---
title: "BMNR extreme value derivation 0203"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38377014.md"
description: "Over the past week, cryptocurrencies plummeted, with ETH/BTC also dropping to 0.029, breaking through the 0.03～0.035 range of the past three months. This shows that in a sluggish market, funds prefer BTC, while ETH, as a risk asset relative to BTC, experienced greater volatility. However, on-chain data tells a different story: daily trading volume hit a record high of 2.5M, and active addresses reached a historic high of 1M, indicating that the current decline is not due to fundamental issues. This Monday, BMNR updated its coin accumulation progress, holding 4.28 million coins, with an increase of 41,000 last week..."
datetime: "2026-02-03T05:46:43.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38377014.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38377014.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38377014.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

# BMNR extreme value derivation 0203

Over the past week, cryptocurrencies plummeted, with ETH/BTC also dropping to 0.029, breaking through the 0.03～0.035 range of the past three months. This shows that in a sluggish market, funds prioritize BTC, while ETH, as a risk asset relative to BTC, has experienced greater volatility. However, on-chain data tells a different story, with daily trading volume hitting a record high of 2.5M and active addresses reaching a record high of 1M, indicating that the current decline is not a fundamental issue.

This Monday, BMNR updated its coin accumulation progress, holding 4.28 million coins, with 41,000 added last week, while its cash position dropped to 580 million. The staking progress increased to 2.89 million, with 880,000 newly staked last week, and mNAV rebounded to 0.99. Analysis of cash changes suggests that the 41,000 ETH purchased by BMNR last week was funded by cash, not ATM financing. Since January, due to the premium fluctuating around 1, BMNR has paused ATM and switched to using cash positions for weekly fixed investments of 30,000～40,000 ETH. With ETH falling to the 2～2.5k range, if the same accumulation pace is maintained, the 580 million in cash can still cover two months of fixed investments. Meanwhile, staking volume has reached 68% of holdings, generating 1.5k ETH in weekly staking income. Zero leverage + staking income allows BMNR to weather the downturn risk-free. In this scenario, BMNR resembles an ETF that tracks ETH proportionally, with everything depending on ETH's performance.

Conclusion: If ETH rebounds to 2.7k, mNAV recovers to 1, corresponding to a stock price of 27; if ETH drops to 2.1k, mNAV falls to 0.95, corresponding to a stock price of 20. The extreme range is thus 20～27.

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

## Comments (40)

- **这是个好事啊 · 2026-02-04T16:40:40.000Z**: Break below 20 and sell? 😫
- **长期价值zyf · 2026-02-04T07:48:36.000Z**: Thanks to Brother Yaren for the daily updates. Without his psychological comfort, it would indeed be tough, but continuously selling calls has somewhat made up for the losses.
  - **[已注销]** (2026-02-04T08:56:34.000Z): What if bm nr explodes?
- **十八要发 · 2026-02-04T07:30:24.000Z**: Logic doesn't seem to apply in the crypto world. I cut my losses and left. The only thing I lost money on this year was crypto stocks.
- **招財水喵喵 · 2026-02-03T10:03:08.000Z · 👍 4**: Last year, I bought in at 60 after seeing Uncle Yaren's fundamental analysis. I guess I'll never get my money back in this lifetime...
  - **lyhalfway** (2026-02-03T10:10:41.000Z): Let's see again this time next year
  - **招財水喵喵** (2026-02-03T10:12:43.000Z): Understood, so I never came to comment on anything, because I knew I didn't have the technical skills and was just thinking about value investing, but I didn't expect the crypto world to be so treache
  - **逸~** (2026-02-03T13:23:17.000Z): Can it be achieved next year? Originally, I thought that being included in regulatory government holdings might stabilize compared to the past, but why does it still feel like a four-year cycle, sigh.
- **zcs_yayaya · 2026-02-03T06:37:57.000Z**: I wonder if this stock could possibly use reserve funds to boost the stock price and then sell shares.
  - **lyhalfway** (2026-02-03T08:47:09.000Z): Probably not, it's fine to just keep investing regularly
  - **Jack www** (2026-02-03T08:50:43.000Z): Fixed investment hahaha
- **TOEI1 · 2026-02-03T06:37:43.000Z**: The extreme values are getting lower and lower
- **暴躁老程゛ · 2026-02-03T06:01:23.000Z**: Uncle, any plans for BMNR this wave?
- **ONE-6.12 · 2026-02-03T06:01:17.000Z · 👍 3**: Got it, invest in the underlying stock regularly, and keep the same pace with TomAccording to the positive accumulation rhythm, weekly 41k/4.28M (1%)My position will be increased to 5% weeklyAccumulated for 8 weeks, with a total increase of 40%After 2 consecutive months (8 weeks), the cumulative inc
  - **lyhalfway** (2026-02-03T06:05:04.000Z): Well, a lot can happen in 2 months
  - ***烟火声*** (2026-02-03T07:21:25.000Z): 40% position, requires great courage
  - **ONE-6.12** (2026-02-03T07:22:56.000Z): No no, it's about increasing the existing position by 40%🤓
- **Gavin Luck · 2026-02-03T05:54:36.000Z · 👍 1**: The boss is the boss, even in a bear market in the crypto world, he can maintain such composure and keep analyzing. If it were me, I would have cut my losses and given up long ago.
- **风风 · 2026-02-03T05:52:53.000Z**: Uncle Yaren, is there something wrong with the mNAV rebounding to 27?
  - **lyhalfway** (2026-02-03T05:56:08.000Z): Typo, corrected
  - **风风** (2026-02-03T05:57:10.000Z): Thank you, Uncle Yaren, for your consistently professional and rigorous data tracking.
- **RH哥哥 · 2026-02-03T05:50:16.000Z · 👍 5**: 🫡, admire brother's persistence
  - **lyhalfway** (2026-02-03T05:55:46.000Z): Trapped🤦
  - **风风** (2026-02-03T05:58:36.000Z): Me too, hahaha, Uncle Yaren is looking to open some new positions.
  - **RH哥哥** (2026-02-03T06:17:55.000Z): Hey, I thought about it carefully later. After all, the temporary bill is not clear yet, and the RWA process is a bit slow. Before the ecosystem is fully mature, ETH value capture will be very difficu
- **Stay foolish · 2026-02-03T05:49:48.000Z**: During sharp declines or surges, on-chain activity is usually higher than usual, because transactions being conducted on the chain are part of it.
  - **lyhalfway** (2026-02-03T05:55:06.000Z): Well, it's also possible. According to the data, it rose rapidly from 2 million to 2.5 million after January.
- **共剪西窗烛 · 2026-02-03T05:49:26.000Z**: There's a small typo in the uncle's final mnav
  - **lyhalfway** (2026-02-03T05:53:19.000Z): Oh, I see it now, corrected
- **可乐的追随者 · 2026-02-03T05:48:50.000Z**: 20 put😭