BitMine Immersion Technologies’ massive Ethereum position gained more than $1.1 billion in market value Wednesday as ETH surged from below $1,910 to above $2,100.
The calculation is based on BitMine’s latest disclosed holdings of 5,815,164 ETH and Ethereum’s move from an intraday low of $1,905.44 to above $2,100. A $194.56 increase across BitMine’s treasury translates to approximately $1.13 billion in additional value.
Ethereum jumped about 9% Wednesday, breaking $2,000 before extending the rally above $2,100. Earlier in the session, ETH traded as low as $1,905.44, according to The Crypto Times’ Ethereum price coverage.
BitMine’s ETH Treasury Is Now Worth Over $12 Billion
BitMine reported this week that it held 5,815,164 ETH as of August 16, representing about 4.8% of Ethereum’s 120.7 million supply. The company valued the position using an ETH price of $1,893, putting its Ethereum holdings at approximately $11.01 billion at the time.
At $2,100 per ETH, the same position is worth approximately $12.21 billion.
That means BitMine’s ETH treasury has gained about $1.20 billion relative to the price used in its latest official holdings disclosure, even before accounting for any additional ETH purchases made since August 16.
The Wednesday-only move is slightly smaller. Using ETH’s $1,905.44 intraday low as the starting point, BitMine’s position gained approximately $1.13 billion by the time Ethereum crossed $2,100.
These are unrealized changes in the market value of BitMine’s assets, not realized trading profits and not personal earnings for Chairman Tom Lee.
87% of BitMine’s Ethereum Is Already Staked
The price rally also affects the dollar value of BitMine’s unusually large staked position.BitMine disclosed that 5,067,309 ETH, or roughly 87% of its total holdings, was staked as of August 16. The company valued those tokens at about $9.6 billion using the same $1,893 ETH price.
At $2,100, the staked position alone would be worth roughly $10.64 billion. From Wednesday’s $1,905.44 low to $2,100, the market value of those staked tokens increased by approximately $986 million.
BitMine also estimates its current staking operations could generate around $250 million in annualized revenue based on recent yields, while the company projects approximately $287 million if its ETH holdings are fully staked through MAVAN and its staking partners. Those figures are company projections and can change with Ethereum staking yields.
BMNR Stock Jumps 10% With Ethereum
Investors also repriced BitMine shares as Ethereum rallied. Bitmine (NYSE:BMNR) closed Wednesday at $20.24, up 10.72%, after trading between $18.27 and $22.06 during the session. The company’s market capitalization stood at roughly $11.17 billion at the close.
That creates an unusual comparison: at an ETH price of $2,100, BitMine’s $12.21 billion Ethereum position alone is larger than the company’s roughly $11.17 billion equity market capitalization.
The comparison does not mean BMNR is automatically undervalued. A proper net asset value calculation must also account for liabilities, preferred securities, dilution, other assets and the structure of the company’s capital base.
Still, the gap shows how tightly BitMine’s valuation has become tied to Ethereum. With 5.815 million ETH on its balance sheet, every $100 move in ETH changes the gross market value of the company’s treasury by about $581.5 million.
A 10% Ethereum move near current prices can therefore add or erase well over $1 billion from BitMine’s crypto assets in a single trading session.
Also Read: Bitmine’s Cash Falls to $78M as ETH Buying and Buybacks Continue
