저자: 미상 · 외국인
요약 보기
BMNR(Bitmain, ETH 트레저리 기업)은 보유 ETH 대비 시가총액이 약 20% 할인 거래 중이며, 주당 ETH는 0.0106개로 증가 추세다. 자사주 매입 확대와 스테이킹 수익이 강점이지만, 현금 감소(714→612백만달러)와 매입 속도 둔화, 5% 점유율 근접, ETH 가격 연동 리스크, 우선주 선순위 등이 약점으로 제시된다. 영상은 주간 점검 지표(주당 ETH, 시가총액/자산 비율, 자금 출처)를 제안한다.
다듬은 글
Each Bitmain share contains approximately $28 worth of Ethereum, cash, and other things. You can buy this stock today for around 2266, which means the market is selling you Ethereum for around 80 cents on the dollar. Either this is the deal of the year, or there's a reason why no one is taking it. If you were looking for YSB MNR below NAV, BM MNR vs ETH, which is better, or is it worth buying BM MNR right now, then this promotion is for you.
Because there is one number that shows whether this discount is a gift or a trap. It's in Bitmain's own weekly press releases, and almost no one talks about it . I'll show it to you, just not yet. Without context, it looks like a meaningless decimal. Stay until the end and you will get a three-step verification that can be done every Monday when Bitmain publishes its update.
So you know whether you are really getting rich in Ethereum or just watching a big number grow. So let me guess what stage you are at. Maybe you bought into the hype around Tom Lee in 2025 when the thing was at its peak . You may have bought it to own ETH within a stock account. And now you're watching the decline, ETH is fluctuating, and wondering why you didn't just buy Ethereum directly.
Fair question. Let's answer it correctly. First, what does Bitmain actually own? According to the company’s “8K” declaration filed on October 12, as of October 11, Bitmain owned 6,028,946 ETH. At a price of $2,544 each, that's about $15.3 billion. She also had 214 bitcoins, a stake in Beast Industries worth $180, a stake in Eight Co worth $85, and $612 million in cash and marketable securities .
The company estimates the total amount at 16.2 billion. Bitmain says this is 4.9% of all ETH in existence. This is the largest Ethereum vault in the world. Now the other side. Equibols has about 569.5 million shares outstanding. In short, this is market data, not just company reports. At today's price, the market capitalization is approximately $12.9 billion.
12.9 billion on 16.2 billion shares. This is a discount of about 20%. This is where most people go wrong. They see this gap and think it's free money. But these 16.2 billion are gross assets. They do not take away obligations. And Bitmain also has Series A preferred shares, trading under the ticker BM NP, which rank above common stock.
Stocktwits noted this in its analysis. It was then discovered that common shares only covered about 77% of the reported gross assets. So , the real discount is less than it seems. Still real, just smaller. If this one difference just saved you from making a bad assumption, subscribe. I break them down each week based on reports, not hype.
Good. Why do stocks trade below the value of the assets they hold? Let me go back and explain how this business model works, because that's the whole point. A cryptocurrency treasury company makes money for shareholders in one main way. When the shares trade above the value of their cryptocurrency, it sells new shares and uses the cash to buy more cryptocurrency.
Each new share brings in more ETH than it dilutes. So, each existing share ultimately owns more Ethereum. This is a flywheel. That's how Bitmain grew so rapidly in 2025, with The Motley Fool claiming the stock rose by about 248%. But the flywheel works the other way around. When stocks are trading below asset value, selling new shares to buy ETH actually reduces your stake.
The Motley Fool warned about this back in January, when BM NR had already fallen about 77% from its 2025 high. A treasury company that is trading at a discount is losing its primary growth engine. So what did Bitmain do? She turned the engine over. In April, when it listed on the New York Stock Exchange, the board of directors expanded its buyback authorization from $1 billion to $4 billion.
According to reports from RTT News and Benzinga, Lee said the company wants to be prepared to accretively divest shares if they ever trade below intrinsic value. And, starting July 1, she did just that. By August 17, Parameter reported over 20.8 million shares repurchased. In the week since July 20 alone , according to Lee, Bitmain bought back 5.5 million shares at an average price of about $1,562.
A Benzinga report from October 5 said Bitmain has repurchased 21 million shares this year, which Lee called the largest buyback of crypto-backed Treasury bonds on record . Remember that number I promised you? This is where it starts to matter. Hold on. Hold on. And the time has come. Parameter notes that BM NR hit a low of around $12 on June 30.
Today it is around $2,266, which is about 89% more than that minimum. Lee also says that in the first 9 months of 2026, ETH fell by 10%, while BM NR fell by only 3%. If this already makes the graph clear, then like it . This honestly helps to reach other holders who think BM NR is just ETH with extra steps.
