bmnreth follows NYSE:BMNR and the ETH BitMine has disclosed. The homepage shows the share price, ETH, NAV per share, mNAV, and the discount or premium to NAV. The option chain, the last US regular-session tape, BMNR/ETH, and IV rank need a free account.

How does bmnreth calculate BMNR NAV?

Disclosed ETH is marked at Hyperliquid spot. Cash and other disclosed stakes go in at the disclosed dollar amount. BTC is included only when there is a live mark. Liabilities are us-gaap:Liabilities on the latest SEC balance sheet. NAV per share is NAV divided by shares outstanding. mNAV is the live BMNR price divided by NAV per share.

Where do BMNR option quotes come from?

Quotes, the chain, implied volatility, Greeks, and end-of-day prints come from Tiger OpenAPI. The BMNR price is the Hyperliquid HIP-3 market. ETH spot is Hyperliquid. ETH holdings follow BitMine’s disclosures. Liabilities and shares follow SEC EDGAR.

Does the homepage require a login?

No. Homepage figures are public. The option chain and overview need a free account.

About bmnreth

How we mark BMNR and the BitMine ETH treasury

bmnreth follows NYSE: BMNR (BitMine Immersion Technologies) and the ETH the company has disclosed. The homepage shows the share price, ETH, NAV per share, mNAV, and whether the stock is at a discount or a premium to that NAV. The listed BMNR option chain, the last regular-session tape, BMNR/ETH, and IV rank open with a free account.

Holdings come from company disclosures, liabilities and the share count from SEC filings, and prices from the markets named below. The NAV on the site is our mark. BitMine can publish another figure, on another ETH price and another cutoff.

Pages

Page	Contents	Access
Homepage	BMNR, ETH, NAV per share, mNAV, market cap, discount or premium to NAV, and the ETH treasury.	No login
Overview	The same treasury figures, BMNR/ETH, BMNR and ETH IV rank, option rankings, session trades.	Free account
Option chain	Quotes, IV, Greeks, open interest, and each strike restated in ETH.	Free account

After a session is archived we post the overview card on X. Once you are signed in, the header keeps BMNR, ETH, implied volatility, Deribit DVOL, and the NAV discount on screen.

Treasury NAV

NAV is disclosed treasury assets minus liabilities on the latest SEC balance sheet. We mark it live. It is not the book equity in the 10-Q.

Assets

ETH. Quantity from BitMine’s treasury updates, price from Hyperliquid ETH spot. Value = quantity × spot.
BTC. Included when the company has disclosed a holding and Hyperliquid has a live price. If there is no live price, we leave it out. We do not fill the gap with a figure from an old release.
Cash and other disclosed stakes. The dollar amount in the disclosure.

Liabilities and shares

Liabilities are us-gaap:Liabilities on the latest 10-Q or 10-K in EDGAR. Shares outstanding come from SEC company data and update more slowly than the ETH price. The ETH figure and the liability figure often have different as-of dates. Both dates stay on the snapshot.

NAV NAV = treasury assets (USD) − SEC total liabilities NAV per share = NAV / shares outstanding ETH per share = ETH amount / shares outstanding Shares per ETH = shares outstanding / ETH amount

mNAV and the premium or discount

The BMNR price is the Hyperliquid HIP-3 market. If that venue does not publish a market cap, we use price × shares outstanding.

Multiple mNAV = BMNR price / NAV per share Premium / discount = (BMNR price − NAV per share) / NAV per share × 100

Below zero, the share price is under NAV per share. Above zero, the stock is at a premium. mNAV under 1 is the same case as a negative reading.

BMNR/ETH candles

There is no listed BMNR/ETH pair. The chart is the HIP-3 BMNR price divided by ETH spot. For each hour we take the BMNR USD bar and the ETH USD bar, divide, then build 4-hour and daily candles from that hourly ratio. The series starts at 2026-09-05 00:00 UTC, the first HIP-3 BMNR hour we use. The change on overview is the last close against the prior bar.

