BitMine Immersion Technologies (BMNR) has transformed into the world’s largest public Ethereum treasury, holding over 4 million ETH. It was originally focused on bitcoin mining, but now it stands as the largest public Ethereum treasury in the world, with more than 4 million ETH.
BMNR trades at 0.80x book value, a 20% discount to NAV, near critical $25-28 support after a 170% gap-up in July 2025. BMNR trades at a 0.80x book, representing a 20% discount to NAV and significantly below the sector median of 3.64x, offering discounted Ethereum exposure relative to both assets and peers.
The MAVAN staking solution, launching in early 2026, could convert BMNR’s passive ETH holdings into a yield-generating asset, supporting income and dividends. The MAVAN staking solution, expected in early 2026, could enable BMNR to generate $360–$480 million annual staking income, shifting it from a passive treasury to an income-generating infrastructure company. I rate BMNR a Buy for risk-tolerant investors seeking leveraged Ethereum exposure at a discount to NAV, with position sizing limited to 2-5% of portfolio and a hard stop below. BitMine Immersion Technologies (BMNR) has transformed into the world’s largest public Ethereum treasury, holding over 4 million ETH worth $12 billion.
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