Shares ended Friday at $17.28, falling 4.4% on the day but rising 9.4% over the week.
Ether dropped 2.8%, reducing BitMine’s reported ETH holdings by approximately $307 million.
Estimated basic net asset value is in the range of $18.12 to $18.48 per share.
BitMine closed Friday’s session at $17.28, down 4.4% for the day, but up 9.4% compared to the previous Friday.
Ether closed around $1,864, just 0.1% higher than its July 24 level. BitMine outperformed its primary treasury asset by about nine percentage points.
The stock experienced fluctuations.
Session
BMNR close
Daily move
July 24
$15.79
-4.82%
July 27
$17.92
+13.49%
July 28
$17.57
-1.95%
July 29
$16.59
-5.58%
July 30
$18.08
+8.98%
July 31
$17.28
-4.42%
Full week
—
+9.44%
Monday delivered the most significant company-specific indicator. BitMine revealed holdings of 5,787,414 ETH, 208 bitcoin, and $268 million in cash. The firm placed the value of two strategic investments at an additional $241 million.
The company bought back 6.1 million shares in the most recent week, after repurchasing 5.5 million shares the previous week. “We increased our equity buyback,” Chairman Thomas Lee said. PR Newswire
Initial calculations suggest a basic mark-to-market valuation pegs common NAV at approximately $10.93 billion, or $18.12 to $18.48 for each share. The closing price on Friday indicates a discount ranging from 4.6% to 6.5%.
Simplified valuation bridge
Value
5,787,414 ETH at $1,864.18
$10.789 billion
208 bitcoin at $62,898
$0.013 billion
Cash and marketable securities
$0.268 billion
Strategic stakes valued by company
$0.241 billion
Total marked gross holdings
$11.311 billion
Subtract: Liabilities as of May 31
$(0.030) billion
Subtract: Minimum preferred liquidation claim
$(0.350) billion
Estimated common NAV
$10.931 billion
NAV by share: 603.226 million shares
$18.12
NAV by share: 591.626 million pro forma shares
$18.48
Friday’s last price
$17.28
Implied discount
4.6%-6.5%
The initial share calculation relies on BitMine’s July 9 figure. The second scenario deducts both subsequent buyback tranches and assumes there is no new issuance to offset.
Friday’s decline extended past Ether’s immediate value. Ether’s drop of $52.96 in a single session reduced the reported ETH holdings by approximately $306.5 million. The $0.80 per share decrease wiped out between $473 million and $483 million.
Ether accounted for roughly 64% to 65% of the loss in equity. The rest is attributed to a broader discount, different asset valuations or increased trading risk. This is an interpretation, not a company-provided statistic.
Sharplink and Strategy both declined roughly 4.5%. Coinbase slipped 10.6% following its earnings report on Thursday. BitMine experienced a sharp decline as well, though the move was not unique.
BitMine’s treasury size continues to set it apart from its ETH counterparts. Token-only figures do not account for cash, debt or preferred claims.
Company
Most recent reported crypto asset
Date reported
Friday token valuation
BitMine
5,787,414 ETH
July 26
$10.79 billion
Sharplink
886,725 ETH
June 28
$1.65 billion
Strategy
843,775 BTC
July 26
$53.07 billion
BitMine has reported holding 6.5 times the number of tokens compared to Sharplink’s total as of June 28. However, Strategy’s bitcoin holdings are still worth more in dollar terms.
Staking provides an additional source of recurring revenue. BitMine reported that 4,917,189 ETH, or 85%, was staked. Management projected annualized revenue of $254 million at a 2.65% yield as of July 26.
The gross forecast covers the preferred dividend by roughly 7.6 times. BitMine’s 9.50% Series A preferred stock NYSE:BMNP has a $100 par value. With 3.5 million shares outstanding, this translates to an annual obligation of $33.25 million before any compounding. This figure does not factor in expenses, taxes, or potential yield reduction.
Risks: The NAV calculation combines information from different reporting dates. It does not factor in subsequent issuances, any accrued dividends, or strategic-stake value adjustments. BitMine additionally notes risks tied to volatility in crypto markets, custody practices, regulatory shifts, internal control shortcomings, and potential delays in staking.
Ether trading over the weekend will offer an early indication for Monday’s opening level. BitMine has released holdings updates every Monday for the past four weeks. There is no confirmation yet on whether an update will be published on August 3.
Exposure is defined by a key sensitivity. An Ether swing of $100 results in an approximate $579 million change in gross treasury value. The impact per common share is about $0.96 to $0.98.
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Further analysis
Editorial insight
How did BMNR perform during the most recent trading session?
BMNR ended Friday, July 31, at $17.28, falling 4.4% in the latest U.S. session. Shares traded from $16.53 to $17.81 on volume of 35.6 million. The S&P 500 added 0.7% and the Nasdaq advanced 1.0%. BMNR underperformed both major indexes. Investing.com Bitcoin dropped 2.9% to nearly $62,850, weighing on stocks tied to cryptocurrency. No new company earnings release was reported. 24/7 Wall St.
