here as Bitmine has shifted from being just a bitcoin miner to a public ETH play with staking, preferred payouts and mark-to-market swings. The company’s latest 10-Q breaks it out: for the first half to Feb. 28, staking made up $11.181 million of $13.335 million total revenue. Bitmine booked a $9.023 billion net loss for that period and listed no debt as of Feb. 28.
The pace of buys eased up ahead of the holiday week. CoinDesk said Bitmine picked up 27,084 ETH for around $43 million last week. That was the lightest buying since early May, and a drop from 52,203 ETH the week earlier. Lee said it was “a challenging one for crypto investors” and pointed to quarter-end “window dressing” as a factor in the selling. CoinDesk
Lee pushed back on the idea of trying to time the market during crypto’s rough patches in a weekend interview. Stocktwits said Sunday that Lee claimed Bitmine was holding about $600 million in cash, had staked 80% of its ETH, and was making over $250 million a year from staking rewards. He said, “Crypto makes most of its gains in 10 days,” but added that current prices are “really disappointing.” Stocktwits
This week, it comes down to three key figures: ETH against Bitmine’s $1,569 reference, BMNR versus about $17 a share on adjusted net asset value, and BMNP compared to its preferred payment claim. A $100 shift in ETH means about $570 million over 5.7 million tokens, or about 7% of BMNR’s latest common market cap.
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