BMNR mNAV Nears Parity at 0.987x | Week of Aug 10
BitMine announced this week that its ETH holdings have reached 5.81 million tokens, roughly 4.8% of the entire ETH supply, with total crypto and cash holdings of $11.6 billion (Source). Chairman Tom Lee highlighted three things: a 7,391 ETH purchase, 19.1 million shares repurchased since July 1 under the $4 billion buyback authorization, and staked ETH crossing 5.07 million tokens on the MAVAN platform. The company has now bought ETH every single week for about 14 months.
The headline is the treasury size. The story is staking.
Staking did the heavy lifting this week
Our Treasury Dashboard recorded a +150,120 ETH jump in staked holdings, a 3.05% weekly increase that dwarfs the 0.13% growth in the treasury itself. BitMine now has 5,067,309 ETH staked, which is 87% of everything it holds. Lee claims that makes it the largest single staker of ETH in the world, and we have no reason to doubt it.
Run the numbers at current prices and the staked position is generating roughly $254 million annualized (5.07M ETH at $1,904 and a 2.63% yield). BitMine's own at-scale projection is $294 million once the full treasury is staked. Call it around $0.42 to $0.49 per share, per year, in ETH-denominated income that requires no dilution to earn. For a stock trading at $18.82, that is not decorative. It compounds the treasury while the market decides what multiple it deserves.
The discount is almost gone
A week ago BMNR traded at 0.924x NAV. Today it sits at 0.987x, a +0.063x move that recovered most of the discount in five trading days. NAV per share climbed to $19.06 against a stock price of $18.82, leaving a gap of about 1.2%. If you want to stress-test what happens to that spread under different ETH prices, our NAV Analysis tool lets you model it directly. And if the multiple itself is unfamiliar, What mNAV Means covers why treasury stocks trade above or below the value of what they hold.
Worth sitting with: the mNAV recovery happened during a week when ETH accumulation nearly stalled. The market rerated the stock on the staking milestone and the buyback, not on treasury growth.
| Metric | Aug 3, 2026 | Aug 10, 2026 | Change |
|---|---|---|---|
| ETH Holdings | 5,797,813 | 5,805,238 | +7,425 (+0.13%) |
| Staked ETH | 4,917,189 | 5,067,309 | +150,120 (+3.05%) |
| Shares Outstanding | 592,794,833 | 597,355,699 | +4,560,866 (+0.77%) |
| NAV per Share | $18.84 | $19.06 | +$0.22 (+1.19%) |
| mNAV | 0.924x | 0.987x | +0.063x |
The buyback math doesn't add up this week, and that's fine
Lee says 19.1 million shares have been repurchased since July 1. Our data shows shares outstanding rose by 4.56 million this week anyway. Those aren't contradictory: the buybacks landed earlier in the quarter, and this week's issuance (likely ATM activity or compensation) outran them. But it does mean the buyback is a cumulative story, not a weekly one. On a net basis, dilution won this round. NAV per share still rose $0.22, so the ETH appreciation and staking growth more than covered the share count.
One number nobody at BitMine is quoting: the average buy price sits at $3,087 against a spot price of $1,904. The