BMNR mNAV: what the multiple means and how to read it
One number tells you whether the market is paying a premium or a discount for BitMine Immersion's Ethereum treasury. Here is how it works, with pictures.
The definition
mNAV is BMNR's market capitalization divided by the net asset value of its treasury. The treasury is mostly ETH, plus cash. That's the whole formula: shares outstanding times share price, divided by (ETH held times ETH price, plus cash). No model, no assumptions.
Two quantities, one division. The left bar is what all of BMNR's shares cost to buy at the current price. The right bar is what the company actually holds. When the bars match, mNAV is exactly 1.0.
Reading the number
At 1.0x you are paying one dollar of stock for one dollar of underlying assets. Above 1.0x the market is paying a premium. Below it, a discount. Simple as that.
New investors sometimes read a discount as an automatic bargain. Be careful there. A discount can close in your favor, and it can also sit unchanged for months while dilution eats the gap.
Why the multiple moves
Sentiment does most of the work. When ETH runs, treasury stocks tend to outrun it, stretching the premium; when momentum fades, the multiple compresses faster than the ETH price falls. Dilution matters too: BMNR issues shares to buy more ETH, and each raise changes both sides of the ratio at once. Staking adds a third force, since a treasury earning yield arguably deserves more than 1.0x its idle value.
And sometimes there is no story at all. Thinly reasoned discounts and premiums appear and disappear without any change in the treasury. Watching the multiple over weeks tells you more than any single reading.
How we calculate it
The dashboard pulls BMNR's share price in real time during market hours, marks the ETH position to the live ETH price, and uses holdings and share counts from the company's own announcements and filings. Between announcements we also publish a predicted mNAV based on the accumulation trend; how predicted mNAV works covers that method in detail. Numbers go stale quickly in this sector, so we don't print them here: the live dashboard always has the current multiple, and the NAV playground lets you model your own scenarios with custom ETH prices and share counts.
Frequently asked questions
What is BMNR's mNAV right now?
It changes with every tick of the BMNR share price and the ETH price. The live multiple is on the bmnr.rocks treasury dashboard, updated in real time during market hours.
What does an mNAV below 1.0 mean?
The market values the whole company at less than the ETH and cash it holds. You are paying less than a dollar for a dollar of treasury. That can signal skepticism about dilution, management, or liquidity, and it can also just be sentiment.
Why would BMNR trade at a premium to its NAV?
Investors may pay up for exposure they can hold in a brokerage account, for expected staking yield, or on the belief that management will grow ETH per share faster than dilution. Premiums tend to expand in ETH bull runs and compress when momentum fades.
How is mNAV different from predicted mNAV?
mNAV uses the last officially reported holdings and shares outstanding. Predicted mNAV estimates the current position between company announcements, based on the accumulation trend. The dashboard shows both.
For information only, not financial advice.