BMNR Crosses 6M ETH | Week of Sept 28, 2026
BitMine crossed the line. The company announced this week that its ETH holdings now exceed 6 million tokens, or 4.9% of the entire 122.1 million ETH supply, with total crypto, cash, and marketable securities of $17.2 billion. The week's haul was 17,362 ETH, and Tom Lee pointed out that BitMine has bought ETH every single week since the treasury strategy launched on June 30, 2025. Staked ETH sits at 5,067,309 tokens, worth roughly $13.7 billion at the company's quoted $2,698. Full announcement here: Source.
Our tracker has the goal officially complete: 100.02% of the 6 million ETH target, with holdings at 6,001,302 ETH. Fifteen months, zero missed weeks. That consistency is the real story of this strategy, and you can watch it continue on the Treasury Dashboard.
Now the part the press release doesn't tell you.
The stock is trading below NAV
Our NAV per share came in at $28.00 against a stock price of $27.56, which puts MNAV at 0.984x. BMNR shares are cheaper than the assets behind them. The multiple actually ticked up 0.011x from last week, so the discount is narrowing, but a treasury company sitting below 1.0x is worth stopping on. Historically these vehicles trade at a premium because the market pays for accumulation velocity and staking yield. A sub-1x print means the market is either skeptical of that velocity, pricing in dilution ahead of it, or simply repricing everything ETH-adjacent after a weak quarter for the token. If the mechanics of the multiple are new to you, start with What mNAV Means.
Here's what shifted under the hood:
| Metric | Sep 21, 2026 | Sep 28, 2026 | Change |
|---|---|---|---|
| ETH Holdings | 5,983,940 | 6,001,302 | +0.29% |
| Staked ETH | 5,067,309 | 5,067,309 | 0.00% |
| Shares Outstanding | 605,060,964 | 608,233,708 | +0.52% |
| NAV per Share | $29.04 | $28.00 | -3.57% |
| MNAV | 0.973x | 0.984x | +0.011x |
Dilution outran accumulation this week
This is the number that matters more than the milestone. Shares outstanding grew 0.52% while ETH holdings grew 0.29%. Run the per-share math: ETH per share slipped from roughly 0.00989 to 0.00987, a decline of about 0.23% in one week. Small, but it's the wrong direction. The entire premise of an at-the-market treasury strategy is that each round of dilution buys more crypto per share than it costs, and this week it didn't. One week is noise. A pattern would be a problem, and it's the first thing we'll check next Sunday.
The NAV/share drop of 3.57% (from $29.04 to $28.00) is mostly ETH's fault, not management's. ETH at $2,687 sits about 11% below BitMine's average buy price of $3,023.22, so the treasury is underwater on cost basis. That's the risk you sign up for with a levered-to-ETH equity. Play with the sensitivity yourself in our NAV Analysis tool; a move back to the low $3,000s changes this picture fast.
One more observation: staked ETH didn't move. 5,067,309 tokens, identical to last week, which means 84.4% of holdings are earning yield and this week's 17,362 new tokens went in unstaked. Expect that ratio to get topped up in batches rather than continuously.
What this means for investors
The 6 million milestone is done, and Lee's framing (ETH outperforming other macro assets by 6,728bp quarter-to-date) tells you management sees the quarter as vindication. Fair enough. But the equity is telling a different story than the treasury. You can buy $28.00 of assets for $27.56 right now, on a company that has never missed a weekly purchase and stakes more ETH than any entity on earth. Either the market is offering a small gift, or it's pricing in accumulated dilution and a soft ETH tape that the headline numbers gloss over.
Our read: the discount is more about ETH sentiment than BMNR execution, and the thing to watch is whether ETH-per-share resumes growing. If dilution keeps outpacing accumulation for several weeks, the sub-1x multiple stops being a gift and starts being a verdict. This is not financial advice.
Frequently Asked Questions
What does an MNAV below 1.0x mean? MNAV divides the stock's market cap by the net asset value of its treasury. At 0.984x, BMNR trades at a 1.6% discount to its underlying ETH, cash, and securities. Buyers at this level pay less than a dollar for a dollar of assets, though the discount can persist or widen if sentiment stays weak.
Why does ETH per share matter more than total ETH? Total holdings can grow forever if you keep issuing stock. What shareholders actually own is ETH per share, and it only rises when new purchases outpace dilution. This week shares grew 0.52% against 0.29% ETH growth, so per-share exposure fell slightly.
Does staking change the NAV calculation? No. Staked ETH (currently 84.4% of holdings) counts in NAV at full value. What staking adds is yield, which grows the treasury over time without issuing new shares, making it the cleanest source of per-share accretion the company has.
This analysis is for informational purposes only and is not financial advice.