NEW YORK, July 25, 2026, 13:11 EDT
Bitmine’s gross asset discount has shrunk to 5%-6%, according to an initial estimate, compared to around 18% a week ago. Almost all of the shift was attributed to Ether’s decline.
BMNR closed Friday at $15.79, falling 4.8% on the day. Over the week, the stock rose 0.6%. U.S. equity markets did not open on Saturday.
Ether was priced at $1,624.95 on Saturday afternoon, down 13.5% from Bitmine’s $1,879 benchmark set the previous Sunday. The token continued changing hands as BMNR remained inactive.
Bitmine listed gross assets of $11.5 billion as of July 19. Based on the most recent reported holdings adjusted for current prices, that figure is closer to $10.03 billion. The decrease is primarily due to Ether.
The projection holds Bitmine’s cash value at $385 million. The $180 million assessed value for Beast Industries remains unchanged. Eightco Holdings NASDAQ:ORBS is still valued according to Friday’s close at $0.6038.
| Measure | Prior weekend basis | Current weekend basis |
|---|---|---|
| Ether price applied | $1,879.00 | $1,624.95 |
| Reported value of Ether reserves | $10.86 billion | $9.39 billion |
| Total reported assets | $11.50 billion | $10.03 billion |
| Projected common market range | $9.38-$9.46 billion | $9.44-$9.52 billion |
| Total asset markdown | 17.7%-18.4% | 5.0%-5.9% |
| Common markdown after priority claims | 14.9%-15.7% | 1.3%-2.2% |
These figures are initial estimates. The previous basis merges Bitmine’s asset valuation from July 19 with the stock’s closing price on Friday, July 17. The latest basis reflects the closing price on Friday, July 24 and cryptocurrency values from Saturday.
The valuation range is based on 603.23 million reported shares. The lower boundary accounts for the 5.5 million share buyback that has been disclosed. It presumes no subsequent asset sales or new common share offerings.
Senior claims continue to tighten the spread. Bitmine issued 3.5 million preferred shares, each with a minimum $100 liquidation preference. As of May 31, total liabilities amounted to $30.1 million. After accounting for these, projected common asset coverage is just 1%-2% above market value.
Bitmine repurchased 5.5 million common shares for a total of approximately $85.9 million, paying an average of $15.6156 per share. The company also acquired 7,430 Ether, compared to 27,801 in the previous week.
Chairman Thomas “Tom” Lee stated, “We view the purchase of our common shares as accretive to shareholder value.” The stock closed on Friday 1.1% higher than the average price paid during the buyback. SEC
BMNR rose for the week even as Ether fell 13.5%. The shares reached $18.24 on Wednesday before dropping 13.4% by Friday’s closing bell.
On Friday, five Form 4 filings were reported involving 22,620 shares issued through scheduled restricted-stock vesting at no cost. No shares were bought on the open market.
Two major events are set to impact crypto markets in the coming week. The Federal Reserve holds its meeting on July 28-29, with its statement scheduled for release on Wednesday. On Thursday at 08:30 EDT, second-quarter GDP figures and June personal-income statistics are due.
Investors are expected to monitor Bitmine’s upcoming holdings update. The previous disclosure specifically connected reduced Ether purchases to the share buyback. The allocation of capital between these now has increased significance.
Risks: Ether may experience significant volatility before the stock market opens Monday. Approximately 85% of Bitmine’s Ether was staked as of July 19. Private holdings tend to be less liquid, and subsequent acquisitions or offerings might alter this estimate. Additionally, preferred shareholders have priority over common shareholders.
Monday will test more than just Ether’s price. The question is if BMNR continues to behave like a treasury while priced below value. Early figures from Saturday indicate the discount has nearly disappeared.
