Bitmine: When the 'Listed Ethereum ETF' Faces a Price Halving
As of June 1, 2026, Bitmine Immersion Technologies (NYSE: #BMNR ) holds approximately 5.39 million ETH (about 4.47% of the total supply) at an average cost of around $3,500. With today's Ethereum at $2,000, the ETH position's market value is about $1.078 billion; coupled with $775 million in cash, a small amount of Bitcoin, and equity investments, the total assets are around $14 billion. However, the company's stock price is only about $19.25, with a total market cap of about $11.17 billion—just the value of ETH plus cash ($11.56 billion) exceeds the market cap, indicating a significant discount from the market. If Ethereum drops to $1,000, the scenario will be completely different:
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