A BMNR Investor’s Guide to BMNRETH: NAV, Volatility, and the Options Chain

BitMine Immersion Technologies (NYSE: BMNR) is a U.S.-listed ether treasury company. Pricing the equity is not the same as tracking ether. Four quantities have to sit on one desk: treasury ETH units and mark-to-market, net asset value (NAV) and the premium or discount to NAV (mNAV), where equity implied volatility sits versus ETH volatility, and premium flow on listed BMNR options.

BMNRETH puts those series in one terminal. Overview is valuation and vol regime. Options is the live listed chain. Education: learn.bmnreth.com.

This note is a reading guide for investors who already trade or hold BMNR. Figures in the screenshots are from one U.S. cash session. They are illustrative, not a live quote, and not investment advice. BMNRETH displays market data and valuation. It is not a broker.

1. Before you read the boards

1. Create an account at bmnreth.com. The landing page shows a public KPI subset. Overview and the options chain require sign-in and account activation.
2. Suggested order: header (price / IV / NAV discount) → NAV card → BMNR/ETH relative price → IV Rank → prior-session premium → chain.
3. Freeze definitions before you freeze levels. ETH spot, treasury units, share count and option quotes come from different authorities. Mixing a press-release mark with a live spot mark will misstate the discount.

2. Data authority

BMNRETH does not invent a parallel tape. It aligns licensed and public sources onto one set of definitions. Keep this table in view so header prints are not mistaken for the NYSE last.

NAV is assembled on the read path:

$$\mathrm{NAV} \approx \text{IR units} \times \text{HL spot} + \text{other assets} - \text{SEC liabilities}$$ $$\mathrm{mNAV} = \frac{\text{market cap}}{\mathrm{NAV}},\quad \text{Discount to NAV} = \mathrm{mNAV} - 1$$

Negative is a discount, positive a premium. mNAV = 0.92 is about an 8% discount to NAV. Market cap = display price × SEC shares outstanding.

3. Header: two markets, two vols, one discount

Once signed in, the header pins three blocks on every app page, including the chain.

Figure 1. Header. Example: BMNR $25.44, 30-day IV 76.33; ETH$2,618.85, DVol 47.03; NAV Disc. −8.00%.

• BMNR shows 1D / 1W total return from rolling HIP-3 hourly bars (1D falls back to prior close if bars are missing).
• IV is 30-day implied vol in percentage points. Its 1D / 1W is the change in vol, not in the stock.
• ETH and DVol use the same layout. Low DVol with still-elevated equity IV usually means the options market is charging for treasury/equity-specific risk, not for spot ether realized vol.
• NAV Disc. matches Overview’s Discount to NAV. Red and negative = market cap below NAV.

The header answers “where are the stock, ether, the discount, and both vol surfaces right now.” The decomposition is on Overview.

4. Overview: NAV and treasury card

Figure 2. Left card. Example: NAV/share $27.66, mNAV 0.920, NAV$16.68B, market cap $15.35B; treasury 6,016,414 ETH marked at about$15.76B.

Check whether units moved with the latest IR, then whether the discount moved because ETH fell, liabilities changed, or shares were issued. The terminal automates the price revaluation. Units and share count still follow disclosure.

5. BMNR / ETH: one ratio, not two dollar charts

The right-hand pane in Figure 2 is BMNR / ETH (1H / 4H / 1D). The axis is ETH per BMNR share, not dollars.

• Ratio up: the stock is rich versus ETH (tighter discount, a premium, or ETH falling faster).
• Ratio down: the stock is cheap versus ETH.

The example close ≈ 0.009712 (−0.53% on the day) sits near ETH/share (0.00997) but is not forced equal. The card ratio is treasury units / shares. The candle is HIP-3 BMNR oracle / ETH spot. The spread between them is another way to write mNAV.

The series is populated from 5 Sep 2026 UTC. Use this pane for relative value; use the header for dollar exposures.

6. IV Rank and IV Percentile

Figure 3. Toggle 1Y / 3M. Example (1Y): BMNR IV Rank 30.5, Percentile 7.6; ETH DVol Rank 4.1, Percentile 0.73.

On the selected window’s daily series:

• IV Rank = where today’s level sits in the window’s min–max range: $100\times(\mathrm{IV}-\min)/(\max-\min)$.
• IV Percentile = share of observations below today’s level.

Rank is distance to the extrema. Percentile is how many days were quieter. A few vol spikes pull Rank away from Percentile. In Figure 3, BMNR Rank 30.5 with Percentile 7.6 means 30-day IV is low versus most days in the year, but not glued to the window minimum.

ETH DVol Rank and Percentile both sit near the floor: crypto option vol is in a one-year trough. BMNR 30-day IV can still print in the 70s in absolute terms (Figure 1). That gap is equity and treasury idiosyncratic vol, not ETH front-end realized vol. Selling theta or buying downside has to be priced off that regime gap, not off a single IV print.

7. Prior session: tape and Call vs Put premium

Option prints are booked after the U.S. cash close. “24H” on Overview means the last complete U.S. regular session (RTH). It is not a rolling 24 hours, and there is no aggressor flag. The product splits Call / Put only.

Figure 4. Example session 6 Oct 2026: 2,196 trades, about $1.37M premium, ~75% Call / ~25% Put. Default sort is premium descending.

