Bitmine's $2.6B Valuation Gap Persists Despite Share Price Gain

Bitmine Immersion Technologies NYSE:BMNR shares rose by 2% to $14.98 on Friday, but the company's valuation gap remains significant.

The discrepancy lies in the stock's market capitalization of around $8.53 billion versus its reported holdings of $11.1 billion in crypto, cash, and equity stakes as of June 28.

This leaves a substantial $2.57 billion difference, which translates to roughly 77 cents on the dollar of its reported gross holdings when trading at current prices.

However, this is not a simple discount to net asset value (NAV), which measures what's left after liabilities and senior claims are accounted for.