6,041,481 ETH × $2,437.03 (holdings as of 2026-10-18) · source
mNAV (equity-only)
0.93×
market cap ÷ treasury value; ignores debt, preferreds and cash
Preferred notional (total)
$350.0M
Σ shares out × stated amount (see table)
Total debt
not sourced
no sourced debt figure in PrefWatch's inputs
Shares: 10-Q (quarter ended May 31, 2026) cover: 603,226,394 common shares as of Jul 9, 2026
BitMine sells common through an ATM; its weekly 8-K press releases do not state a share count, so shares issued after Jul 9 are not included until the next periodic filing.
Enterprise-value mNAV not shown: BitMine reports cash only combined with marketable securities ($582M "total cash & marketable securities", Oct 19 8-K), and no sourced debt figure is in PrefWatch's inputs.
Prices refresh hourly on market days; share counts and debt update when new filings or issuer figures are added. The homepage commons cards show this same mNAV.
Prices delayed (Yahoo Finance). Effective yield = rate × stated amount ÷ price. Market value = price × shares out; notional = shares out × stated amount (STRE converted at the live EUR/USD). Each ticker links to its own page.
Coverage summary
BMNP
3,500,000 × $100 × 9.50%
$33.3M
Annual pref. dividends
$33.3M
Treasury value
$14.72B
6,041,481 ETH × $2,437.03
ETH coverage
442.8 yrs
ETH treasury value ÷ annual prefs (years, gross)
Breakeven ETH return
0.23%
per year
Cash coverage
Cash coverage
—
not sourced
Amplification
2.4%
prefs ÷ treasury, no debt
Amplification, prefs only
2.4%
preferred notional ÷ treasury value
These are separate measures — never added together. Cash coverage: not sourced. BitMine reports cash with marketable securities, not a cash-only figure.
Same inputs and formulas as the homepage coverage cards: annual preferred dividends = shares × stated amount × rate (latest filings); treasury value = filed holdings × ETH price (CoinGecko, as of this build); amplification = (preferred notional + debt principal) ÷ treasury value.
Price stress test
%
Holdings, preferred dividends and debt are held fixed at the latest filings; only the ETH price moves. This shows the mechanics, not a forecast, and is not investment advice. Cash coverage does not depend on price and is unchanged.
Coverage history
ETH coverage (years)
ETH holdings × that day's close ÷ annual preferred dividendsnow, at the live price
Cash coverage
Not sourced: BitMine reports cash together with other holdings, not a cash-only figure.
Amplification (%)
preferred notional ÷ treasury
20 dated points, 2026-05-31 to 2026-10-18, each from an SEC filing (8-K/10-Q/10-K or exhibit press release). Nothing is interpolated: lines just join filed points. ETH prices: Yahoo Finance daily closes (UTC day, ETH-USD) on each filing's as-of date. Dashed vertical lines mark when each preferred was first issued. Dividend rates are those in effect on each date. Left out: 8-K filed Jul 6, 2026 (0001493152-26-032090) states 5,742,237 ETH "as of June 28, 2026", conflicting with the Jun 29 8-K (5,700,040 ETH as of Jun 28); likely a date typo, so the point is left out.
Prices: Yahoo Finance (delayed). ETH: CoinGecko. Holdings, shares, cash and debt: issuer SEC filings and press releases. History: history.json. PrefWatch is independent and not affiliated with any issuer. Not investment advice.