BMNR is the ETH equivalent of what Strategy is to Bitcoin. The difference is the ceiling. @credo__v points out Saylor accumulates with no cap. BMNR and Tom Lee target 5% of the entire ETH supply as the sweet spot. The alchemy of 5%, from a player that TWAPs eight figures weekly.

ETH is back above $2,500 and BMNR is up 3.6% today. And even after that move, BMNR still hasn’t reached NAV. ETH: $2,506.30 BMNR: $24.76 NAV/share: $25.96 mNAV: 95.4% That still leaves BMNR trading at roughly a 4.6% discount to NAV. How long does that discount last if ETH keeps moving higher? $BMNR $ETH

Defiance just announced a distribution for its BMNR Option Income ETF: $YBMN Defiance BMNR Option Income ETF: $0.1314 Payable August 13, 2026 Disclosure: Defiance is a WOLF Financial Partner. This post is for informational purposes only, not investment advice. Always read a fund's prospectus.

from here, BMNR can lag ETH if BitMine funded its latest 32,447 ETH addition with enough common shares to cut ETH per share. the addition grew BitMine's stack 0.558% and equaled 5.9 basis points of seven-day gross ETH volume, so the buy does not explain ETH's 31.37% weekly rally by itself. when ETH rose from $1,893 to $2.44k, BitMine's old stack gained $3.18b, or 91% of the $3.5b portfolio increase, and the company omitted its current share count and funding source.

$BMNR is doing exactly what an ETH treasury equity should be doing today. ETH: +2.11% BMNR: +5.66% And even after that move, BMNR still hasn’t reached NAV. ETH: $2,459.74 BMNR: $24.10 NAV/share: $24.97 mNAV: 96.5% That still leaves BMNR trading at roughly a 3.5% discount to common NAV. Does parity finally break today? $BMNR $ETH

Norway's sovereign wealth fund disclosed an $81.9M BitMine position at June 30 Norges Bank reported 6,151,062 BMNR shares in half-year holdings published Wednesday. The stake was absent from its December filing and gives the fund equity exposure to Ethereum rather than direct ethereum:native. BitMine joined the Russell 1000 on June 26, and neither disclosure shows whether index inclusion drove the buy. @BitMNR reported 5.81 million ETH as of August 9.

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