# BMNR Stock: A Dollar of Ethereum for 87 Cents — Bargain or Trap?

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/bmnr-stock-a-dollar-of-ethereum-for-87-cents-bargain-or-trap
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/bmnr-stock-a-dollar-of-ethereum-for-87-cents-bargain-or-trap.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-16T14:04:12+00:00
Episode link: https://chargedalpha.podbean.com/e/bmnr-stock-a-dollar-of-ethereum-for-87-cents-%e2%80%94-bargain-or-trap/
Audio file: https://mcdn.podbean.com/mf/web/rmls3oorcz0q513l/audio_n.mp3
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JSON: https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/bmnr-stock-a-dollar-of-ethereum-for-87-cents-bargain-or-trap
Duration seconds: 756

## Resource

BitMine Immersion Technologies (BMNR) Q3 FY2026 — BitMine Immersion (BMNR), the largest corporate holder of Ethereum on earth (~5% of all ETH), trades at roughly a 13% discount to the value of its own coins — you buy a dollar of Ethereum for about 87 cents. But it carries an ~$8.2B unrealized loss from buying ETH near the top, and funds itself with 12%-cost preferred to earn a 2.7% staking yield. The stock is down ~88% from its 2025 hype peak of $135, last around $15.79. How can a company's Ethereum be worth more than the entire company? BitMine holds about $10.5B of ETH (plus ~$0.8B cash) — roughly $11.3B of net assets — against a ~$9.5B market cap. That's a real ~13% discount to NAV, and per-share ETH is still rising (+18% YoY, 9.57 ETH per 1,000 shares), so the dilution has been accretive. But there's an eight-billion-dollar catch: management paid ~$19B for a stake now worth ~$11B, and pays a 12% cost of capital to earn under 3%. This isn't a business — it's leveraged Ethereum with a management fee. Our call: HOLD, 3/5. Fair value ≈ NAV, near $18. Own the discount only if you actually want to own the Ethereum. Not financial advice. THE CALL: HOLD (3/5, A DOLLAR OF ETH FOR 87 CENTS, BUT IT IS JUST ETH) — base-case value ~$18 vs ~$15.79 today. What to watch: the mNAV discount widening below 0.8x (a wider margin of safety), a shift from issuing stock to buying it back below NAV (the accretive move), and above all the direction of Ethereum itself Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.

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