$BMNR trading at NAV — clean structure, clean thesis.
BitMine sits at ~$27/share, right on net asset value (0.99x mNAV). That's the floor. Bull case targets 1.6x NAV:
• $3K $ETH → $48
• $4K $ETH → $64
• $5K $ETH → $80
• $6K $ETH → $96+
Why it matters: They hold 6M $ETH (4.9% of total supply), 84% staked for yield (~$358M annualized). Unbroken weekly buys since June 2025. $4B buyback active. Russell 1000 member.
Setup: NAV floor + $ETH beta + staking yield = asymmetric upside if $ETH runs. Downside capped at treasury value. Upside scales with $ETH price action.
Confirmation: $ETH holds structure above key support. $BMNR premium expands as $ETH rallies.
Invalidation: $ETH breaks down, premium collapses back under NAV.
This is a levered $ETH play with a yield cushion and a known floor. Clean risk/reward if you read $ETH bullish.
BitMine sits at ~$27/share, right on net asset value (0.99x mNAV). That's the floor. Bull case targets 1.6x NAV:
• $3K $ETH → $48
• $4K $ETH → $64
• $5K $ETH → $80
• $6K $ETH → $96+
Why it matters: They hold 6M $ETH (4.9% of total supply), 84% staked for yield (~$358M annualized). Unbroken weekly buys since June 2025. $4B buyback active. Russell 1000 member.
Setup: NAV floor + $ETH beta + staking yield = asymmetric upside if $ETH runs. Downside capped at treasury value. Upside scales with $ETH price action.
Confirmation: $ETH holds structure above key support. $BMNR premium expands as $ETH rallies.
Invalidation: $ETH breaks down, premium collapses back under NAV.
This is a levered $ETH play with a yield cushion and a known floor. Clean risk/reward if you read $ETH bullish.
