Odaily reported that 10x Research published an analysis on X regarding Bitmine, an Ethereum treasury company. According to the post, Bitmine raised a cumulative $19.2 billion through 50 ATM offerings during the one-year period from July 2025 to June 2026. The company used those funds to purchase 5,543,872 ETH, a position that 10x Research said represents about 4.6% of Ethereum’s circulating supply.
Large ETH Purchases Meet a Much Lower Current Valuation
Based on current prices, 10x Research estimated that Bitmine’s ETH holdings are worth only about $9.1 billion. Compared with the capital deployed, that represents a decline of roughly $10.1 billion. The analysis attributed the loss mainly to two factors. The first is that the current ETH price has fallen 52% from Bitmine’s weighted average purchase cost. The second is that investors buying Bitmine shares had long paid a premium above net asset value, or NAV, resulting in an accumulated overpayment of about $4.6 billion.
The figures show a wide gap between the scale of Bitmine’s Ethereum treasury and the present value attached to that treasury. In the framework presented by 10x Research, the pressure on investors came not only from ETH’s price decline, but also from the premium paid for exposure through Bitmine’s stock. The combination of purchase cost, financing history and NAV premium shaped the current loss profile described in the report.
A Shift Toward an Option-Like ETH Exposure
10x Research said Bitmine now appears to be in a special position under the current market environment. Rather than being viewed purely as an Ethereum spot reserve company, it looks more like a low-cost ETH call option. The firm argued that after the sharp decline in both share price and asset value, the risk investors take when buying Bitmine has clearly decreased, while the option-like value of the structure has not been fully priced by the market.
The analysis added that if ETH prices, market sentiment or Bitmine’s financing capacity improve in the future, investors could still obtain asymmetric returns. In 10x Research’s view, Bitmine’s severely impaired balance sheet may contain an undervalued “option value,” which is the basis for its conclusion that the risk of buying Bitmine has declined under current conditions.