New York, June 28, 2026, 14:08 EDT
- BitMine ended Friday at $13.56, gaining 1.8% for the day but falling 14.5% over the past five sessions.
- The company held $10.7 billion in crypto, cash, securities and “moonshots” as of June 21, while its market value stood at $7.72 billion on Friday.
- Ether’s decline since BitMine’s June 21 mark reduced the value of its ETH holdings by about $920 million as of Sunday afternoon.
- FTSE Russell’s final additions list on June 26 placed BMNR in the Russell 3000, giving passive equity funds access to a stock linked to 4.7% of ETH supply.
U.S. stock markets were closed Sunday in New York. BitMine Immersion Technologies, Inc. NYSE:BMNR will next trade in the first regular session after FTSE Russell’s June 26 reconstitution took effect after the U.S. market closed. FTSE Russell’s final Russell 3000 additions list shows “BITMINE IMMERSION TECHNO” with ticker BMNR in the technology sector.
The clean trade is no longer only an “ETH proxy.” By Friday’s close, BMNR traded below an estimate of its disclosed holdings, despite this weekend’s further drop in ether. That discount is now a fact for investors. It shows the market is pricing in crypto volatility, preferred stock obligations, execution risk and potential capital needs, not awarding a premium to the biggest listed Ethereum treasury.
BitMine said on June 22 it held 5,672,956 ETH, 205 bitcoin, $601 million in cash and marketable securities, a $180 million stake in Beast Industries, and $104 million in Eightco Holdings Inc. NASDAQ:ORBS. The company put its total at $10.7 billion and said its ETH holdings made up 4.7% of the 120.7 million ETH supply.
BMNR finished Friday at $13.56, rising 24 cents, with 66.5 million shares traded—167% of its 65-day average. The stock lost 14.5% over five days and is down 50.1% for the year. MarketWatch reported BitMine’s market capitalization at $7.72 billion with 569.58 million shares outstanding.
Based on those numbers, BitMine’s June 22 reported holdings are about $18.79 per common share before deducting liabilities and preferred share claims. Shares closed Friday at about 72 cents on the dollar. If only ETH and bitcoin are updated to Sunday afternoon prices, with cash and two reported equity stakes left unchanged, total holdings come to about $9.81 billion, or $17.22 a share. That puts BMNR at nearly 79 cents on the dollar using this narrower calculation. Ethereum (CRYPTO:ETH) was near $1,570.89 and bitcoin traded around $59,547 Sunday afternoon.
| Measure | Latest figure | Investor read |
|---|---|---|
| BMNR Friday close | $13.56 | Gained 1.8% Friday, down for the week |
| BMNR market value | $7.72 bln | Under reported holdings |
| Reported holdings, June 21 mark | $10.7 bln | Equals about $18.79 per common share pre-claims |
| Re-marked ETH/BTC holdings, Sunday | About $9.81 bln | Equals about $17.22 per common share pre-claims |
| BMNP preferred price | $81.01 | Below $100 stated, above $80 issue price |
The preferred stock is the main reason the common-stock discount is not an arbitrage. BitMine sold 3.5 million shares of 9.50% Series A Perpetual Preferred Stock at $80 each earlier in June, expecting net proceeds of $273.8 million. The preferred has a $100 stated value, weekly cash dividends if declared, and an initial $100 per share liquidation preference.
BMNP preferred shares were last quoted at $81.01 on Sunday on Investing.com, down from $81.41 at the previous close. The 52-week range is $79.00 to $92.99. At this price, the market value is about $284 million, while the liquidation preference totals $350 million.
BitMine Chairman Thomas “Tom” Lee said the company’s assets can generate cash. As of June 21, the company reported 4,718,677 ETH staked. Lee said annualized staking revenue is expected at $223 million, based on a 2.73% seven-day yield. He added that BitMine has “staked more ETH than other entities in the world.” PR Newswire
The risk is that the yield is small compared to the mark-to-market move. Ether was trading about 9.4% below BitMine’s $1,733 June 21 mark by Sunday afternoon. That drop, on 5.67 million ETH, slashes roughly $920 million from the ETH value. That’s more than three years of the $268 million annualized reward BitMine said it could achieve if its ETH were fully staked by MAVAN and partners.
The index shift is significant because it shifts the holders of the trade. FTSE Russell said its U.S. indexes will move to twice-yearly reconstitution in 2026, with new index changes effective after the June 26 close. Reuters reported that fund managers planned to adjust portfolios for the Russell changes. Jefferies equity analyst Steven DeSanctis called Friday’s event a “really massive trade.” LSEG
Looking ahead to the week, the key question is whether demand tied to indexes has already run its course. Melissa Roberts, an analyst at Stephens, told Reuters that trading tied to reconstitution day was estimated at around $150 billion. Trading under new index weights starts Monday. BMNR’s volume on Friday was already well above normal, so Monday’s moves may reflect demand from real money investors more than from index flows.
BitMine’s next scheduled update, if it sticks to its weekly pace, will show whether the company bought more ETH during the downturn or held off after the drop. In a June 22 statement, Lee said BitMine purchased 52,203 ETH in the previous week and still aims for its “alchemy of 5%” target in 2026. PR Newswire
