NEW YORK, June 29, 2026, 19:01 EDT
- Bitmine said it held 5.700 million ETH and $9.8 billion in a mix of crypto, cash, marketable securities and “moonshots.”
- BMNR changed hands at $13.80, putting the company’s market value at $6.27 billion, which is less than its stated assets.
- The company bought 27,084 ETH this week, but the value of its total holdings dropped by about $900 million as ETH’s reference price slid.
Bitmine Immersion Technologies, Inc. NYSE:BMNR is trading as if the market sees less value in its Ethereum holdings, despite the company’s recent entry into the Russell 1000 and reporting almost $10 billion in assets.
Shares last changed hands at $13.80, up 24 cents from the previous session, with volume around 36.3 million. The company’s market cap was $6.27 billion, market data show.
Bitmine reported in a June 29 filing that its holdings in crypto, cash, marketable securities, and “moonshots” came to $9.8 billion. In the same exhibit, the company said it held 5,700,040 ETH, 206 bitcoin, $555 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $74 million position in Eightco Holdings Inc. NASDAQ:ORBS.
Bitmine now trades at a market cap around 64% of its listed asset total, meaning a discount of about $3.53 billion. The gap is worth watching, since BMNR has shifted from mining to acting like a proxy for a big ETH position. The stock’s price now sets how cheap or expensive public market access to that ETH exposure is.
| Measure | Figure |
|---|---|
| BMNR shares last traded at | $13.80 |
| BMNR valuation | $6.27 billion |
| Crypto, cash, securities, and “moonshots” reported | $9.8 billion |
| Market cap to reported holdings | 64.0% |
| Implied gap from reported | $3.53 billion |
| Discount to reported holdings | 36.0% |
There’s still a discount even with the ETH line tied to live crypto prices. Ethereum was last at $1,611.11, while Bitmine used $1,569 for its June 28, 3 p.m. ET holdings read. On that difference, the company’s 5.700 million ETH would show about $240 million more versus the mark in the filing.
Bitmine’s latest update shows it was buying ETH as prices dropped. The company added 27,084 ETH this week, but its total reported assets are down at $9.8 billion from $10.7 billion on June 21. Last week, Bitmine’s numbers showed ETH holdings at 5,672,956, cash and marketable securities at $601 million, and an Eightco stake valued at $104 million.
| Item | June 21 | June 28 | Change |
|---|---|---|---|
| ETH on hand | 5,672,956 | 5,700,040 | +27,084 |
| ETH staked | 4,718,677 | 4,879,157 | +160,480 |
| ETH mark used by company | $1,733 | $1,569 | -9.5% |
| Cash and securities | $601 million | $555 million | -$46 million |
| Eightco position | $104 million | $74 million | -$30 million |
| Total holdings reported | $10.7 billion | $9.8 billion | -$900 million |
Thomas “Tom” Lee, chairman of Bitmine, called the past week “challenging” for crypto investors. Lee blamed quarter-end “window dressing,” saying investors reduced exposure to assets that lost value in the previous three months.
Bitmine is almost at its 5% ETH supply goal. The firm said it holds 4.7% of the total 120.7 million ETH, saying that’s 94% of its “Alchemy of 5%” target. Hitting 5% means holding 6.035 million ETH, so Bitmine still needs to buy roughly 335,000 ETH. At the current ETH price, that’s about $540 million—close to the $555 million Bitmine reported in cash and securities.
Lee said Bitmine picked up 27,084 ETH during the last week and the group thinks it will get to its 5% goal in 2026. He also said getting into the Russell 1000 should bring in “hundreds and possibly thousands” of new institutional holders.
Bitmine now has a second demand driver with its Russell 1000 entry, on top of interest from crypto traders. The company said it was added to the Russell 1000 Large-cap Index on June 26. Bitmine pointed to Investment Company Institute data showing passive funds and ETFs typically make up 18% to 20% of a firm’s shares.
Bitmine added a layer to its capital structure on news its 9.50% Series A Perpetual Preferred Stock NYSE:BMNP started trading on the NYSE. The company sold 3.5 million shares at $80 each, bringing in net proceeds of roughly $273.8 million. Dividends will be paid weekly, but it’s subject to the preferred terms.
Staking is Bitmine’s chosen offset for investors. The company reported that as of June 28, 4,879,157 ETH—over 85% of its ETH—was staked. Lee said projected annualized staking revenue stands at $211 million, with a seven-day annualized yield of 2.75%.
Strategy Inc. NASDAQ:MSTR, which Bitmine uses as its benchmark among bitcoin treasury firms, last changed hands at $92.68 for a market value of around $30.95 billion. Bitmine said Strategy’s bitcoin holdings stand at 847,363 BTC—about $50 billion. Bitmine claims it holds the biggest ETH treasury and calls itself the second largest crypto treasury worldwide by its count.