BMNR options chain

Calls and puts — bid, ask, size, implied volatility, Greeks, volume, and open interest — come from Tiger OpenAPI. The contract list refreshes every few minutes. Quotes and Greeks poll faster and go out on a websocket to a signed-in chain. On expiry day, contracts leave the page after 16:00 New York time.

Strike in ETH

Each strike is also shown as an ETH price, with mNAV held at the current reading. If BMNR were at strike K and the stock kept today’s premium or discount to NAV, that is where ETH would be.

Implied ETH at strike K ETH(K) = ETH spot + (K − BMNR) / (mNAV × ETH per share)

Open interest change

Equity-option open interest is the official print. It does not move with each trade. It usually changes once, before the next open, and then sits. On each trading day at 18:00 New York time we save the whole chain and keep five sessions.

09:30–16:00 ET. Current open interest minus the latest snapshot.
From the cash close until that day’s 18:00 snapshot is stored. Still current open interest minus the latest snapshot. The change would otherwise step back a day while the snapshot is still being written.
Premarket, after the snapshot, weekends, and full holidays. Latest snapshot minus the snapshot from the prior trading day.

If the older snapshot is missing, the change stays blank. A zero change is not shown. 09:30, 16:00, and 18:00 are New York clock times, so winter is eastern standard time and summer is eastern daylight time.

The chain footer, overview, and the daily X card rank the same four lists: largest open interest, largest open-interest change, highest 24-hour volume, and largest prints by premium.

US session trades and premium

We pull option prints after the cash session and keep 09:30–16:15 New York time. Weekends and NYSE full holidays are skipped. An early close still counts as a session. “Last US trading day” means the latest session that has already finished.

Premium of one print Premium = option price × contracts × multiplier

The multiplier is 100 unless the contract says otherwise. Call premium and put premium are sums of those prints. The expiry bars split the same premium by expiration. Top trades rank single prints. Top 24-hour volume uses live contract volume, valued at the mid. If live volume is empty, we use the archived session.

IV rank and IV percentile

Overview uses a one-year window. BMNR is 30-day implied volatility from the option market. ETH is Deribit DVOL.

Rank and percentile IV rank = (current − lowest) / (highest − lowest) × 100 IV percentile = share of samples strictly below the current reading × 100

Rank places today’s reading between the low and the high of that window. Percentile is the share of past readings that were lower. A short window makes both jumpy.

Sources

Figure	Source	Shows up in
BMNR price	Hyperliquid HIP-3 BMNR	Quote, mNAV, BMNR/ETH
ETH and BTC spot	Hyperliquid spot	Treasury marks, BMNR/ETH, header
ETH holdings	BitMine treasury disclosures	NAV assets, ETH per share
Liabilities and shares	SEC EDGAR	NAV, NAV per share
Option chain, quotes, Greeks, IV	Tiger OpenAPI	Chain, IV rank, open interest
Option prints	Tiger end-of-day trade ticks, filtered to 09:30–16:15 ET	Session tape and premium
ETH volatility	Deribit DVOL	ETH IV rank and the header DVOL

Homepage figures are public. They update on a websocket and fall back to a REST poll if the socket drops. The chain and overview need a login: they carry the full chain and the stored tape. Session clocks use America/New_York.

A few questions

Is this BitMine’s NAV?

No. We price disclosed ETH at live spot and subtract liabilities on the latest SEC balance sheet. BitMine’s own materials may use another cutoff, another ETH price, or another liability total.

Why does open interest sit still during the day?

The official print does not follow each trade. In the session we compare the number on the chain with the last snapshot we stored. The print itself usually changes once, before the next open.

What can be read without an account?

The homepage, this page, and /llms.txt. The chain and overview need a free account.

Limits

A quote can be late, a disclosure can trail a filing, and a session snapshot can be missing. Nothing here is an offer or a recommendation to buy or sell BMNR, ETH, or any option. Options can expire worthless.