$BMNR BitMine Immersion - Bought $69M ETH from Galaxy Digital 9/19, will update targets once disclosed on Monday
Price Targets: $71.74, $75.74
BMNR exceeded the $63 target, but has since pulled back. Likely consolidation at this level with minor pressure on ETH.
Next target is to challenge local highs at $71.74. After that is the 1.6x NAV target at $75.74.
NAV targets for ETH $4500, $5000, $6000:
1.6x NAV: $75.74, $83.52, $99.07
2.0x NAV: $94.68, $104.40, $123.84
4.0x NAV: $189.36, $208.80, $247.68
Reference Data:
Potential ATM share issuance, but number of shares not disclosed. BMNR has 2,151,676 $ETH tokens, 192 $BTC coins, $569 million cash. $214 Million $ORBS investment.
Estimated - Current shares outstanding 221,515,180. Could be as high as 284.5M if additional ATM share issuance.
MSTR average NAV multiplier 2021 to 2025=1.6x.
1.0x NAV/Share:
ETH $4500 = BMNR $47.34
ETH $5000 = BMNR $52.20
ETH $6000 = BMNR $61.92
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