ShurIQ Interactive View · Issue 001 / BitMine at $10,000 ether · Research closed October 31, 2026
View 04 · The BitMine scenario explorer

In a $10,000 ether scenario, BitMine holds $104.28 of ether for each of its 580,326,394 shares.

Set an ether price, the premium investors pay and how much stock BitMine sells, and the grid gives one BitMine share's value in that scenario.

Scenario arithmetic. Every per-share figure is a scenario worked from dated, sourced inputs. None forecasts ether, the premium or the stock.

6,051,933
Ether BitMine says it held on October 25, 2026 (company-asserted, in a release filed with the SEC)
$2,241.05
Ether's daily close on October 30, 2026 (Yahoo Finance; Coinbase printed $2,241.07)
$20.18
BitMine's closing share price on October 30, 2026 (Yahoo Finance)
0.837
Premium on everything it holds, October 30, 2026 (derived on 580,326,394 shares)
The grid

At ether's October 30, 2026 close, a diluted BitMine share's scenario value runs from $19.15 to $59.84 as investors pay from 80 cents to $2.50 for each dollar of net assets.

$10,000

Lower pricesThe lowest price modeled is $1,500.

1.0

The premium is BitMine's market value over everything it holds: ether at the scenario price, plus cash, securities and stakes at company marks, less the preferred stock at its liquidation preference.

Ether count

$5 billion

DerivedEach step sells $1 billion of stock at the scenario premium and buys ether at the scenario price. The quarterly filing shows $11,869.401 million raised net in the nine months to May 31, 2026, about $1.3 billion a month.

Share count shown first

Scenario value per share, ether count held fixed
At $10,000 ether and on 580,326,394 shares, a share works out to $87.20 at the latest premium of 0.837 and $182.63 at the 2025 peak. That peak is an estimate of about 1.7 to 2.0. The scenario uses 1.758.

The financing loop

When BitMine's stock trades below its net assets, every share it sells takes ether away from each existing share.

Loop state for the selected scenario: Shut
The financing loop: sell shares, raise cash, buy ether, and ether per share rises when the sale price exceeds the ether behind each share. New shares soldat $20.04 each Raise cash$1 billion a step Ether boughtat $2,241.05 Ether per share0.010348 to 0.009854 LOOP SHUTether per share -4.77%
At the October 30, 2026 close and the latest premium of 0.837, BitMine would sell each share for $20.04 while it holds $23.19 of ether. Five $1 billion sales would cut ether per share by 4.77 percent.

Scenario ether per share across the ATM sales, every premium
Loop open: ether per share risesLoop shut: it fallsSelected step
At $10,000 ether, five $1 billion sales cut ether per share by 1.45 percent at 0.837 and add 4.93 percent at 2.5.

In 2026 BitMine reported buying back 22.9 million shares for $399.6 million. The at-the-market program's size is $24.500 billion. The quarterly filing for the period to May 31, 2026 states no remaining capacity.

Two share counts

BitMine's last filed share count is dated July 9, 2026, so each scenario uses two counts.

The larger count is 603,226,394 shares, from the cover of the quarterly report filed July 14, 2026. The smaller count, 580,326,394, takes away the 22,900,000 shares the company says it bought back in 2026 (derived).

From July 12 to October 25, 2026, about $1.05 billion of ether purchases and buybacks has no disclosed funding source (derived). Undisclosed sales would raise the count and lower every per-share figure.

The diluted count adds 4,500,000 performance units at any price. It adds 359,124 options at $21.10 and 10,435,430 warrants at $87.50 once the scenario share price clears their strike. Another 2,872,929 warrants carry no stated strike. They stay out of the count. The readout shows the value with them exercised for nothing.

Inputs and sources
InputValueDateSourceKind
Ether held6,051,933October 25, 2026BitMine release filed as exhibit 99.1 to an 8-K (SEC)Company-asserted
Ether price$2,241.05October 30, 2026Yahoo Finance daily close; Coinbase printed $2,241.07Third-party
Bitcoin price, held flat in every row$77,198.21October 30, 2026Yahoo Finance daily close; Coinbase printed $77,180.42Third-party
Bitcoin held215October 25, 2026Company releaseCompany-asserted
Cash and marketable securities$514.0 millionOctober 25, 2026 (release of October 26, 2026)Company release. The last filed figure is $340.289 million of cash plus $100.125 million of derivative collateral at May 31, 2026 (10-Q)Company-asserted
Stakes in other companies$256.0 millionOctober 25, 2026 (release of October 26, 2026)Beast Industries at $180 million carrying value plus Eightco at $76 million market value, company marksCompany-asserted
Preferred stock, deducted$350.0 millionJune 5, 20263,500,000 shares of 9.50 percent Series A perpetual preferred at the $100 liquidation preference (prospectus dated June 5, 2026). The $280 million of gross proceeds is a different figureFiling
Shares, cover count603,226,394July 9, 202610-Q cover page, filed July 14, 2026Filing
Shares, less 2026 buybacks580,326,394October 25, 2026Cover count less 22,900,000 shares the company says it repurchased (release of October 26, 2026)Derived
Share price$20.18October 30, 2026Yahoo Finance daily close; Nasdaq quote matchedThird-party
Staking yield2.58%October 25, 2026 (release of October 26, 2026)Company 7-day yield in its release. 5,227,037 ether staked and 824,896 unstaked. A year compounded weekly adds 136,578 etherCompany-asserted
Options359,124 at $21.10May 31, 202610-Q, weighted exercise priceFiling
Warrants with a stated strike10,435,430 at $87.50May 31, 202610-Q; they expire March 22, 2027Filing
Performance units4,500,000May 31, 202610-Q; counted at any price with no proceedsFiling
Warrants with no stated strike2,872,929May 31, 202610-Q: strategic advisor 2,820,774, representative 50,875 and 1,280 others; left out of the countFiling
Premium, 2026 low0.829July 13, 2026Market value over full net assets; 0.86 on ether and bitcoin aloneDerived
Premium, latest0.837October 30, 2026On 580,326,394 shares; 0.870 on the cover countDerived
Premium, 2025 peakabout 1.7 to 2.0August 7, 2025The series value is 1.758. Holdings were held flat between company releases, which overstates the premium on those daysEstimated
ATM program size$24.500 billionMay 31, 202610-Q; remaining capacity cannot be computedFiling

The fixed inputs in the table can be changed one at a time on the worked BitMine model.