53,501 ETH, $363M raise, 611.3M shares

Sixty-five weeks of buying. Enough cash to finish Alchemy. The company still raised. Full print below.

On the latest update, $BMNR purchased 53,501 $ETH for an estimated $130 million.

They also added another $233 million to cash on top of that $ETH purchase.

That implies roughly $363 million raised this past week, adding an estimated 15 million shares to the outstanding total.

Estimated share count is now 611.3 million shares outstanding.

$BMNR bought back over 19 million shares when $BMNR was under $18. It then reissued them when the stock was back over $22 and mNAV was back over 1.00.

Holdings on the filing: 5,901,112 $ETH. That is 4.9% of the 120.7 million supply. Cash rose to $541 million. Moonshots remain — Beast $180 million, Eightco $81 million — plus 211 BTC. $ETH was marked at $2,511 on that print.

$BMNR has enough cash to reach the Alchemy of 5% this week if they chose to. Completing it would take roughly $330 million; cash stands at $541 million.

On Bankless, Tom Lee said enterprises will want to hold $ETH the way they view real estate. If that holds, owning more than 5% would be consistent with the strategy. He framed that as a 2027 question. This week’s raise is dry powder plus another 53,000 coins while the stock sits on NAV.

$BMNR has enough capital to buy the rest of the 5% Alchemy and still run $200 million of share buybacks. The stock is already trading at a premium to NAV.

Staked $ETH on that filing was 5,067,309. That is the highest share of the pile they have staked — north of 85%. The 7-day yield was 2.63%. Further gains in yield per share now come from $ETH moving higher and from staking the last slice, not from a new product.

Staking revenue cannot be separated from the cash add, so this tracker treats it as ATM until further notice. 15 million shares against $363 million is a ~$24 raise. That is not a distressed print. It is also not a buyback. Share count is the scoreboard and is marked every Monday.

The question into the following week: put the $541 million into the last 134,000 $ETH and print Alchemy, or dribble buys and keep cash for buybacks if the stock slips under 1.00. The next 8-K showed they dribbled. That is a choice — and a defensible one if mNAV holds.