NORWALK, Connecticut, September 3, 2026, 14:53 (EDT) — Shares of BitMine surged 14% as the cryptocurrency miner’s market valuation neared $15.9 billion, closely aligning with the value of its reported holdings.
- BitMine was up 14.3% at $26.355 as of 14:53:46 EDT.
- The company’s equity value of $15.90 billion amounted to 1.02 times its recently reported holdings.
- On August 30, BitMine possessed 5.90 million ether, with 85.9% of that amount staked.
Shares of BitMine Immersion Technologies, Inc. NYSE:BMNR surged 14.3% on Thursday, trading at $26.355 as of 14:53:46 EDT. Trading volume stood at 46.16 million shares.
The surge pushed BitMine’s market capitalisation to roughly $15.90 billion, just 1.9% higher than its most recent reported assets of $15.6 billion. This produced a gross-asset multiple of 1.02.
The comparison offers some insight, though it is incomplete. It overlooks liabilities, taxes, costs associated with liquidity, and later portfolio adjustments. Nonetheless, it indicates that Thursday’s rally substantially eliminated the stock’s gross-asset discount.
BMNR intraday price — hourly samples
USD per share. Samples: $24.155, $25.485, $25.910, $25.785, $26.060, $26.095 and $26.355. Source: Yahoo Finance; exchange data may be delayed.
The move followed a broader rebound in cryptocurrencies. Ether climbed 5.0% to $2,510.13 as of 14:53:43 EDT. Shares of Strategy Inc. NASDAQ:MSTR rose 15.1%, and Coinbase Global, Inc. NASDAQ:COIN increased 9.5%.
BitMine did not submit a new filing alongside Thursday’s developments by the reporting deadline. Its most recent weekly update appeared on August 31. As a result, the market action resembled an adjustment in crypto exposure value.
The update reported holdings of 5,901,112 ether and 211 bitcoin. It further noted $541 million in cash and marketable securities. The stakes in Beast Industries and Eightco Holdings Inc. NASDAQ:ORBS were valued at $180 million and $81 million, respectively.
Equity value versus the reported asset stack
Billions of dollars. Dates differ, so this is a simple gross comparison rather than adjusted net asset value.
Sep. 3, 14:53 EDT
Aug. 30, 15:00 EDT
5.901m ETH at $2,510.13
Sources: Yahoo Finance, ether price and BitMine’s SEC-filed August 31 update. Equity value uses 603,226,394 shares.
Based on ether’s value on Thursday, BitMine’s holding amounted to around $14.81 billion. This translates to $24.56 per reported common share. Prior to deducting liabilities and other obligations, ether accounted for 93.2% of the share price.
The majority of that ether is generating income through staking. BitMine disclosed that 5,067,309 tokens are staked, accounting for 85.9% of its total holdings. The company estimated annualized staking revenue of $340 million based on a seven-day yield of 2.67% per year.
Ethereum treasury and staking scale
The target uses the company’s stated 120.7 million ETH supply. Revenue is a projection, not guidance. Source: BitMine August 31 SEC exhibit.
The treasury increase also entails dilution. Shares outstanding climbed to 603.23 million on July 9, up from 579.65 million as of May 31. This marks a 4.1% rise over 39 days.
The core business is gaining clarity. Staking and validation accounted for $45.7 million of the $46.5 million revenue in the most recent quarter. However, net loss for the quarter stayed at $83.6 million.
Chairman Thomas Lee stated, “Over the past week, we acquired 53,501 ETH.” He added that the projected annualized staking revenue stands at $340 million. These projections rely on token prices and network yields. Company statement
Risks: Ether’s price may fluctuate more quickly than BitMine’s stock. Staking is subject to slashing, custody, and protocol risks. Raising new equity may finance acquisitions but dilutes existing holders’ interests.
Thursday’s advance clarifies the upcoming hurdle. Additional gains depend on staking income or asset growth surpassing dilution, rather than just another increase in ether.
Related articles: NASDAQ:MSTR
