BMNR NAV 0.81x MNAV | Week of July 7
BitMine now holds 5,742,237 ETH, roughly 4.8% of the entire supply, after adding 42,197 ETH over the past week. Total crypto and cash on the balance sheet sits at $11.1 billion. Chairman Tom Lee framed the buying as an accelerating pace and tied the recent ETH/BTC strength to rising odds of Clarity Act passage. Source
That's the headline. Here's what the numbers actually say.
The gap between value and price widened again
NAV per share rose to $17.78, up 9.66% on the week. The stock closed at $14.36. Do the math and you get an MNAV of 0.808x, meaning the market is paying about 81 cents for every dollar of net asset value BitMine holds. That discount got deeper, not shallower: MNAV slipped 0.043x from last week.
Think about the setup for a second. NAV per share climbed nearly 10% while the discount widened. That only happens when the stock fails to keep up with the assets underneath it. And here's the wrinkle: ETH itself fell this week, trading around $1,787. So the 9.66% jump in NAV/share wasn't ETH doing the work. It was accumulation outrunning dilution. The company bought faster than it printed shares, and the per-share asset base expanded despite a soft token price.
For anyone tracking the NAV Analysis, this is the cleaner signal. Price is noisy. NAV per share tells you whether management is building or bleeding value on a per-owner basis. This week they built.
Dilution stayed disciplined
Shares outstanding grew 0.83% to 619,604,310, an increase of about 5.07 million. ETH holdings grew 0.74%. Those two figures being close together is the whole game for a treasury vehicle. When ETH growth trails share growth, existing holders get diluted in real terms. This week they ran nearly even, and NAV/share still jumped because of where the buys landed relative to the raise.
The one flat line: staked ETH. It held at 4,879,157 with zero change on the week. That's 85% of total holdings sitting on MAVAN and partner platforms. At full scale, Lee projects $277 million in annualized staking rewards using a 2.68% seven-day yield. Real yield on the balance sheet, not a promise. But the staked figure didn't move even as raw holdings grew by 42,197 ETH, which means the newest coins haven't been put to work yet. Watch that number next week. If staking lags accumulation for long, the yield story starts running behind the asset story.
| Metric | This Week (Jul 7) | Last Week (Jun 29) | Change |
|---|---|---|---|
| ETH Holdings | 5,742,237 | 5,700,040 | +0.74% |
| Staked ETH | 4,879,157 | 4,879,157 | 0.00% |
| Shares Outstanding | 619,604,310 | 614,533,988 | +0.83% |
| NAV / Share | $17.78 | $16.21 | +9.66% |
| MNAV | 0.808x | 0.851x | -0.043x |
| ETH Price | $1,787.31 | — | — |
| Stock Price | $14.36 | — | — |
The average cost problem nobody mentions
BitMine's average buy price is $3,121.03. ETH trades at $1,787. That's a paper loss of roughly 43% on the aggregate cost basis. It doesn't hit the NAV calculation (NAV marks to current ETH price, not cost), but it matters for how you read the discount.
A stock at 0.81x NAV on a treasury already sitting deep below cost is the market pricing in two risks at once: that ETH stays low, and that the vehicle keeps diluting into weakness. The bull case is the mirror image. If ETH re-rates and the discount closes, you get leverage on both ends. That's the trade the discount is offering. Whether you take it is your call.
The six-month goal is almost done
Progress toward the 6M ETH target sits at 95.7% with an estimated 31 days left. At the current pace of roughly 42,000 ETH a week, the math is tight but reachable. Hitting a clean 6 million would be a milestone that reprices the accumulation narrative, even if it doesn't touch NAV directly. You can follow the countdown on the Treasury Dashboard.
What it means for investors
Two things moved this week and both cut the same way. Accumulation accelerated, and NAV per share jumped almost 10% despite a weak ETH tape. That's the quality of the buying showing up in the numbers. The market shrugged and widened the discount to 0.81x anyway.
So the question is simple. Do you believe the discount is signal or noise? If you think ETH stays depressed and dilution keeps grinding, 0.81x is a warning. If you think the Clarity Act tailwind is real and the staking yield compounds, you're being handed the assets at a 19% markdown. For a deeper look at how the discount gets calculated and why it drifts, see How MNAV Works.
The unstaked 863,000 ETH is the thing I'd watch next. Idle coins earn nothing.
Frequently Asked Questions
Why did NAV per share rise almost 10% when ETH fell? Because accumulation outran dilution. BitMine added 42,197 ETH (+0.74%) against 0.83% share growth, and the newly deployed capital lifted the per-share asset base even as the ETH price dropped. NAV/share reflects assets per owner, not the token chart alone.
What does an MNAV of 0.808x mean? The stock trades at about 81% of its net asset value, a 19% discount. You're paying 81 cents for every dollar of ETH and cash the company holds per share. A discount can reflect dilution risk, tax on unrealized positions, or plain market skepticism.
Is the average buy price of $3,121 a problem? It doesn't affect NAV, which marks ETH to the current $1,787 price. But it shows the treasury is roughly 43% underwater on cost, which colors how the market views the discount and the risk of further buying into weakness.
This is analysis, not financial advice. Do your own research before investing.