BMNR Holder | Road to $1M

Road to $1M | 12,893 $BMNR shares.
Long-term $ETH thesis.
mNAV & fundamentals. NFA.
I hold rBMNR on Bitget ↓

[BMNR Holder | Road to $1M @bmnrtrust]

1/9

I lost ~$55K gambling.

Then I put ~$330K into $ETH.

In June, with $ETH around $1,504, my portfolio was worth roughly $150K.

Today I hold 12,893 $BMNR.

Here’s how I got here. 🧵

[BMNR Holder | Road to $1M @bmnrtrust]

@CastilloTrading This kind of compression usually gets interesting fast once the range finally breaks. If $ETH can hold this zone as support and clear $2.6K with volume, I’d expect the move to accelerate pretty quickly. 👀

[BMNR Holder | Road to $1M @bmnrtrust]

@Ellaweb_3 $2,560 feels like the real decision level here. If $ETH gets a clean daily close above it, how much of the current resistance do you think turns into support instead of another fakeout? 👀

[BMNR Holder | Road to $1M @bmnrtrust]

@cryptocupra If this really rhymes with 2025, $ETH doesn’t even need $10K for $BMNR to get very interesting. A clean break of the old highs alone changes the NAV picture fast. 👀

[BMNR Holder | Road to $1M @bmnrtrust]

@ProffEtherPrint That first-mover advantage is the part people underestimate. If $ETH gets materially more expensive, recreating a 5% treasury at scale becomes a completely different game.

[BMNR Holder | Road to $1M @bmnrtrust]

@TopStockAlerts1 Feels like something is brewing 👀 $BMNR has been getting a lot more attention lately.

[BMNR Holder | Road to $1M @bmnrtrust]

@Darkminer71 That $11.36 effective entry is the part I like 👀 If you’re already bullish on $ETH and wouldn’t mind owning $BMNR lower, getting paid while you wait is a pretty interesting setup.

[BMNR Holder | Road to $1M @bmnrtrust]

@Ceni_Capital Yeah, that could be a really interesting use of staking rewards. Especially if $ETH is strong and $BMNR is trading below or near NAV — buybacks could become very accretive.

[BMNR Holder | Road to $1M @bmnrtrust]

I think one of the most misunderstood parts of the $BMNR thesis is the flywheel.

If $ETH rises, NAV rises.

If $BMNR starts trading at a meaningful premium to NAV, raising capital above NAV can become accretive. That capital can buy more $ETH.

More ETH can increase NAV/share and staking income. And if the market keeps rewarding that growth, the cycle can repeat.

That’s why I don’t look at $BMNR as simply “leveraged ETH.”

The premium itself can become part of the growth engine.

[BMNR Holder | Road to $1M @bmnrtrust]

@PDphillyPhil Fair point. I’m not saying equity-only is the most capital-efficient structure. My point is that a premium to NAV still creates an accretive funding lever without adding balance-sheet leverage. Debt could improve efficiency, but it also changes the risk profile.

[BMNR Holder | Road to $1M @bmnrtrust]

@BNB776 确实，高成交额本身不一定是利好，它只是让资金进出更容易，也可能放大波动。对我来说，真正重要的还是 $BMNR 能不能持续提升 NAV/share 和 ETH/share。

[BMNR Holder | Road to $1M @bmnrtrust]

$BMNR is already one of the most actively traded stocks in America.

According to Fundstrat, its 5-day average dollar volume reached $1.36B.

That ranks $BMNR #62 out of 5,704 U.S.-listed stocks.

Right behind Texas Instruments.
Right ahead of UnitedHealth.
For an $ETH treasury company that only started this strategy in mid-2025, that level of liquidity is pretty wild.

$BMNR isn’t trading like a niche treasury stock anymore. 👀

[BMNR Holder | Road to $1M @bmnrtrust]

$BMNR is getting really close to the 5% $ETH goal.

BitMine holds 5.90M $ETH right now.

With current ETH supply around 122.11M, the 5% target comes out to roughly 6.11M ETH.

So the remaining gap is only about 204K ETH.

At current prices, that’s roughly $508M versus $541M in reported cash + marketable securities.

Pretty simple: the 5% goal is now very close. 👀

[BMNR Holder | Road to $1M @bmnrtrust]

Daily $BMNR update 👀

$BMNR: $25.58
$ETH: $2,488
mNAV: 1.01x
Position: 12,893 shares / ~$329K

What I like here is that BMNR is basically sitting around NAV again. No crazy premium, no obvious hype priced in yet.

If $ETH keeps moving higher while $BMNR eventually starts getting a stronger premium to NAV, that’s where things can get interesting fast.

For now, nothing complicated. Same position. Same thesis. Road to $1M. 🤝

[BMNR Holder | Road to $1M @bmnrtrust]

@Lucelex And with the 5% target almost reached, this is exactly why I’m curious what comes next. If the next phase relies more on staking and cash flow and less on ATM, that would be a much stronger setup for common holders.

[BMNR Holder | Road to $1M @bmnrtrust]

@Lucelex That’s the real risk. I’m fine with issuing above NAV if it’s actually accretive to NAV/share and ETH/share. But if ATM just keeps capping the premium without improving value per share, then the flywheel stops working for common holders. That’s what I’m watching.

[Digital Oil @TokenizedDollar]

My life savings looking at $ETH when it drops below $1,800 in October-November:

[BMNR Holder | Road to $1M @bmnrtrust]

@Cointelegraph Only ~200K $ETH left. At this point, 5% feels less like the finish line and more like the start of the next phase. What BitMine does after reaching it is what I’m watching most.

[BMNR Holder | Road to $1M @bmnrtrust]

@Pathto21 The best way I’ve found is to estimate $BMNR’s NAV/share at different $ETH prices, then apply a range of possible mNAV multiples. It won’t give an exact price because share count, staking, cash, buybacks/ATM and other assets can change, but it gives a pretty useful framework.

[BMNR Holder | Road to $1M @bmnrtrust]

Here’s a crazy way to look at $BMNR’s exposure to Ethereum:

BitMine now holds ~5.9M $ETH.

Every $100 move in ETH changes the value of that treasury by roughly $590 million.

+$500 ETH = +$2.95B
+$1,000 ETH = +$5.9B

And that’s before factoring in staking income, future ETH accumulation or any change in mNAV.

At this scale, even relatively small moves in $ETH can have a massive impact on $BMNR’s underlying treasury value.

[BMNR Holder | Road to $1M @bmnrtrust]

@RickTWiller Exactly. Seeing +$1,000 in $ETH translate into roughly +$5.9B for the treasury really puts the scale into perspective 😂