NEW YORK, July 14, 2026, 15:09 EDT
- Bitmine Immersion Technologies NYSE:BMNR climbed 11.5% to $16.30 in the afternoon session. Ether added 5.5%, changing hands near $1,871.
- At this price, Bitmine’s implied common equity market cap comes to about $9.28 billion. That’s about 15% under the company’s most recent gross asset figure with the Series A preferred’s initial liquidation preference backed out.
- Staking revenue is expected to cover the preferred dividend over seven times, but a $100 swing in ether shifts gross asset value by $577 million, which is more than double the annual income from staking.
Bitmine Immersion Technologies NYSE:BMNR shares rose 11.5% Tuesday, taking their equity value closer to the company’s reported crypto and cash assets. Ether had its best daily jump in weeks. Bitmine said Monday it was holding 5.77 million ether and $11.3 billion in total crypto, cash, securities and strategic investments as of July 12.
At $16.30, with 569.58 million shares outstanding, market-cap pencils out to about $9.28 billion. Take out the $350 million initial liquidation preference tied to Bitmine’s 9.50% Series A preferred NYSE:BMNP and the reported asset pool leaves $10.95 billion before other liabilities, taxes and exit costs. That’s a gap of about 15%. It was about 24% at Monday’s close of $14.61. The cushion is getting thinner.
The company put its ether stash at $1,820 in Monday’s update. Using Tuesday’s quote of about $1,871 for the same 5.77 million tokens would bump up the total by $294 million, bringing gross assets to roughly $11.6 billion if nothing else shifts. Common stock is trading about 17% under the remaining gross value after accounting for the preferreds. The balance sheet is still a play on ether.
Bitmine’s last two weekly updates show staking grew quicker than its rate of token ownership, and liquid assets fell.
| Measure | July 5 | July 12 | Weekly change |
|---|---|---|---|
| Ether held | 5,742,237 | 5,770,038 | Up 27,801, or 0.5% |
| Ether staked | 4,879,157 | 4,917,189 | Added 38,032, or 0.8% |
| Cash and marketable securities | $527 million | $482 million | Down $45 million, or 8.5% |
| Projected annual staking revenue | $235 million | $242 million | Rose $7 million, or 3.0% |
| Reported gross holdings | $11.1 billion | $11.3 billion | Rounded up $0.2 billion |
Token holdings rose just 0.5% for the week. Most of the $115 million increase in ether’s reported value was from boosting the reference price on last week’s holdings by $20, more than double the $51 million value of new coins added at the current price. Most of the asset growth came from market prices, not fresh purchases.
The reported acquisition numbers don’t match Monday’s press release. Chairman Tom Lee claimed Bitmine was “increasing our pace from the prior week,” but the company added 27,801 tokens, down 34% from the 42,197 they reported the week before. The numbers don’t support his statement. PR Newswire
Bitmine staked 4.92 million ether, about 85.2% of what it holds, at a seven-day annualized yield of 2.70%. Staking here means locking tokens to support Ethereum and get rewards. “Annualized staking revenues are now projected at $242 million,” Lee said. That’s up from $235 million last week. Yield is now material for the company, but token price still matters more. PR Newswire
Staking revenue is strong compared to Bitmine’s top Series A payout. The 3.5 million Series A shares have a $100 liquidation preference and a 9.50% cumulative dividend, meaning $33.25 million in annual payments. Forecasted staking income covers the dividend around 7.3 times before factoring in expenses, taxes, or staking risks. The coupon isn’t the key mover here.
Ether price swings have a bigger impact when compared with the implied common-equity value of about $9.28 billion.
| Exposure | Value effect | Share of implied common value |
|---|---|---|
| An ether price swing of $100 | $577 million | 6.2% |
| Projected staking revenue over a year | $242 million | 2.6% |
| Series A preferred dividend for one year | $33.25 million | 0.36% |
A $100 shift in ether changes the gross value of Bitmine’s position by around 2.4x its estimated yearly staking revenue. That kind of exposure helps explain why Bitmine shares jumped about double ether’s gain on Tuesday, though the valuation discount and share count changes also played a part. Bitmine’s addition to the Russell 1000 on June 26 means wider index ownership, but the crypto link is still strong.
The discount doesn’t always close for good reasons. The $11.3 billion figure is Bitmine’s gross tally and isn’t an audited net asset value. It counts 206 bitcoin, $180 million in Beast Industries, and $69 million in Eightco Holdings NASDAQ:ORBS. Preferred shares are ahead of common stock. Custody failures, validator penalties, lower staking yields, and transaction costs could all cut actual recovery. Bitmine said its disclosure controls were ineffective as of February 28, citing material weaknesses. The buffer could vanish.
For common holders, the main question now is whether assets per share keep growing, not just if ether holdings climb again. Staking still covers the preferred payout at these projections. But more share sales could cut into that, and even a small dip in the token price can wipe it out. With Tuesday’s rally, the margin for mistakes is thinner.
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