# bmnreth

> bmnreth is a public market desk for NYSE:BMNR (BitMine Immersion Technologies) and its Ethereum treasury: ETH NAV, mNAV, discount to NAV, BMNR/ETH, listed BMNR options, and last US regular-session option trades.

bmnreth marks disclosed ETH holdings with a live spot price and subtracts SEC balance-sheet liabilities. It is an estimate, not BitMine’s official NAV and not investment advice. The homepage and this file are public. The options chain and signed-in overview require a free account.

Full methodology, formulas, sources, and clocks: https://bmnreth.com/about/
中文说明：https://bmnreth.com/about/zh/

## Public pages

- [Home](https://bmnreth.com/): live public KPI for BMNR price, ETH price, NAV per share, mNAV, market cap, discount to NAV, and ETH treasury
- [About](https://bmnreth.com/about/): how NAV, mNAV, BMNR/ETH candles, the options chain, open interest, session trades, and IV rank are computed, and which source feeds each figure
- [关于](https://bmnreth.com/about/zh/): 同一份方法说明的简体中文版，涵盖美股 BMNR 以太坊财库、净值、mNAV、期权链、未平仓量与 IV Rank
- [Learn](https://learn.bmnreth.com/): longer notes on BMNR and the ETH treasury

## Definitions

- NAV = disclosed treasury assets in USD, with ETH (and BTC when disclosed) marked at Hyperliquid spot, minus total liabilities from the latest SEC EDGAR balance sheet
- NAV per share = NAV / shares outstanding
- mNAV = live BMNR price / NAV per share
- Discount to NAV = (BMNR price − NAV per share) / NAV per share × 100. Negative means the share trades under NAV
- BMNR price: Hyperliquid HIP-3 BMNR market
- ETH spot: Hyperliquid
- BMNR/ETH candle: HIP-3 BMNR USD price divided by ETH spot for the same hour, from 2026-09-05 00:00 UTC
- BMNR options, quotes, Greeks, and implied volatility: Tiger OpenAPI
- Session trades: option prints in the US regular window 09:30–16:15 America/New_York. Premium = price × contracts × multiplier (100 unless the contract says otherwise)
- Open interest: official print, snapshotted at 18:00 America/New_York. During 09:30–16:00 ET the change is current open interest minus the latest snapshot. Outside that session, after today’s snapshot exists, the change is the latest snapshot minus the previous trading day’s snapshot
- IV rank = (current − window low) / (window high − window low) × 100. BMNR uses 30-day option IV. ETH uses Deribit DVOL
- IV percentile = share of samples in the window strictly below the current reading
- Clocks named in ET use America/New_York, so the same wall time follows EST in winter and EDT in summer

## Contact

- Site: https://bmnreth.com/
- Support: support@bmnreth.com
- X: https://x.com/bmnreth_com