Analysis: Bitmine investor risk has declined; "low-cost ETH call option" attribute emerging

Odaily reports that 10x Research has posted an analysis on X, stating that Ethereum treasury company Bitmine raised a total of $19.2 billion through 50 ATM (At-The-Market) offerings during the one-year period from July 2025 to June 2026, and purchased 5,543,872 ETH, accounting for approximately 4.6% of Ethereum's circulating supply.

At current prices, its holdings are worth only about $9.1 billion, representing a loss of roughly $10.1 billion from the capital invested. The losses stem from two main sources: first, the current ETH price has fallen 52% from Bitmine's weighted average purchase cost; second, investors have long paid premiums above net asset value (NAV) when purchasing Bitmine stock, accumulating an additional overpayment of approximately $4.6 billion.

However, in the current market environment, Bitmine appears to be in a unique state: it resembles more of a low-cost ETH call option than a simple Ethereum spot reserve company, with its potential option value possibly not yet fully priced in by the market. After the significant decline in share price and asset value, the risk for investors buying Bitmine has notably decreased. Should future improvements occur in ETH price, market sentiment, or financing capability, investors may still achieve asymmetric returns. Bitmine's currently severely impaired balance sheet may contain "option value" that the market has underestimated.