NEW YORK, July 6, 2026, 12:11 p.m. EDT
- Bitmine Immersion Technologies was up roughly 8.7% at midday after announcing $11.1 billion in crypto, cash, and other assets.
- This week’s ETH buy came in at roughly $76 million, based on the company’s pricing. By one share count, the gain in the stock tacked on about $715 million in paper common-equity value.
- A basic look at the assets shows the stock is still below the company’s stated holdings after taking out a preferred-stock claim. But that picture changes quickly with ETH volatility.
- The company is now forecasting $235 million in annual staking revenue at the current staked ETH level. That’s up from $16.7 million in trailing revenue shown by StockAnalysis.
Bitmine Immersion Technologies, Inc. NYSE:BMNR traded as high as $15.615 midday Monday, up $1.255, or 8.7%. Volume stood at 17.7 million shares. The move put BMNR ahead of the broader market, with the Nasdaq up 1.32% and the S&P 500 higher by 0.68%, according to Investing.com’s intraday board.
The trigger didn’t move much in dollar terms for Bitmine’s balance sheet. The company reported it bought 42,197 ETH during the past week. Bitmine now holds 5,742,237 ETH, 206 Bitcoin, $527 million in cash and marketable securities, a $180 million stake in Beast Industries and $71 million in Eightco Holdings NASDAQ:ORBS. In total, it put crypto, cash and other holdings at $11.1 billion.
The common holder spread here is the difference between Bitmine’s ETH buy and the jump in its stock. With ETH priced at $1,800, Bitmine’s new buy ran $76 million. Investing.com puts common shares at 569.57 million, so Monday’s $1.255 gain per share meant about $715 million got added to common equity on paper. That’s close to 9.4 times what Bitmine paid for ETH this week.
The gap is important since BMNR trades more like an ETH carry vehicle than a miner. Market price follows sentiment around ETH exposure, staking yields, index flows and dilution risk, instead of just tracking weekly coin buys.
Reuters put together a quick estimate using Bitmine’s filings: 3.5 million Series A preferred shares with a $100 liquidation preference, 569.57 million common shares, and the latest Bitcoin price. This rough check looks at assets for the common stock. It leaves out other debts, taxes, costs to run the business, and any change to the capital after the July 5 cut-off.
| ETH price case | ETH value | Gross backing after assumed preferred claim | Per common share | Gap vs $15.615 stock |
|---|---|---|---|---|
| ETH spot last around $1,625 | $9.33 bln | $9.77 bln | $17.16 | +9.9% |
| Company marked at $1,800 | $10.34 bln | $10.78 bln | $18.92 | +21.2% |
| ETH at $2,000 | $11.48 bln | $11.93 bln | $20.94 | +34.1% |
Tom Lee, chairman, said Ether’s move versus Bitcoin has tracked U.S. crypto bill prospects. “We believe regulatory clarity is an important milestone,” Lee said to The Block, pointing to Clarity Act odds near 50% in prediction markets. The Block
Staking earnings are starting to add up. Bitmine reported 4,879,157 ETH staked as of July 5. The company now sees annualized staking revenue at $235 million. If all tokens across MAVAN and partners were staked, Bitmine says annualized rewards would hit $277 million at a recent 2.68% seven-day yield.
| Staking case | ETH staked | Yield used | Projected annual revenue | Per common share |
|---|---|---|---|---|
| Current staked base | 4.879 mln | 2.68% | $235 mln | $0.41 |
| Full ETH staking case | 5.742 mln | 2.68% | $277 mln | $0.49 |
StockAnalysis puts Bitmine’s revenue for the trailing 12 months at $16.71 million and shows a net loss of $8.69 billion. The staking forecast is one of the key numbers that investors will be comparing with ETH price, network yield, and Bitmine’s cost of capital.
Analyst price targets are still well over where the stock closed Monday, but also higher than its asset-backed value at $1,800 ETH. Investing.com shows three buy calls from analysts, with a 12-month average target at $34.43, a top target of $40, and a low target of $30.30.
| Measure | Value | Implied move vs $15.615 |
|---|---|---|
| Spot ETH collateral | $17.16 | +9.9% |
| Company ETH mark backing | $18.92 | +21.2% |
| Analyst low end | $30.30 | +94.0% |
| Analyst mean | $34.43 | +120.5% |
| Analyst high end | $40.00 | +156.2% |
Bitmine joined the Russell 1000 large-cap index on June 26. Lee said the move should bring in “hundreds and possibly thousands” of new institutional investors. The company pointed to data from the Investment Company Institute showing passive funds and ETFs usually own 18% to 20% of shares in companies included in indexes. PR Newswire
The trade’s weakness is the mark. Each $100 move in ETH changes the backing number by roughly $1.01 for each common share. ETH was last seen at $1,624.95, under the $1,800 mark the company used in its July 5 holdings update.
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