Bitmine Immersion Tech Pref Shares BMNP 9.5 Perp 07/15/26

Last week, mNAV remained at 0.8~0.85, and BMNR finally repurchased shares, 5.5 million shares $BitMine Immersion Tech(BMNR.US)

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $BitMine Immersion Tech(BMNR.US) Bitmine Reports $𝟏𝟏.𝟓 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 Holdings, Nears 𝟓% of Ethereum Supply

My Longbridge portfolio reflects a -15.19% unrealized loss on the BMNU 2X Long ETF, with a cost basis of $10.40. Lesson learnt is using a leveraged daily target ETF on volatile crypto proxies like BMNR demands extreme caution and patience. Given the recent drawdown and compounding risks, maintaining strict position sizing is essential.

$BMNR 2X Long ETF(BMNU.US)

$BitMine Immersion Tech(BMNR.US) | B.Riley maintains 𝐁𝐮𝐲 on Bitmine Immersion Technologies, 𝐜𝐮𝐭𝐬 𝐏𝐓 𝐭𝐨 $𝟐𝟓 𝐟𝐫𝐨𝐦 $𝟑𝟑

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $BitMine Immersion Tech(BMNR.US) Bitmine Reports $11.3 Billion Holdings, Controls 4.8% of Ethereum Supply

$BitMine Immersion Tech(BMNR.US)

I am still holding my position in BMNR shares and remain firmly bullish that Ethereum ecosystem and Ethereum price will stage a strong recovery. ❤️‍🩹

The latest 2 key developments are lifting sentiment:

✅ Robinhood Chain’s successful Layer‑2 launch has renewed confidence among Ether investors.

✅ BMNR has acquired another 20,500 ETH for roughly $35.92 million in a block trade around 10 July 2026. A clear positive signal for Ethereum turnaround.

For BMNR valuation, its current price‑to‑book ratio stands at just 0.82, meaning downside risk looks very limited right now with unlimited upside. Do you agree with my thought 🤭?

Closed out my BMNR position few months back for a gain of +$655.49. I got into this trade watching the momentum in crypto-adjacent mining plays and decided to size in gradually rather than going all-in at once, which helped smooth out entry risk.

My exit was triggered by hitting my pre-set profit target rather than trying to squeeze out extra upside — sticking to the plan instead of getting greedy. Risk management-wise, I kept my position size to a level I was comfortable losing entirely, and used a mental stop-loss rather than chasing after a bad move. Overall, happy with how the discipline paid off here.

$BitMine Immersion Tech(BMNR.US)

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $BitMine Immersion Tech(BMNR.US) Bitmine Reports $11.1 Billion Holdings, Nears 5% of Ethereum Supply

📊 Overnight Movers

$BitMine Immersion Tech(BMNR.US)

This is a speculative, momentum‑driven play and definitely not a value investment. No fundamentals.🤣

The current bounce near multi‑month lows may be linked to Bitcoin’s recovery but the company lacks profitability and carries high volatility.

It may be due to Warsh’s statement about inflation expectations.

Summary:

✅ Price: $14.45 (+8.56%)

✅ Market Cap: $7.77B

✅ Near support: Just above 52‑week low $12.80

✅ Valuation: P/B 0.79 (trading below book value)

✅ Liquidity: Good volume ~$244M

⚠️ Risks: Unprofitable (EPS -$16.16), no earnings support, fell sharply from $161 peak

💡 Verdict: Momentum/crypto‑linked trade — high volatility, not a long‑term value hold

Not financial advice. Do your own DD.

$BitMine Immersion Tech(BMNR.US)is heavily influenced by ETH performance, amplified by operational and financing factors, with moderate correlation to broader macro conditions.

$BitMine Immersion Tech(BMNR.US)exhibits moderate correlation with ETH (around 0.53–0.57), but its treasury strategy, bolstered by recent preferred stock raises and ongoing dip-buying (such as additional tens of millions in ETH), creates a leveraged effect where positive ETH momentum can lead to outsized gains via net asset value growth, while weakness hits harder. Company-specific positives, including the successful launch and dividend payments on its BMNP preferred shares plus progress toward its 5% ETH milestone, provide some fundamental support, yet these have not fully insulated the stock from the prevailing ETH downtrend.

Macroeconomic conditions have added meaningful headwinds, particularly through a hawkish Federal Reserve stance amid resilient U.S. economic data and sticky inflation readings that have tempered expectations for aggressive rate cuts. Higher-for-longer interest rates increase opportunity costs and discount rates for speculative, non-yielding assets like crypto and growth-oriented equities, contributing to tighter liquidity and reduced risk appetite. Geopolitical developments and broader market volatility have compounded this, creating a risk-off environment that weighs on both ETH and $BitMine Immersion Tech(BMNR.US).