Now let's talk about where the money comes from, because that's the part you need to keep a close eye on . Look at the cash line in the weekly releases. On September 20, cash and marketable securities totaled $714 million. October 4–643. October 11th – 612. That’s roughly $100 million spent in 3 weeks, with ETH still being bought every week.
Purchasing has also slowed significantly. Benzinga reported 15,112 ETH purchases in the week to October 4, compared to around 17,000 the week before. And the releases on October 4 and 11 , next week, amount to about 12.5 thousand. Back in March, MEXC reported Bitmain's biggest week of 2026, when its ETH stake was around 61,000.
The machine is driving down the price. Why? Because Bitmain is close to its goal. Lee's stated goal is to own 5% of all ETH. Benzinga estimated that as of October 4, there were about 89,000 ETH missing, with the figure standing at 4.9%. So, the big question is, what happens to stocks when they stop being the biggest buyer in the market?
I know what you're thinking, but they're getting their income from staking right now. Yes, they get it. Bitmain launched its Maven staking network this year. For the October 5 release, about 5.07 million ETH were staked. And Lee predicts about $431 million per year in staking rewards once everything is fully staked with a yield of 2.63%.
This is a forecast, not a stated income, but this is a real return that ETH held in a regular brokerage account will not bring you. Regarding published data, Kavout, citing Yahoo Finance, indicates revenue for the third fiscal quarter of about $46.5 million and a net loss of about $71 million. I was only able to find this damage in one place, so treat it with care.
Bitmain's fiscal year ended on August 31, and the annual report is the next big report. I have not seen a confirmed date for its submission. So, here's my question to you, and I really want to know. Leave comments on whether you own BM and R, ETH directly, or both, and what your average value is for BM and R.
I read every one. I wonder how many people chose stocks precisely because of the returns from staking. Now about the bear case, straight to the point. First, concentration. Bitmain owns almost 5% of all ETH. If she ever had to sell large shares, her own sale would affect the price. Secondly, these stocks boost ETH.
If ETH falls, BM and R could fall even more as the discount could widen simultaneously. Stock T estimates that a 10% drop in ETH would wipe out approximately 12% of the value of the common stock before any additional selling. Third, key personnel risk. This story is closely related to Tommy Lee. Fourth, these grand leaps, like Beast Industry's 180 million share, are hard to value and hard to sell.
As for analysts, I haven't been able to find a current consensus that I trust, so I'm not going to quote you outdated targets. Okay, here's the structure, three steps every Monday. Step one, ETH per share, not total ETH. Divide ETH assets by the number of shares. If this number increases, you personally own more Ethereum through shares.
If it falls, then the overall growth was just a washout. Step two, price versus asset value. Divide the market capitalization by the total number of assets. Above one , issuing shares can help you. Below one, buybacks help you and share issuance hurts you. Then check what the company actually does with it.
Step three, fuel. Where does the next purchase come from? Cash, new shares or betting income? A reduction in the cash line without a new source means a slowdown in purchasing. Let's look at this. Step two, about 12.9 billion in market capitalization versus 16.2 billion in gross assets. This is approximately 0.8.
So, buybacks are the right move, and Bitmain is doing them. Step three, cash dropped from 714 to 612 in 3 weeks. Betting revenue is long-term fuel , but for now it is mostly a forecast. This is a yellow flag. And the first step is the number . So, this is the number I kept mentioning, here it is. 0.0106.
That's about as much ETH as each Bitmain share currently supports. I get this by dividing 6.03 million ETH by approximately 569 1/2 million shares. Back in April, Stocktwits calculated it as 0.00926. By the end of June, it was 0.01008. So, it is growing. Your shares own about 14% more Ethereum than they did in April.
This is how buybacks work, and it's the only honest way to know if a stock is adding value to you or just making headlines. If the ETH price per share continues to rise while the shares are trading at a discount, the discount is closer to a giveaway. If it stops or falls, the discount is a warning. Now you have a tool.
ETH per share, price vs. assets, and where the fuel comes from. 5 minutes every Monday. So, here's one thing to look into further. What Bitmain does after crossing 5% of ETH supply. That's only about 76,000 ETH, based on data from October 11th. Once the purchase target is reached, watch to see if ETH per share continues to increase through buybacks and staking.
Or will the company start issuing shares below asset value again. This decision tells you everything. Not financial advice, just how I understand the documents. If you want this check-up to be done for you every week, subscribe and turn on notifications. Because I will track ETH for the stock every time Bitmain updates.
댓글 0