NEW YORK, July 4, 2026, 14:04 EDT
- Bitmine (NYSE) last changed hands Thursday. U.S. markets were closed Friday for the Independence Day holiday.
- BMNR finished the session at $14.36, gaining 1.48%. Over the four-session week, the stock climbed 5.9% from last Friday’s close.
- The equity value of the stock was still under Bitmine’s last reported total for crypto, cash and “moonshot” assets, even with the new preferred stock claim factored in.
Bitmine Immersion Technologies, Inc. NYSE:BMNR heads into the new week with a simpler test than what happened with Thursday’s price action: will demand from the Russell 1000 index trim the gap between the stock and its reported crypto holdings?
BMNR shares last traded Thursday, since the New York Stock Exchange marked Friday, July 3 as the Independence Day holiday. The stock finished at $14.36, gaining 1.48%. Shares moved between $14.24 and $15.25. Bitmine’s market cap is $8.18 billion, according to Investing.com.
Bitmine on June 29 reported $9.8 billion in crypto, cash, marketable securities and “moonshot” investments as of June 28. Holdings included 5,700,040 ETH at $1,569 apiece, 206 bitcoin, plus $555 million in cash and marketable securities. Bitmine also listed a $180 million Beast Industries investment and $74 million in Eightco Holdings Inc. NASDAQ:ORBS.
Here’s what’s going in: The preferred-stock change is based on Bitmine’s Series A offering from June—3.5 million preferred shares at a $100 liquidation value each. Ethereum was at $1,624.95 on Saturday.
| Valuation check | Figure |
|---|---|
| BMNR closed at | $14.36 |
| Market cap for common stock | $8.18 bln |
| Reported crypto, cash, marketable securities, “moonshots” | $9.8 bln |
| Initial liquidation value for preferred shares | $350 mln |
| Residual asset number at June 28 company marks | About $9.45 bln |
| Common shares trade at discount to that value | About 13% |
| Residual asset value with ETH at $1,624.95 | About $9.77 bln |
| Common stock discount with new ETH price | About 16% |
The gap is key since Bitmine needs steady access to market capital. Bitmine said it expects about $273.8 million in net proceeds from the preferred stock sale. The cash could go to ETH buys, staking, validator infrastructure, working capital, strategic deals or stock buybacks. The preferred shares offer a 9.50% dividend on a $100 stated value.
Chairman Thomas “Tom” Lee called last week “challenging” for crypto holders. He mentioned “window dressing” at the end of the quarter but said Bitmine kept to its “longer-term horizon.” The company bought 27,084 ETH during the week and still expects it will hit its 5% ETH stake goal in 2026.
Bitmine said it joined the Russell 1000 Large-cap Index on June 26. FTSE Russell said the rebalanced Russell indexes took effect after the U.S. close June 26, with trading under the new lineup starting June 29. The holiday-shortened week was BMNR’s first trading week after the rebalance.
BMNR climbed from $13.56 on June 26 to $14.36 by July 2. Shares dipped to $12.80 on June 30 after dropping 3.55% that session, but then logged two days of gains.
| Session | Close | Change | Volume |
|---|---|---|---|
| Jun 26 | $13.56 | up 1.80% | 66.50 mln |
| Jun 29 | $13.80 | added 1.77% | 36.39 mln |
| Jun 30 | $13.31 | fell 3.55% | 38.11 mln |
| Jul 1 | $14.15 | climbed 6.31% | 40.51 mln |
| Jul 2 | $14.36 | rose 1.48% | 41.14 mln |
Bitmine reported that 4,879,157 ETH was staked as of June 28. Lee claimed the company has staked more ETH than anyone else and sees a potential $246 million annualized staking reward if scaled out, based on a 2.75% seven-day BMNR yield. The company put its current projected annualized staking revenue at $211 million.
Traders are watching Thursday’s $15.25 high and Tuesday’s $12.80 low, along with the $1,569 ETH figure from Bitmine’s latest filing. Regular NYSE session is 9:30 a.m. to 4:00 p.m. Eastern.
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