@Bridge Buzz SG

Over the past few days, both MSTR and BMNR have fallen a lot. BTC breaking below 60k and ETH breaking below 1.6k are of course the main reasons, but the two DATs have fallen even more, which means their premiums have compressed further. I believe the primary cause is STRC's significant de-pegging to 70+, deviating too much from the 100 target price without recovery for a long time, reflecting the market's extremely low confidence in MSTR's credit premium. I'll try to analyze why this is happening.

Since STRC started increasing volume in March '26, it has already raised 10 billion for MSTR to hoard coins. Its financing logic has also become "STRC issues more to hoard coins, MSTR issues more to pay interest." The implied meaning is that Saylor prioritizes the interests of STRC preferred shareholders, covering STRC's high dividends through MSTR issuance, and using dividend adjustments to anchor STRC at a price of 100. This logic worked well before, until May when Saylor sold 32 BTC. With insufficient cash reserves, the market began to worry that MSTR lacked the ability to pay interest and would sell coins to cover it. To quell market concerns, Saylor proposed that selling coins is fine, as long as the per-share coin holding increases. But the market didn't buy it. What followed was a continuous decline in MSTR's premium, STRC falling to 90/80/70, and BTC breaking below 60k.

I believe from this point on, Saylor's market expectation management has gone wrong. The management of the three expectations—STRC at 100, per-share coin holding, and BTC holdings—is very delicate. It's fine during a bull cycle, but in a bear market, it's almost an impossible trinity. Maintaining per-share coin holding means MSTR cannot be issued at a low premium. With limited cash, how can the interest rights of STRC creditors be guaranteed? So STRC holders voted with their feet, driving the price down to 70+. According to the original plan, Saylor could fix STRC at 100 by adjusting the interest rate. But currently, with limited cash, financing closed, and needing to raise rates further, the market would be even more skeptical of your ability to pay interest.

This is like a juggler in a circus throwing balls into the air. Keeping one or two balls from falling isn't hard, but keeping three balls from falling simultaneously requires great skill. Therefore, to restore confidence in STRC and prove Saylor's ability to pay interest, the other two expectations must be broken: either issue MSTR at a low premium (damaging per-share coin holding) or sell coins (damaging the coin-hoarding expectation).

As for BMNR, over the past week, mNAV has fallen to 0.85, a historical low. The logic is the same. Doubts about confidence in STRC will spread to all DAT business models; they're all grasshoppers tied to the same rope. Although BMNR has no debt and ETH staking provides interest-paying capability, the market doesn't care. It's a blanket sell-off now.

$Strategy(MSTR.US)$Microstrategy Inc Pref Shares STRC 9.0 Perp(STRC.US)

$BitMine Immersion Tech(BMNR.US)

$BitMine Immersion Tech(BMNR.US)’s price performance was mixed but leaning stabilizing after volatility. The preferred sale close, BMNP listing, and first dividend declaration are positive execution signals that reduce uncertainty and show the company is delivering on its capital structure plans. Recent stock upticks align with holdings updates and buying activity. However, $BitMine Immersion Tech(BMNR.US)has seen dips tied to ETH weakness, broader market sentiment, or profit-taking around the raise. High 9.5% preferred dividend cost adds ongoing pressure that must be serviced via staking yields or other means.

More ETH accumulation directly boosts treasury NAV (key valuation driver for these vehicles). Nearing the 5% supply milestone strengthens the narrative. Staking via MAVAN and preferred dividends show revenue/return potential. Analyst targets imply significant room to run if the leveraged ETH thesis plays out (similar to MSTR’s model). Continued buys during dips reinforce conviction.

Price remains highly correlated to ETH (current weakness weighs on it). Fixed high-cost preferred capital creates obligations. Valuation concerns and retail sentiment mixed on X, with some frustration over volatility or execution. Any slowdown in buys or ETH underperformance could pressure the stock. Operational losses persist.

@Bridge Buzz SG

$BitMine Immersion Tech(BMNR.US)

Bitmine Immersion Technologies (BMNR) continues to strengthen its position as one of the largest corporate holders of Ethereum.

Buying BMNR is equivalent to owning a portion of Ethereum.

Recent developments include the launch of its Series A Preferred Stock (BMNP) on the NYSE and the company’s ongoing focus on expanding its ETH treasury and staking operations. Management remains committed to its Ethereum-centric strategy,

For myself, the key investment thesis remains unchanged. BMNR offers leveraged exposure to the long-term growth of the Ethereum ecosystem through treasury accumulation, staking income and digital asset infrastructure.

As always, volatility comes with the territory but the company’s execution continues to make BMNR one of the most closely watched Ethereum treasury plays in the market. Higher risk higher returns🚀 Scare don’t buy, buy don’t scare.😉

$Bitmine Immersion Tech Pref Shares BMNP 9.5 Perp 07/15/26(BMNP.US) has quietly gone public. The only metric to watch going forward is the trading volume.