New York, July 10, 2026, 18:06 (EDT)
Bitmine Immersion Technologies NYSE:BMNR shares gained 2% to $14.98 Friday. The stock’s market cap sits near $8.53 billion, but the company reported $11.1 billion in crypto, cash, marketable securities and equity stakes as of June 28. That leaves a $2.57 billion difference.
With the current market-data count at 569.58 million common shares, Bitmine is trading at roughly 77 cents on the dollar of reported gross holdings.
That’s not a straight discount to net asset value, or NAV. NAV measures what’s left after all liabilities and senior claims on common stock. Bitmine’s number is a total that counts $251 million in equity stakes. Plus, its 3.5 million Series A preferred shares come with a $100 liquidation preference—a $350 million claim that ranks ahead of common stock if things wind down. Knock off just that claim, and what’s left to common equity comes out to about 79% of the rest.
This is important for Bitmine since the company relied on selling new equity to finance its ether push. Between Feb. 28 and April 13, it sold 57.1 million shares through an at-the-market offering, raising about $1.18 billion net, according to a filing. ATM offerings let companies sell shares at market prices. If the stock trades above asset value, it can boost assets per share. If it trades below, that effect goes away.
Friday’s uptick wasn’t enough to catch up to ether. ETH stayed around $1,793, up 2.6% for the day. From the end of Monday to Friday, Bitmine dropped 3.7%. Ether shed only 0.5% over the same stretch.
| Asset | July 6 close | July 10 close | Four-session change |
|---|---|---|---|
| Bitmine common stock | $15.55 | $14.98 | -3.7% |
| Ether | $1,798.52 | $1,790.07 | -0.5% |
The 3.2-point lag suggests this is an equity discount, not just about weaker crypto prices.
Bitmine said it held 5.742 million ETH, or 4.8% of the total ether supply, and had staked 4.879 million tokens as of July 5. It defines staking as committing tokens to help validate Ethereum transactions for rewards. The company is estimating $235 million in annualized staking revenue at a 2.68% yield, which is about 2.8% of the current value of its common stock. “We continue to maintain a steady pace of accumulation throughout 2026,” said Chairman Tom Lee.
By one gauge, Bitmine’s build-up is outpacing dilution. Ether per share was up about 8.9% between the company’s April filings and April 19 numbers and the most recent disclosures and share count.
| Metric | Mid-April baseline | Latest disclosed/current | Change |
|---|---|---|---|
| Ether held | 4.976 million | 5.742 million | +15.4% |
| Common shares | 537.63 million | 569.58 million | +5.9% |
| Ether per common share | 0.00926 | 0.01008 | +8.9% |
The dates don’t line up exactly: share count is as of April 13, while the first holdings number is from April 19, and the most recent is June 28. That 569.58 million-share number is market data, not from a fresh company filing. Still, buying seems to have run ahead of the share count over this stretch.
Investors haven’t settled the question. Bitmine has upped ether per share, but common equity still matches up with only around 77% of its stated gross assets. The shares are behaving less like a straight ether tracker and more like a capital allocation play, as the market prices in future issuance, preferred payouts, and management’s moves.
Bitcoin-treasury player Strategy NASDAQ:MSTR has also run into balance sheet pressure. The company sold 3,588 bitcoin for about $216 million in the week ended July 5, stepping away from just stockpiling crypto. Strategy is raising cash for shareholder distributions and to boost reserves. It’s a shift that puts the company on the selling side as it handles preferred stock and other financing needs.
The discount can close fast, or it can get bigger. If ether falls 10% from Friday’s price, Bitmine’s disclosed ETH would lose about $1.03 billion, taking out around 12% of its common-stock value, even before the stock reacts. If Bitmine issues more shares, runs into staking or custody problems, incurs higher preferred dividends, or sees its other investments get hit, the losses would be worse.
The next quarterly filing is the big test. Investors want to see an updated post-April share count, up-to-date liabilities, actual staking revenue instead of the run-rate, and signs that ether per share kept rising after June 28.
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