New York, July 12, 2026, 16:12 (EDT)
Bitmine Immersion Technologies, Inc. NYSE:BMNR closed Friday at $14.98, up 4.3% for the week. U.S. stocks are closed for the weekend, but ether at $1,624.95 has taken about $1.01 billion off the value of Bitmine’s most recently reported token stash, compared to the $1,800 price from July 5.
This is key because BMNR mostly trades as a proxy for a big ether stake. Bitmine reported it holds 5,742,237 ether, about 4.8% of the coin’s stated supply. Those tokens make up around 93% of its $11.1 billion in disclosed crypto, cash, marketable securities and equity stakes at company value.
Marking the ether to market values it at around $9.33 billion, below the $10.34 billion listed in the update. If all other holdings stay at their July 5 prices, total gross holdings would be about $10.09 billion. This estimate does not factor in any new buying or selling and does not change the value of Bitmine’s 206 bitcoin or equity holdings.
Capital structure narrows the comparison. In April, a filing listed 569.6 million common shares. More recently, in June, the company sold 3.5 million preferred shares at $80. That brought in $273.8 million net but set up at least $350 million of liquidation preference for preferred holders, ahead of common in a wind-up. With that many shares, Friday’s closing price put the common equity value at about $8.53 billion. The rough gross backing for common drops to $17.11 per share after preferred, down from $18.87. That shrinks the spread above the stock price by 45%.
| July 5 company mark | Sunday mark | |
|---|---|---|
| Ether traded at $1,800.00 | $1,800.00 | $1,624.95 |
| Value for 5.742 million ether | $10.34 billion | $9.33 billion |
| Total reported holdings | $11.10 billion | $10.09 billion |
| Less preferred minimum | $0.35 billion | $0.35 billion |
| Total common pool | $10.75 billion | $9.74 billion |
| Per-share backing for common | $18.87 | $17.11 |
| Spread to Friday’s $14.98 close | $3.89 | $2.13 |
The Sunday column updates just the ether price. Other listed assets stay the same. Per-share numbers use April share count, ignore possible other liabilities, and aren’t audited net asset value.
BMNR finished ahead of Sharplink Inc. NASDAQ:SBET, another ether-treasury stock, and the S&P 500 last week. Strategy Inc. NASDAQ:MSTR, which holds the biggest bitcoin treasury, dropped 6.1%. The spread leaves the reason open, but shows capital structure, treasury buying plans and index moves can drive these stocks apart from the rest of the market.
| Security | Main exposure | July 10 close | Weekly move |
|---|---|---|---|
| Bitmine NYSE:BMNR | Holds Ether | $14.98 | +4.3% |
| Sharplink NASDAQ:SBET | Holds Ether | $5.51 | +3.8% |
| Strategy NASDAQ:MSTR | Keeps Bitcoin | $94.64 | −6.1% |
| S&P 500 | Wide U.S. stock market | 7,575.39 | +1.2% |
Weekly changes shown here track the July 2 close through the July 10 close. Investing.com
Treasury categories are based on company descriptions.
Staking cushions the hit a bit. Bitmine had 4.879 million ether staked, used to help run the Ethereum network for rewards, and showed a 2.68% annualized seven-day yield. Using Sunday’s ether price, that level and yield gives about $212 million a year if nothing else changes, which is about $23 million shy of the run rate the company had put out. Chairman Tom Lee said annualized staking revenue is “now projected at $235 million.” SEC
Bitmine said it picked up 42,197 ether over the past week as it aims for 5% of supply. Lee called it the “early stages of crypto spring.” The company is set to join the Russell 1000 on June 26, which could increase passive funds’ exposure. Lee said the move may add “hundreds and possibly thousands of additional institutional investors.” Public data doesn’t break out if any index-focused buyers are in yet. PR Newswire
The buffer shifts quickly. A $100 move in ether changes the value of Bitmine’s reported stake by about $574 million and tweaks the projected annual staking rewards by about $13 million at current yield. The preferred stock racks up $33.25 million a year at the set rate. Any new common shares issued since April would pull down the per-share backing. If ether drops further, yields slide, or dilution picks up, the remaining $2.13-a-share gap could vanish.
First up Monday is ether’s trading level when BMNR opens. Next, June CPI lands Tuesday at 8:30 a.m. ET, and U.S. retail sales follow Thursday morning. If those numbers come in strong, bond yields may rise and hit risk assets. Softer data could have the opposite effect. A fresh Bitmine treasury update would also move the asset bridge.
