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David Grider
Partner @FinalityCap | Ex. Head of Research @Grayscale (@DCGco) | FMR. Head of Digital Asset Strategy @Fundstrat
This is the right way to think about @BitMNR ($BMNR) - please read 👇🏻
29.7.2025
I think $BMNR actually managed the PIPE unlock pretty good tbh, at one point their NAV was $4 and their stock was $160, an absurd 40x. Now on unlock the stock is $29 and their NAV is $23 for a 1.26x.
If they had not raised NAV by 6x it would’ve been the original scenario I shared with a massive drop on PIPE unlock to below $10. They also managed to become the largest ETH treasury co and likely lead SBET for a while now because $SBET only sold $79M before PIPE unlock while BMNR played it a lot more aggressive selling over $2B before unlock. These sales are big because they are at a massive premium which helps significantly increase NAV.
Now the 2 are on a level playing field and BMNR has quite a head start size wise (will see exactly tmrw when SBET PRs but probably a billion $ lead for BMNR). Now we get to see what other tricks both have up their sleeves going forward.
7,34K
BMNR may be getting close to ~1x NAV in after hours trading at ~$28. Assuming the company sold ~20% of today’s ADV they could have ~$600m in cash to buy ETH here
28.7.2025
1/ What could $BMNR be worth?
Here’s a few hypothetical scenarios to think about the value of the largest and fastest growing Ethereum ($ETH) Treasury company, @BitMNR
5,42K
There’s a strong argument that @BitMNR is trading at a 1x NAV multiple TODAY.
@fundstrat just said $BMNR is doing $100m of net income (from staking etc). Put a 25x PE multiple on that and its $2.5b of value plus the $2b of ETH they hold equals the $4.5b market cap before any additional buys.
25.7.2025
Bitmine's market cap surged from $26 million to $4.5 billion after recent leadership changes, generating nearly $100 million annually. #Bitmine #BMNR #StockMarket #Cryptocurrency #Ethereum #MarketCap #Investing #FinanceNews #Blockchain #CryptoInvesting
130,88K
There’s a strong argument that @BitMNR is trading at a 1x NAV multiple TODAY.
@fundstrat just said BMNR is doing $100m of net income (from staking etc). Put a 25x PE multiple on that and its $2.5b of value plus the $2b of ETH they hold equals the $4.5b market cap before any additional buys.
25.7.2025
Bitmine's market cap surged from $26 million to $4.5 billion after recent leadership changes, generating nearly $100 million annually. #Bitmine #BMNR #StockMarket #Cryptocurrency #Ethereum #MarketCap #Investing #FinanceNews #Blockchain #CryptoInvesting
1,28K
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