BMNR Crosses 6M ETH at a Discount | Week of Oct 20
BitMine crossed the line this week. The company announced holdings of 6.04 million ETH, which is 4.9% of the entire 122.1 million ETH supply, alongside $15.1 billion in total crypto, cash, and marketable securities (Source). The weekly buy was 12,535 ETH, and Chairman Tom Lee reiterated that BitMine has purchased ETH every single week since the treasury strategy launched on June 30, 2025. The release also confirmed 5,067,309 ETH staked on the MAVAN platform, roughly $12 billion at the quoted $2,365 per ETH, which BitMine claims is more staked ETH than any entity on earth.
That's the press release. Here's what our data says actually happened.
The 6M goal is done. The milestone trades at a discount.
Our Treasury Dashboard shows the 6M ETH goal at 100.69% complete as of October 20. Days remaining: zero. For a target that looked ambitious when the strategy launched sixteen months ago, that's a clean finish.
The market shrugged. BMNR closed at $21.57 against a NAV per share of $24.78, putting mNAV at 0.871x. The stock is pricing roughly 87 cents for every dollar of net asset value, and the discount widened this week (mNAV fell 0.033x from last week's 0.904x). So on the same week BitMine completed the stated mission, the market deepened its skepticism about what that mission is worth. Sit with that for a second.
Most of the NAV damage came from ETH itself. NAV per share dropped 4.74% to $24.78, and almost all of that is the ETH price sliding to $2,392. Total NAV now sits at $15.26 billion against a $13.29 billion market cap. You can stress-test these numbers yourself in our NAV Analysis tool at different ETH prices.
The number that actually matters this week
Shares outstanding grew 0.42% (about 2.59 million new shares). ETH holdings grew 0.21%. When dilution runs at twice the pace of accumulation, ETH per share goes down, and ETH per share is the entire thesis of a treasury stock. One week doesn't make a trend, and a 12,535 ETH buy is small by BitMine's historical standards, so the ratio is noisy. But this is the line we'll be watching hardest over the next month. If BitMine keeps issuing shares below NAV to buy ETH at this pace, each share holds a slightly smaller claim on the stack every week. That's accretion running in reverse.
There's also the cost basis. Average buy price across the whole position is $3,008.02. At $2,392, the stack is roughly 20% underwater. Nobody at BitMine will say that out loud, but it frames the mNAV discount: the market is looking at a buyer who paid up through the accumulation phase and is now holding through a drawdown.
| Metric | Oct 13 | Oct 20 | Change |
|---|---|---|---|
| ETH Holdings | 6,028,946 | 6,041,481 | +0.21% |
| Staked ETH | 5,067,309 | 5,067,309 | 0.00% |
| Shares Outstanding | 613,375,379 | 615,968,509 | +0.42% |
| NAV per Share | $26.01 | $24.78 | -4.74% |
| mNAV | 0.904x | 0.871x | -0.033x |
| ETH Price | ~$2,520 | $2,392.03 | ~-5.1% |
Staking: the quiet counterweight
Staked ETH didn't move this week, holding at 5,067,309, or 84% of the position. The yield math is still the strongest part of the story. At the current 2.58% seven-day yield, the staked portion generates about $309 million annualized, and a fully staked position would throw off roughly $369 million. Against a $13.3 billion market cap, that's an implied yield north of 2.7% on the equity before you count any ETH appreciation. And because the stock trades at 0.871x NAV, a buyer today gets that yield stream at a 13% discount to the assets producing it.
The flat staking number is worth flagging, though. BitMine has been sitting on roughly 974,000 unstaked ETH for a