BitMine said it held 6,060,506 ETH as of 1 November at 4:00pm ET, or 4.9% of the 122.2 million ETH supply. Total crypto, cash and marketable securities came to $14.5 billion at $2,261 per ETH. BMNR stock closed Monday at $19.54, down 3.17%, and traded at $19.81 in Tuesday pre-market.
BitMine’s market value is $11.79 billion against holdings it puts at $14.5 billion, a discount of $2.71 billion. BMNR stock has carried that gap through the whole of the drawdown.
BitMine Added 8,573 ETH and Its Holdings Still Fell $500 Million
The week’s purchase was 8,573 ETH, taking the count from the 6,051,933 it reported on 25 October. At $2,261 that is about $19.4 million of buying, and it grew the stack by 0.142%.
Over the same week ETH fell from the $2,356 BitMine used in that 26 October update to $2,261, a drop of 4.03%. Applied to 6.06 million tokens, that is roughly $576 million of mark-to-market value. The purchase offset about 3.4% of it, which is why total holdings fell to $14.5 billion from $15.0 billion in seven days despite the company buying throughout.
The weekly additions have also been getting smaller, at 15,112 ETH in the week to 5 October, 10,452 in the week to 25 October and 8,573 in the week just reported.
BMNR Stock Is Worth Less Than the Ether It Owns
At Monday’s close the market put BMNR stock at $11.79 billion. Its own release puts crypto, cash, and securities at $14.5 billion, so BMNR stock trades at about 0.81 times its stated holdings.
The market values BitMine at less than the ether on its balance sheet, and that ether is worth more than the entire US spot ether ETF complex. Source: BitMine, TradingView, SoSoValue · Chart: FinanceFeedsPer share, a $11.79 billion market value at $19.54 implies about 603 million shares, which puts roughly $22.71 of ether behind each unit of BMNR stock. BitMine’s release gives no share count and no net asset value, so that figure is derived rather than disclosed.
The $14.5 billion is also an asset figure rather than a net one. It covers crypto, cash and marketable securities, and anything owed against them would not appear in a weekly update, so part of the discount on BMNR stock may sit in liabilities the release leaves out.
BitMine’s 6.06 million ETH is worth $13.70 billion at the company’s own price, against $13.183 billion of net assets across every US spot ether ETF, per SoSoValue data. One company with seven employees holds more ether than the funds do.
Investor Takeaway
BMNR stock trades at about 0.81 times stated holdings, a $2.71 billion discount, so buyers are paying less than the ether is worth and sellers are accepting less.
86% Staked, and Tom Lee Puts the Yield at $415 Million
BitMine reported 5,227,037 ETH staked, which the company describes as 86% of the total. Chairman Tom Lee put the projected staking reward at “$415 million on an annualized basis,” against a prior “$358 million based upon 5.2 million staked ETH” figure.
Lee also said in the release that BitMine’s “track record of consistent buying of crypto is unmatched by any public company in the world” and that it “has staked more ETH than other entities in the world,” both of which are the company’s own characterizations.
The filings are where that mark-to-market shows up, and in the quarter ended 31 May 2026 BitMine reported revenue of $46.5 million and a net loss attributable to common stockholders of $83.6 million. In the quarter before it, ended 28 February, the company reported a net loss of $3.82 billion on revenue of $11.0 million, driven by a $3.78 billion unrealized loss on digital asset holdings and basic loss per share of $8.40.
That is the same mechanism now taking roughly $500 million a week off the holdings BMNR stock is priced against. The weekly releases report the size of the asset, while the income statement reports the change in it, and BitMine employs seven people to run both. BMNR stock has its next results due around 20 November.
A Week’s Buying Is 14% of One Day of ETF Outflows
US spot ether ETFs recorded a $140 million net outflow on 2 November, a sixth consecutive day of withdrawals. BitMine’s entire week of buying, at $19.4 million, is about 14% of that single session.
That ratio answers whether treasury demand can absorb fund selling, and it is the central question for BMNR stock. It cannot, at current sizes. FinanceFeeds tracked $545 million of US crypto ETF outflows on 2 November and $815.8 million on 30 October, against weekly BitMine purchases now running below $20 million.
Lee spent most of the release on the Binance hack rather than on his own numbers, arguing the muted reaction was “very constructive.” He contrasted ETH falling 8% the day the ByBit theft was announced and 20% within a week with a 4% decline since the Binance disclosure, in a year that has now logged 322 incidents and $8.73 billion of losses. BitMine’s own June expansion came at a very different ether price.
Investor Takeaway
At $19.4 million a week against $140 million of ether ETF outflows in a single day, BitMine’s buying cannot set the marginal price of ETH.
