Bitmine ETH Holdings Near 4 Million as Stock Trades Close to mNAV Range

Bitmine ETH Accumulation Continues While Stock Pulls Back

Bitmine disclosed on Monday that it held 3,967,210 ether as of Dec. 14, valued at roughly $12.2 billion using a reference price of $3,074 per ETH. The company also reported ownership of 193 bitcoin, a $38 million equity stake in Eightco Holdings, and $1 billion in cash, bringing total crypto and cash holdings to about $13.2 billion.

The ether position represents more than 3.2% of the circulating ETH supply, making Bitmine the largest known corporate holder of ethereum (ETH). The latest update follows the addition of more than 102,000 ETH over the prior week, according to the company. Bitmine has repeatedly stated its long-term objective of reaching 5% of the ETH supply, though no specific timetable has been disclosed.

The firm ranks as the second-largest global crypto treasury, behind Strategy, based on publicly available figures. Bitmine’s equity performance has been volatile but strong on a longer time frame. Shares closed at $34.74 on Dec. 15, down slightly from the prior session, giving the company a market capitalization of approximately $14.8 billion.

The stock has traded between $3.92 and $161 over the past 52 weeks and remains heavily traded, with average daily volume near 47 million shares. On a performance basis, BMNR shares are up more than 396% year to date and roughly 222% over the past year, despite a pullback of nearly 38% over the past three months.

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By comparison, both bitcoin and ethereum posted negative returns over the same periods, underscoring the equity’s sensitivity to treasury dynamics rather than spot crypto prices alone. Based on updated market prices, Bitmine’s net asset value was estimated at about $13.44 billion as of Dec. 15.

With minimal reported debt, enterprise value stood near $13.79 billion, placing the stock at an estimated multiple-to-NAV (mNAV) of roughly 1.03x. That narrow premium suggests the market is valuing Bitmine close to the fair value of its crypto and cash holdings, leaving future performance tied closely to ETH price movements, issuance activity, and further treasury expansion.

FAQ ❓

• How much ethereum does Bitmine currently hold?
  Bitmine reported holding 3,967,210 ETH as of Dec. 14.
• What is Bitmine’s total crypto and cash position?
  The company disclosed approximately $13.2 billion in crypto and cash holdings.
• How has Bitmine’s stock performed this year?
  BMNR shares are up more than 396% year to date despite recent volatility.
• What is Bitmine’s current mNAV?
  Based on recent prices, Bitmine trades at an estimated mNAV of about 1.03x.