---
title: "BMNR extreme value derivation 1.21"
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/37971512.md"
description: "Over the past week, the market has been highly volatile due to Trump, and cryptocurrencies have also crashed severely, with BTC falling below 90k and ETH below 3k in just 2 days. Under such impact, it's hard for individual stocks to have independent opportunities, but last week BMNR still achieved many positive developments for the company's fundamentals, the most important being the approval of the shareholder vote. I think it's still necessary to review the voting process, which will also help to better understand the operations of Wall Street's capital markets. BMNR uploaded an 8-k file, disclosing the voting results of 4 proposals. Previously analyzed..."
datetime: "2026-01-21T06:21:37.000Z"
locales:
  - [en](https://longbridge.com/en/topics/37971512.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/37971512.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/37971512.md)
author: "[lyhalfway](https://longbridge.com/zh-CN/profiles/3372973.md)"
---

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# BMNR extreme value derivation 1.21

Over the past week, the market has been highly volatile due to Trump, and cryptocurrencies have also crashed severely, with BTC falling below 90k and ETH below 3k in just 2 days. Under such shocks, it's difficult for individual stocks to have independent trends, but last week BMNR still achieved many positive developments for the company's fundamentals, the most important being the passage of the shareholder vote resolution. I think it's still necessary to review the voting process, which will also help in understanding the operations of Wall Street's capital markets.

BMNR uploaded an 8-k file, disclosing the voting results of 4 proposals. As previously analyzed, except for Proposal 2, which was a routine matter, Proposals 1/3/4 were non-routine matters, meaning brokers could not vote on behalf of shareholders. Thus, we see 88 million BROKER NON-VOTES for 1/3/4, indicating that 88 million shares held by retail investors did not participate in the vote. Since Proposal 2 was a routine matter, brokers could vote on behalf, so BROKER NON-VOTES were empty, and these 88 million silent votes were recorded as VOTES FOR by brokers, pushing the affirmative votes to 220 million, exceeding 50% of the total outstanding shares of 425 million, thus passing the resolution.

So everything was carefully designed by management to ensure the passage of the most important authorized share capital proposal. Here, I want to emphasize that BMNR's management has strong execution capabilities in capital operations and is not a makeshift team. Next, we will continue to track mNAV for extreme value projections, with the next coin accumulation update due by 1.26.

Core assumptions: This Monday, BMNR updated its coin accumulation progress, holding 4.2 million coins, with 35k added last week. The cash position is 979 million (Mr Beast's 200 million investment has not been completed and is not yet reflected in the balance sheet). The staking progress has rapidly increased to 1.83 million (staking rate of 44%), with 580k newly staked last week. mNAV has fallen to 0.95, also meaning the financing window has closed. I've added staking yield tracking to the model and included this income in the mNAV calculation. The biggest issue now is the low sentiment in the crypto market, with tariff shocks and the delayed review of the GENIUS Act bill continuing to suppress mNAV premiums. However, the fundamentals of ETH and BMNR remain unchanged, and I will continue to hold.

Conclusion: If ETH rebounds to 3.2k, mNAV will recover to 1, corresponding to a stock price of 32; if ETH falls to 2.8k, mNAV will drop to 0.92, corresponding to a stock price of 26. The extreme range is thus 26～32.

Not investment advice.

$BitMine Immersion Tech(BMNR.US)

### 相关股票

- [Grayscale Bitcoin Mini Trust ETF (BTC.US)](https://longbridge.com/zh-CN/quote/BTC.US.md)
- [Grayscale Ethereum Mini Staking ETF (ETH.US)](https://longbridge.com/zh-CN/quote/ETH.US.md)
- [BitMine Immersion Tech (BMNR.US)](https://longbridge.com/zh-CN/quote/BMNR.US.md)
- [BITMINE IMMERSION TECNOLOGIES INC (BMNRD.US)](https://longbridge.com/zh-CN/quote/BMNRD.US.md)

