---
title: "BMNR extreme value derivation 12.23"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/37324580.md"
description: "Trading volume has shrunk before the Christmas holiday. ETH has been fluctuating around 3k for most of the past week, being pushed down whenever it broke through 3.1k and bouncing back whenever it fell below 2.9k. Under such market conditions, DAT company also has no significant opportunities. Continue to perform extreme value deduction by tracking mNAV. As of 12.29, the next coin accumulation progress update core assumption: This Monday, BMNR updated its coin accumulation progress, holding 4.06 million coins, with an increase of 98,000 last week, maintaining a high cash position of 1 billion..."
datetime: "2025-12-23T02:51:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/37324580.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/37324580.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/37324580.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

# BMNR extreme value derivation 12.23

Trading volume has shrunk before the Christmas holiday. Over the past week, ETH mostly fluctuated around 3k, getting pushed down whenever it broke 3.1k and bouncing back when it dropped below 2.9k. Under such market conditions, DAT company also has little opportunity. Continue to perform extreme value analysis by tracking mNAV, with the next coin accumulation update scheduled for 12.29.

Core assumptions: This Monday, BMNR updated its coin accumulation progress, holding 4.06 million coins, with 98,000 added last week, maintaining a high cash position of 1 billion. mNAV is 1.06 (fluctuating around 1.05 over the past week). Previously, we analyzed that changes in BMNR's cash position could reflect the company's judgment on short-term trends. This week, the cash position remains at 1 billion, not used for coin accumulation or bottom-fishing, indicating Tom Lee's continued caution about short-term trends. With only 3 trading days this week and limited ATM financing, the cash position may be reserved to handle ETH volatility during the U.S. stock market holiday.

Conclusion: If ETH rebounds to 3.3k, mNAV will rise to 1.2, corresponding to a stock price of 38.5; if ETH falls to 2.8k, mNAV will drop below 1, corresponding to a stock price of 28. The extreme value range is thus 28～38.5.

Not investment advice.

$BitMine Immersion Tech(BMNR.US)

### Related Stocks

- [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md)
- [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md)
- [DAT.US](https://longbridge.com/en/quote/DAT.US.md)
- [ETH.US](https://longbridge.com/en/quote/ETH.US.md)

## Comments (25)

- **小陈同学爆赚 · 2025-12-23T15:32:34.000Z**: Uncle Yaren, I have a question. I bought MSTR at 200 before, didn't sell at 360, and now it's at 162 with a loss of about 33. Should I switch to BMNR? I'm thinking of reallocating and would like to hear your opinion.
  - **lyhalfway** (2025-12-23T15:49:17.000Z): The overall trends of these two are consistent, but ETH's volatility is greater than BTC's, so BMNR's volatility will also be higher than MSTR's.
  - **小陈同学爆赚** (2025-12-23T15:50:31.000Z): Thank you for your reply, Uncle Yaren. If it were you, would you rebalance your portfolio? ❤️
  - **lyhalfway** (2025-12-23T16:03:24.000Z): I prefer BMNR, mainly because I agree with the ecosystem narrative of ETH.
- **花有重開日 · 2025-12-23T11:56:30.000Z**: Short selling?
- **UK车银优 · 2025-12-23T06:39:25.000Z**: Can you give some hints on the better points for ly uncle to replenish his position?
  - **lyhalfway** (2025-12-23T06:42:10.000Z): I made additional purchases based on the reference range. The volatility of crypto and stocks is high, and everyone's risk tolerance is different, so I won't share the specific points.
  - **UK车银优** (2025-12-23T06:50:03.000Z): Good, and thank you Uncle Ly for your selfless sharing of the latest updates every day.
- **小葵^_^ · 2025-12-23T06:22:20.000Z**: The breakthrough price is getting lower and lower, while the bottom is still 27/28
- **金钱龟龟 · 2025-12-23T06:11:47.000Z**: BM doesn't even know what it's following to rise now, it just won't move
- **外贸幼稚园 · 2025-12-23T06:02:47.000Z**: The options of bmnr are probably worn out... Few people made money
  - **招財水喵喵** (2025-12-23T08:22:42.000Z): Sigh, lost almost ten thousand dollars on bmnr options
  - **每天都是行情** (2025-12-23T15:22:40.000Z): Next time, just buy bi directly if you're bullish, don't buy these related stocks
- **Ralphchou0818 · 2025-12-23T05:30:12.000Z**: It's been a hard six months. Whether it's bmnr or mstr.
- **幸运币 · 2025-12-23T03:57:32.000Z · 👍 1**: 😵Uncle Yaren, is there still the extreme value deduction of sbet?
  - **lyhalfway** (2025-12-23T04:03:00.000Z): sbet hasn't bought ETH for a long time, and the reasoning is based on updated coin hoarding
  - **幸运币** (2025-12-23T04:12:52.000Z): 🫠Okay, thank you uncle
- **Asdfg · 2025-12-23T03:22:23.000Z · 👍 2**: Space has already taken off, but the crypto circle hasn't taken off in half a year. It's really testing patience😂
- **我有两只猫 · 2025-12-23T03:21:40.000Z · 👍 1**: This stock has been waiting for it to reach 28, but it bounces back a little every time it's almost there😂
- **KK园区交易员 · 2025-12-23T03:20:00.000Z · 👍 1**: A small position at 35, waiting to add more around 29
- **ONE-6.12 · 2025-12-23T03:07:15.000Z · 👍 2**: The Christmas market fluctuations should not be significant
  - **lyhalfway** (2025-12-23T03:19:47.000Z): Hmm yes, I think so too
- **钱途无限小仙女 · 2025-12-23T02:53:57.000Z**: Just buy some at 28 to lower the average cost
  - **lyhalfway** (2025-12-23T03:04:31.000Z): Hmm, wait a bit longer, it's not the right time to top up yet.