What is BitMine's current Ethereum holding?
BitMine’s most recent official update listed 5,787,414 ETH as of July 26. This accounted for 4.8% of the reported ETH supply of 120.7 million. The company also reported holding 208 bitcoin, $268 million in cash, and two equity investments. BitMine put the total value of these disclosed assets at $11.8 billion, based on an ETH price of $1,948. SEC With ETH most recently at $1,624.95, BitMine’s ETH holdings are now valued at nearly $9.40 billion, about $1.87 billion less than their July 26 ETH valuation. SEC
Is BMNR trading at a level higher or lower than its present asset value?
The disclosed assets are now set at nearly $9.93 billion. After deducting May liabilities and the original preferred claim, the figure stands near $9.55 billion. SEC On July 9, the SEC cited 603.2 million common shares, prior to subsequent buybacks. Provided no new shares were issued, share repurchases bring the outstanding total down to about 591.6 million. SEC This results in an estimated common NAV close to $16.14 per share. With BMNR at $17.28, the stock trades approximately 7% above this level. The estimate remains tentative.
To what extent does BMNR react to movements in Ethereum’s price?
A $100 move in ETH shifts gross asset value by approximately $579 million. With 591.6 million assumed shares, that represents about $0.98 per BMNR share. At current prices, a 10% change in ETH results in a $940 million swing in gross assets. SEC BMNR’s implied common market value stands near $10.22 billion, making a 10% ETH move equivalent to about 9% of that total. The impact also surpasses four times the estimated current annualized staking reward. SEC
How would changes in Ethereum prices affect asset value?
If ETH trades at $1,500, static common NAV drops to close to $14.91 per share. With ETH at $2,000, this model places NAV at around $19.80. If ETH climbs to $2,500, NAV would be about $24.70 per share. The figures hold all other declared assets and liabilities flat, and use 591.6 million common shares and current bitcoin values. These reflect balance-sheet cases, not projections for stock price. SEC
What is the potential revenue from staking?
BitMine reported a total of 4,917,189 ETH staked, accounting for 85% of its overall ETH assets. The company’s most recent seven-day annualized yield reached 2.65%. Management estimated annual staking revenue at $254 million with ETH valued at $1,948. SEC At an ETH price of $1,624.95, the yield would equate to about $212 million yearly. If all reported ETH were staked, the figure would be around $249 million. Realized revenue may be lower due to factors such as yield changes, fees, slashing, and ETH price fluctuations. SEC
What were the findings from the most recent quarter?
Revenue climbed to $46.5 million, up from $2.1 million a year earlier. Staking and validation generated $45.7 million, representing 98% of total sales. SEC General and administrative expenses totaled $37.3 million, and net loss stood at $83.6 million. Derivative contracts led to a $92.1 million loss for the quarter. SEC Over nine months, net loss amounted to $9.11 billion, with unrealized losses from digital assets contributing $9.04 billion of that figure. Accounting swings can overshadow core business gains. SEC
Do buybacks counterbalance the impact of share dilution?
Partially, according to reported figures. Shares rose 12.2%, from 537.6 million in April to 603.2 million in July. SEC BitMine subsequently bought back 11.6 million shares, roughly 1.9% of July’s total. SEC Up to May, 340.7 million shares were sold via the ATM, raising $11.87 billion. The ATM allows for as much as $24.5 billion in aggregate stock sales. SEC The actual count could be higher if additional shares have been issued. ETH per fully diluted share continues to be the more accurate measure.
What is the level of strength in the balance sheet and coverage of preferred dividends?
As of May 31, BitMine held $11.63 billion in assets and $30.1 million in liabilities. Cash totaled $340.3 million at that time, compared to $268 million in cash and securities as of July 26. SEC Following the quarter, BitMine issued 3.5 million preferred shares, raising $273.8 million net. The preferred stock comes with a $350 million initial liquidation preference and a $33.25 million annual dividend. SEC At present ETH prices and the reported yield, staking rewards provide about 6.4 times coverage of dividends before expenses. The preferred shares have priority over common equity. BitMine cautions that staking returns and access to assets may vary. SEC
What are analysts currently projecting?
Analyst coverage is limited, with data providers differing on consensus figures. Benzinga reports two active price targets, at $25 and $30.30. Investing.com notes three analysts, with an average target of $31.87 and a high of $40. Benzinga The July targets suggest a potential upside of about 45% to 75% from $17.28. B. Riley referenced lower ETH price estimates, greater dilution, and preferred stock obligations. Investing.com Projections are closely linked to Ethereum pricing and ongoing dilution risk. Becoming part of the Russell 1000 could improve exposure, but does not guarantee forecasted gains. SEC
Iwona Majkowska is a financial markets journalist at TS2.tech, specializing in stocks, artificial intelligence and technology. A graduate of the Warsaw School of Economics, she previously worked in equity research and financial analysis before focusing on market reporting. Her daily coverage helps investors follow major developments across U.S. and global markets. Follow Iwona Majkowska on Google News.
