28,086 ETH, $52M more cash, 616.1M shares

On the latest update, $BMNR purchased 28,086 $ETH and added $52 million to cash over the week.

That implies an estimated $120.2 million raised.

Estimated share count rose by 4.8 million shares this past week.

Estimated share count is now 616.1 million shares outstanding.

$BMNR
MNAV = 0.98
NAV per share = $25.31

$BMNR $24.91
$ETH $2,481

They are still buying $ETH and still adding cash. Share count continues to rise until the ATM is formally closed.

Staking revenue cannot be separated from the cash add, so this tracker treats it as ATM until further notice — the method since June. If existing cash had funded the buy, share count would not move like this. 4.8 million new shares against a $120 million raise is a ~$25 print, on top of NAV. The stack is not being given away, and stock is not being retired.

Two weeks ago estimated share count was 611.3 million. This week it is 616.1 million. The week before that they bought 53,501 $ETH and added another $233 million of cash on top of a $130 million $ETH ticket — a ~$363 million raise and about 15 million shares — then bought 28,000 more $ETH.

As of the August 30 filing they held $541 million in cash against roughly $330 million needed to finish the Alchemy of 5%. They had enough cash to complete it that week. They bought 28,000 $ETH and kept dry powder.

Alchemy math at 120.7 million $ETH supply: 5% is 6,035,000. Holdings are 5,901,112 plus this week’s 28,086, or about 5.93 million. Roughly 100,000 $ETH remains. At $2,480 that is about $250 million. Cash is available. The question is whether they finish 5% or reserve funds for buybacks if mNAV slips.

The prior week they bought back over 19 million shares when $BMNR was under $18, then reissued them when the stock was back over $22 and mNAV was back over 1.00. This week is the other side of that trade: a small raise, a small buy, stay near par. An ATM halt would likely re-rate the stock. It did not happen. The next 8-K should be read the same way: share count first, $ETH second.

$BMNR started Monday around 0.99 mNAV and spent the day 0.98–0.99. $ETH held up with oil back in the mid-90s. If oil stays below $100 and inflation does not spike into year end, $ETH remaining below $3,000 is harder to justify.

$BMNR price targets at the current share count, by $ETH price and mNAV:

$ETH $3,000
1.00 mNAV = $30.30
1.25 mNAV = $37.88
1.50 mNAV = $45.45
1.75 mNAV = $53.03

$ETH $4,000
1.00 mNAV = $39.95
1.25 mNAV = $49.94
1.50 mNAV = $59.93
1.75 mNAV = $69.92

$ETH $5,000
1.00 mNAV = $49.61
1.25 mNAV = $62.01
1.50 mNAV = $74.41
1.75 mNAV = $86.82

If $BMNR buys back shares over this period, these targets will be higher.

What to watch this week: the next 8-K — whether share count rose again or cash fell because they spent the pile — and whether mNAV holds 1.00 on a flat $ETH tape. mNAV is driven by sentiment around $ETH and $BMNR.

Not financial advice.