BitMine’s 4 Million ETH Sounds Huge — But Valuation Is the Real Story

[cryptobro]

BitMine Immersion Technologies disclosed holdings of 3,967,210 ETH, alongside 193 BTC, a $38M equity stake, and $1B in cash — totaling roughly $13.2–$13.3B in assets.

What matters isn’t just the size of the ETH stack. It’s that BitMine’s market cap is also around $13B. That means the company is effectively trading as a public ETH balance sheet, not a traditional operating business.

At this scale, BitMine’s stock price is mechanically linked to ETH price movements. When ETH moves, BMNR moves — not because of fundamentals, but because of sheer asset weight.