Hey there, crypto enthusiasts! If you've been keeping an eye on the digital asset space, you might have noticed some exciting buzz around BitMine (BMNR) on X. David Grider, a well-known voice in the crypto world, recently dropped a tweet that’s got everyone talking. Let’s break it down and see what it means for investors, especially those interested in Ethereum (ETH).

What’s the Big News?

In his tweet from July 28, 2025, David Grider pointed out that BMNR might be trading close to a 1x Net Asset Value (NAV) multiple in after-hours trading, with its stock price hovering around $28. For those new to the term, NAV is essentially the total value of a company’s assets minus its liabilities, divided by the number of outstanding shares. A 1x NAV multiple means the stock price is roughly equal to the NAV per share, which could signal an undervalued opportunity—or a turning point for the company.

Grider also hinted that if BMNR sold about 20% of today’s average daily volume (ADV), they could have around $600 million in cash ready to scoop up more ETH. This is a big deal because it suggests BMNR, a leading Ethereum treasury company, might be gearing up to bolster its ETH holdings significantly.

Digging into the Details

The tweet links back to a thread where Grider shared some eye-catching charts and analysis. One key image shows BMNR’s NAV details as of July 27, 2025:

• Ethereum Held: 600,000 ETH at $3,825 per ETH, totaling $2.295 billion.
• Bitcoin Held: 192 BTC at $118,816 per BTC, adding $23 million.
• Treasury Cash: $369 million.
• Total Treasury NAV: $2.687 billion.
• Fully Diluted Shares: 117.6 million.
• NAV per Share: $22.84.

This breakdown shows BMNR’s strong position in ETH, which makes up the bulk of its treasury value. The stock price of $28 in after-hours trading is slightly above the $22.84 NAV per share, but Grider suggests it’s nearing that 1x NAV mark—especially if more shares were issued recently.

Why $600 Million Matters

The idea of BMNR having $600 million to buy ETH comes from the potential sale of shares via an At-The-Market (ATM) offering. If they’ve been issuing new shares and raising cash, deploying that into ETH could push their holdings even higher. With ETH being a key player in decentralized finance (DeFi) and staking, this move could boost BMNR’s NAV and, in turn, its stock price over time. It’s like giving their treasury a turbo boost!

What This Means for Ethereum Investors

For those invested in or curious about ETH, this is a signal to watch. BMNR’s growth strategy mirrors what MicroStrategy did with Bitcoin—using corporate treasury funds to accumulate digital assets. If BMNR pulls this off, it could drive more demand for ETH, potentially lifting its price. Plus, with BMNR’s focus on generating $100 million annually from on-chain activities (as mentioned in earlier posts), there’s a dual benefit of asset appreciation and income.

The Bigger Picture

This move aligns with a broader trend Grider has been discussing—digital asset treasury companies becoming the “next-gen crypto neo-banks.” Companies like BMNR are using their NAV growth and on-chain revenue to attract investors, much like traditional banks trade above book value due to interest margins. If BMNR can sustain this growth, its NAV multiple could climb higher, making it a hot pick in the crypto market.

Final Thoughts

BMNR nearing a 1x NAV in after-hours trading is a fascinating development, especially with the potential $600 million ETH buy on the horizon. Whether you’re a seasoned crypto trader or just dipping your toes into meme tokens and digital assets, this is a story worth following. Keep an eye on BMNR’s next moves, and maybe check out meme-insider.com for more updates on how this fits into the wild world of blockchain!

Disclaimer: This isn’t financial advice—always do your own research before diving into any investment. Grider’s tweet also links to important disclosures, so be sure to check those out!