## 评论 (38)

- **Ant Fly · 2026-01-21T17:23:04.000Z**: The trend is getting lower and lower, unable to pull out a premium, and becoming less and less promising.
- **pocoyo · 2026-01-21T16:21:52.000Z**: BMNR should be ATM today
- **伦敦爱吃炒饭 · 2026-01-21T10:28:42.000Z · 👍 3**: The company is good, the management is good, the progress of hoarding coins is good, and there is no negative change in the fundamentals of eth. The only thing needed is a good mindset to face the garbage time in the coming months.
- **他说还能再加补一股 · 2026-01-21T08:49:31.000Z**: There is also an invisible macro black swan. The government's temporary funding will end at the end of January. If the two parties cannot reach an agreement, the government will shut down again😩
- **Asdfg · 2026-01-21T07:48:59.000Z · 👍 1**: Gold and silver are soaring, the crypto market must be in trouble😂
- **四条草金 · 2026-01-21T07:48:56.000Z**: Wait for the bottom, how about it
- **ZEROWU · 2026-01-21T07:35:15.000Z**: 🤫Buy when you feel it
- **龙葵^_^ · 2026-01-21T07:21:49.000Z**: The premium keeps decreasing, and the extreme price is getting lower and lower. It's unknown when we can break even.
- **柚子梦 · 2026-01-21T07:15:31.000Z**: Originally thought the Americans were messing around, the credibility of the US dollar has been declining, benefiting gold and shitcoins, especially during the government shutdown in October. Turns out only gold held up, while shitcoins were hit hard this time.
- **风吹来的瑞兆～～ · 2026-01-21T06:44:40.000Z**: The crypto downturn is over, it just started to recover a bit, and then the US stocks suddenly plummeted.
- **zcs_yayaya · 2026-01-21T06:36:51.000Z**: Missed the rally of other stocks
- **争取保住本金 · 2026-01-21T06:36:48.000Z**: +1, keep holding!
- **zcs_yayaya · 2026-01-21T06:36:25.000Z**: Can only hold on, cost basis at 42, day trading, won't buy this stock after breaking even.
- **鹿角少女 · 2026-01-21T06:35:11.000Z**: Bro, I'm mentally broken. I liquidated all my positions in the night market today, exiting with a 50% loss 🥹🥹
  - **lyhalfway** (2026-01-21T06:37:17.000Z): Hmm... the current crypto market is tough
  - **鹿角少女** (2026-01-21T06:37:49.000Z): When can I get in again? I'm not willing to give up.
  - **lyhalfway** (2026-01-21T06:39:23.000Z): Wait, ETH shows signs of reversal, I will continue to observe
- **我是水水 · 2026-01-21T06:34:06.000Z**: 😉🤙🤙🤙
- **Lucky fei · 2026-01-21T06:33:00.000Z**: May I ask, StockPro, are the positions of bmnr, Google, and pltr equally divided?
  - **lyhalfway** (2026-01-21T06:36:05.000Z): No, pltr is the most
- **Bullish · 2026-01-21T06:32:41.000Z · 👍 1**: Really, there are only a few of us left in the comments section still holding on.
  - **赚钱的Charlie** (2026-01-21T06:41:57.000Z): I'd better find a chance to cut my losses, I've missed too much. Can't hold on anymore
  - **风吹来的瑞兆～～** (2026-01-21T06:43:49.000Z): You are not a short-term
  - **Bullish** (2026-01-21T06:43:56.000Z): You can cut it now, there's no hope of reaching 3000😂
- **Bullish · 2026-01-21T06:32:23.000Z**: It's too hard to play, bro
  - **lyhalfway** (2026-01-21T06:35:56.000Z): Comments have no impact on the stock price at all, so it's better to make independent judgments. My initial reasons for being optimistic haven't changed, so I'll continue to hold.
  - **美股交易员** (2026-01-21T09:32:24.000Z): Few people get rich by reading comments!