ATM issued 50 more rounds, raising 19.2 billion yuan; as a result, ETH fell by 52%. That 4.6 billion yuan paid as a premium to buy stocks is truly just tuition—Bitmine’s treasury operation is a textbook-level negative example.

10x Research notes that Bitmine raised $1.92 billion in financing through 50 ATM issuances from 2025/7 to 2026/6, using it to buy about 5.54 million ETH, or roughly 4.6% of the circulating supply. At the current price, it is worth only about $910 million—down by about $10.1 billion versus the amount invested. The main reasons are a 52% drop in ETH spot prices and an accumulated premium of about $460 million above NAV. Currently, Bitmine looks more like a low-cost ETH bull call option; if the ETH price, market sentiment, or financing conditions improve, the potential asymmetric upside may be undervalued by the market.