About bmnr.rocks
An independent dashboard for BitMine Immersion Technologies (BMNR) and its Ethereum treasury.
What this site is
bmnr.rocks tracks BMNR's ETH holdings, staking position, net asset value, and the mNAV multiple the stock trades at, all in one place and close to real time. It is built and run by Moonfarm, a solo developer, for shareholders and anyone following the Ethereum treasury trade. We are not affiliated with, endorsed by, or paid by BitMine Immersion Technologies. That independence is the point: the company reports the numbers, we track whether the market believes them.
Alongside the live dashboard there is a weekly treasury analysis blog, an mNAV explainer, a NAV playground for modeling your own scenarios, and a Discord bot that brings price alerts into your own server.
Where the numbers come from
Holdings and share counts come from BMNR's own announcements and public filings, entered as the company reports them. Market prices stream from Finnhub during trading hours, with Marketstack as a fallback source. Staking yield references the Composite Ether Staking Rate (CESR). Everything derived from those inputs (NAV per share, mNAV, ETH per 1,000 shares, accumulation predictions) is calculated by our own models on every refresh, and the methodology behind the predictive numbers is documented openly on the blog.
Two honest caveats. Company-reported figures lag reality by however long the company waits to announce, which is why some metrics carry a "predicted" label between updates. And derived metrics are only as good as their inputs; when a source feed is wrong, so are we, until we catch it.
How the dilution verdict is calculated
The CAPITAL board's ACCRETIVE/DILUTIVE chip compares ETH holdings per 1,000 shares outstanding before and after a share count increase. If ETH-per-1,000-shares is higher after the increase than before it, we call the raise ACCRETIVE — new ETH was added faster than new shares diluted existing holders' claim on it. If it's lower, we call it DILUTIVE.
"Before" and "after" aren't always the same raise. When shares outstanding grew by at least 10,000 shares over the trailing ~8 stored daily snapshots (roughly the last week), we treat that as a discrete raise and compare the snapshot right before it to the latest one, with the exact date range shown on the card. When no such increase shows up in that window, there's no specific raise to isolate, so we fall back to an approximation over whichever date range is selected on the CAPITAL board (7D, 30D, 90D, or all history) and label the result Approximate rather than presenting it as tied to one event. Either way, it's a mechanical read of two stored snapshots, not a judgment call about whether the underlying capital raise itself was a good idea.
Get in touch
Found a data error? Tell us. The fastest routes are X (@moonfarm_dev) and the community Discord via the bot page.
Everything on this site is for information only, not financial advice.