BMNR Hits 5.8M ETH, mNAV 0.96x | Week of Aug 3, 2026
BitMine announced this week that its ETH holdings reached 5.8 million tokens, roughly 4.8% of all ETH in existence, with total crypto and cash of $11.3 billion (Source). Chairman Tom Lee highlighted ETH's 25-point outperformance over the Nasdaq 100 in July and pointed to the company's ongoing buyback: 4.5 million shares repurchased this past week, bringing the total to 16.1 million shares since July 1 under the $4 billion authorization. The company also added 10,399 ETH, extending its streak of buying every single week since the treasury strategy launched on June 30, 2025.
That's the press release. Now the part they didn't lead with.
Buybacks with one hand, dilution with the other
Shares outstanding rose 1.08% this week, up 6,559,264 to 612.8 million. Read that again next to the buyback number. BitMine retired 4.5 million shares and still ended the week with 6.6 million more shares than it started with, which means gross issuance ran somewhere north of 11 million shares. The buyback headline is real, and it is the largest ever by a crypto DAT as Lee says. But on a net basis, the share count is going the wrong way.
Why does that matter right now? Because the stock trades at 0.956x mNAV. When you issue shares below net asset value, every new share dilutes the NAV backing the existing ones. Buying back at a discount is accretive; issuing at a discount is the exact opposite. This week BitMine did both, and issuance won. If the multiple mechanics are new to you, What mNAV Means walks through it.
The result showed up immediately in the per-share math.
NAV per share fell 4.25%, and not only because of ETH
| Metric | This Week (Aug 3) | Last Week (Jul 27) | Change |
|---|---|---|---|
| ETH Holdings | 5,797,813 | 5,787,414 | +10,399 (+0.18%) |
| Staked ETH | 4,917,189 | 4,917,189 | 0 |
| Shares Outstanding | 612,794,833 | 606,235,569 | +6,559,264 (+1.08%) |
| NAV per Share | $18.08 | $18.88 | -$0.80 (-4.25%) |
| mNAV | 0.956x | 0.949x | +0.007x |
| Stock Price | $17.28 |
NAV per share dropped $0.80 to $18.08. ETH's price weakness did most of that damage, with the token sitting at $1,841.84, but the dilution contributed too: holdings grew 0.18% while the share count grew 1.08%. ETH per share shrank. You can stress-test how sensitive NAV/share is to different ETH prices and share counts in our NAV Analysis tool.
Meanwhile the market barely blinked. mNAV ticked up 0.007x to 0.956x, which tells you the stock fell slightly less than its underlying assets did. Small comfort, but it does mean the discount is stable rather than widening.
One number worth sitting with: BitMine's average buy price across the whole treasury is $3,091.11. At today's ETH price, the position is underwater by roughly 40%. Lee's July anecdote (ETH ran from $2,375 to $4,057 in summer 2025) is clearly the bet management is making again. It's a bet, not a plan.
The 6M goal and the staking picture
Progress toward 6 million ETH sits at 96.63%, tracked live on the Treasury Dashboard. About 202,000 ETH remains, and our model estimates 70 days to close the gap. Here's the catch: this week's 10,399 ETH purchase was a light one, and at that pace the finish line is closer to 19 weeks out, not 10. Either the pace picks up or the estimate slips.
Staking was flat at 4,917,189 ETH, which keeps 84.8% of the treasury earning yield on MAVAN. No news is fine news here; the staked base is doing its job quietly.
What this means for investors
The bull case this week is simple: the buyback is accretive at 0.956x, the ETH accumulation streak is unbroken at 57+ weeks, and nearly 85% of a 5.8 million ETH position is generating staking yield