Trades list (Time / Expiry / Type / Strike / Price / Size / Premium):

• Premium = option price × contracts × 100 (U.S. equity-option multiplier).
• Sort by time, size, or premium. Large premium often clusters on a few strikes (here, 26.50 calls).
• Timestamps follow the local timezone; the session label is U.S. Eastern RTH.

Premium flow:

• The donut is premium mix, not contract mix. Contract counts sit on the second legend line.
• By expiry allocates the same session’s premium across maturities (weeklies vs longer-dated).
• High premium is not a directional buy. With no Side field, the correct statement is “this strike/expiry was where pricing activity printed,” not “the tape opened long.”

The chain footer’s Top Trades (by premium) uses the same session, so you can jump from the aggregate to the contract.

8. The chain: expiry down to strike

Open Options. Read-only, full width: expiry pills, Calls | Strike | Puts, footer Top OI / Top 24H Vol / Top Trades. Quotes refresh in the cash session (Live legs / total legs).

Figure 5. Expiry 20 Nov 26. Center column: strike, % vs spot, ETH inversion at current mNAV, Γ/ν.

8.1 Expiry and TTE

Each pill is a live listed expiry. TTE runs to 16:00 America/New_York on that date (last trade). Expired contracts drop off. After picking an expiry, read Top 24H Vol and Top Trades in the footer before interpreting IV on far OTM rows with no size.

8.2 Leg columns (calls left, puts right, mirrored)

ITM legs use a light fill. Far OTM call IV can print well above 100% (Figure 5). That is typical of cheap tails. Do not match those prints to header 30-day IV or ETH DVol. For regime work, use strikes near ATM with a tradable spread.

8.3 Strike column: equity strike, ETH map, expected-move band

Four cells:

1. Strike $K$: BMNR dollar strike.
2. % vs spot: $(K-S)/S$. ATM row is amber.
3. ETH: ether price implied by this BMNR strike holding current mNAV and ETH/share fixed:

$$\mathrm{ETH}_{K} = \mathrm{ETH}_{\mathrm{spot}} + \frac{K - S_{\mathrm{BMNR}}}{\mathrm{mNAV}\times \text{ETH per share}}$$

This is not an ETH option strike. It answers: “if the discount structure holds, where is ETH when BMNR is at $K$?” Use it as a treasury-beta map, not as a Deribit strike.

4. Γ/ν: row gamma / vega (surface shared across the call/put).

Rows inside the 1σ expected move (ATM IV × √T, lognormal bounds) get a side stroke so the chain’s own vol cone is visible.

8.4 Footer

• Top OI: highest open interest across live expiries, with delta. Stock of positions.
• Top 24H Vol: highest session volume (post-close, falls back to prior-session tape) and notional. Flow.
• Top Trades (by premium): prior RTH prints ranked by premium, same session as Overview.

Expand to see the top five in each column. High OI with low session vol is aged inventory; high vol with ordinary OI is today’s turnover.

9. A repeatable pass

Using the screenshot regime (ETH vol at a trough, BMNR ~8% NAV discount, near-dated call premium dominant) as a sequence, not a view:

1. Header: 1D/1W on stock and ETH, IV vs DVol, sign of the discount. Same direction or not.
2. NAV card: ETH units still match the latest IR; ETH/share and shares-per-ETH still match the share count.
3. BMNR/ETH candles: is the discount moving because the ratio traded, or only because spot was revalued.
4. IV Rank: equity IV versus DVol still low in the window. Low DVol + high absolute equity IV means the expensive option is the stock leg.
5. Premium: Call/Put mix and expiry mix. Is size at ATM (example: 26.50 near the then stock print).
6. Chain: same expiry, check spread, IV, delta; use the ETH inversion to translate $K$ into an ether scenario.
7. Footer: do OI and Vol point at the same contracts. If not, trust prints before inventory.

10. Boundaries

• The display price is a HIP-3 oracle. It does not replace a broker fill or an NAV-arb execution price.
• IR units lag; SEC shares can lag ATM. Between disclosures, the discount is almost entirely a price move.
• The tape has no buy/sell side. Call-heavy premium is not “the street opened long.”
• No OI change. Greeks are model values and degrade on wide spreads.
• No GEX, no implied rate, no ETH option chain. ETH is spot plus DVol only.
• Unactivated accounts cannot open Overview or Options. The landing KPI is a public subset.

11. FAQ

Why doesn’t this match my brokerage quote?
Brokers show NYSE/Nasdaq prints. BMNRETH’s BMNR price is the HIP-3 oracle so it shares a clock with 24-hour ETH spot and NAV. Basis is expected.

Are mNAV and Discount to NAV the same thing?
Two writings of one ratio. mNAV 0.92 is a −8% discount.

Header IV is 76; a chain row is 170%. Which is right?
The header is 30-day analytical IV. The row is one expiry, one strike, inverted from mid. Far OTM and wide spreads inflate single-leg IV.

Is the ETH column an ether option?
No. It is an ETH scenario implied by a BMNR strike under frozen mNAV.

When does premium flow update?
After the last complete U.S. RTH session. In the cash session, use chain Vol and live quotes; after the close, use the tape and the donut.

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An ETH-treasury equity compresses to three statements: spot and units set NAV; market cap versus NAV sets the discount; the options market uses IV and premium to quote whether that discount can close and whether ETH can move the equity. BMNRETH’s job is to pin the authorities and the charts those three statements need, so the same investor can check the same identities every session.