Bitmine Swept Up 6 Million Ethereum…Is BMNR Stock Worth Buying Now?

▲ Bitmine Immersion Technologies (BMNR)/Source: X ©

Bitmine Immersion Technologies (BMNR) has emerged as an 'Ethereum whale,' securing over 6 million Ethereum (ETH) and holding 4.9% of the total circulating supply. As the value of its ETH holdings has grown to exceed the company's market capitalization, the structure where BMNR's enterprise value virtually moves with the price of Ethereum is becoming increasingly clear.

According to the investment media outlet The Motley Fool on September 29 (local time), Bitmine purchased an additional 17,362 Ethereum last week, increasing its total holdings to over 6 million. This accounts for approximately 4.9% of the ETH currently in circulation. Applying an Ethereum price of approximately $2,716 at the time of writing, Bitmine's ETH holdings are valued at about $16.3 billion. Similar to Strategy's approach of accumulating Bitcoin (BTC) with corporate funds since 2020, Bitmine fully launched its Crypto Treasury Strategy, centered on Ethereum, from mid-2025.

Tom Lee, a market strategist and chairman of Bitmine's board, projected that institutional investors' allocation to virtual assets remains low and that additional capital inflows will continue throughout the remainder of 2026. He particularly cited that a significant portion of stablecoin transactions occur on the Ethereum network as a reason for his optimism regarding Ethereum. According to Bessemer Ventures, stablecoin transaction volume on an adjusted basis reached $10.9 trillion in 2025. The Motley Fool analyzed that if the stablecoin market grows, Ethereum, as a major transaction network, could benefit.

When assessing BMNR's value, the key is to compare the net asset value (NAV) of the Ethereum held by the company with its market capitalization. The value of ETH held by Bitmine is approximately $16.3 billion, slightly higher than the company's market capitalization, which exceeds $16 billion. Additionally, the company held approximately $340 million in cash and cash equivalents as of the end of May. Based on this, The Motley Fool evaluated BMNR's stock price as being close to its fair value. However, revenues for the nine months leading up to May fell short of $60 million, and the loss per share was approximately $20.50. Most of the losses stemmed from unrealized losses on digital asset holdings.

Ultimately, BMNR's value heavily depends on the price of Ethereum rather than its own business performance. With a market capitalization exceeding $16 billion compared to nine-month revenues of less than $60 million, it is difficult to evaluate the company's enterprise value using conventional revenue metrics alone. The media cited the spread of stablecoins and the real-world utility of Ethereum-based decentralized applications (DApps) and decentralized finance (DeFi) as long-term growth factors. Accordingly, it emphasized that a key metric investors should monitor is how BMNR's stock price trades relative to the net asset value of the ETH held by the company.

Bitmine is also utilizing Perpetual Preferred Stock to fund its Ethereum purchases. These preferred shares have an annual yield of 9.5% and rank between corporate bonds and common stock in terms of payment priority. With a cumulative structure where unpaid dividends accumulate, Bitmine used the funds raised from issuing preferred stock to purchase Ethereum. However, there is a risk of not recovering the principal if the company goes bankrupt, and the fact that Bitmine can redeem the preferred shares at any time is also a variable. Ultimately, investing in Bitmine, which holds over 6 million ETH, is closely linked not only to the company's own growth potential but also to a judgment about Ethereum's long-term value, according to the media's analysis.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*