BMNR vs BTBT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BMNR and BTBT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BMNR and BTBT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

BitMine Immersion Technologies (NYSE: BMNR) began as an immersion-cooling Bitcoin miner operating sites in Pecos, Texas and Trinidad, then executed a sweeping strategic pivot in mid-2025 under new chairman Tom Lee of Fundstrat. The company reoriented around an Ethereum-first treasury strategy, accumulating roughly 5.7 million ETH (worth on the order of $10 billion as of July 2026) and targeting ownership of about 5% of the total ETH supply. It stakes the bulk of that ETH through its proprietary MAVAN (Made in America Validator Network) platform to earn a staking yield of roughly 3%, and it has layered in DeFi strategies and venture-style equity stakes. BitMine has been added to the Russell 1000 and named to the Fortune Crypto 100.

Full BMNR guide

Bit Digital, Inc. (Nasdaq: BTBT) is a digital-asset and infrastructure company that has undergone a major strategic transformation. It started life as a bitcoin miner, but in 2025 it repositioned itself as what it calls a strategic-asset company centered on Ethereum. By mid-2026 it held roughly 155,000 to 160,000 ETH, making it one of the largest public corporate holders of Ethereum, and a large share of that stack is staked, either natively or through liquid-staking tokens, to generate ongoing yield. This makes the company's asset base and reported results move closely with the price of ETH and with staking economics rather than with a traditional product business.

Full BTBT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BMNR drivers: Scale of the ETH treasury; Staking yield via MAVAN.
• BTBT drivers: Ethereum treasury and staking yield; AI and HPC infrastructure via WhiteFiber.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is Ethereum price itself: a sharp ETH drawdown would slash the value of the treasury and, because the equity carries a premium or discount, the stock can fall faster than ETH. For BTBT, the dominant risk is crypto price volatility: with the balance sheet dominated by Ethereum, a sharp ETH drawdown can slash the company's asset value and produce large mark-to-market losses, exactly the dynamic behind the sizable Q1 2026 net loss.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BMNR if you believe its drivers more; BTBT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BMNR and BTBT guides.

BMNR. BMNR is valued primarily off its crypto holdings rather than a conventional earnings multiple, and shares trade at a shifting premium or discount (mNAV) to the ETH and cash they represent. As of July 2026 the market cap (~$8.85 billion) sits near or below the stated crypto-plus-cash holdings, reflecting how much of the story is the underlying ETH. Reported net income swings with mark-to-market crypto values, so it is not comparable to recurring operating profit at a normal company.

BTBT. Bit Digital is best understood as a claim on assets (its ETH stack plus its WhiteFiber stake) more than as an earnings story, so conventional P/E and revenue multiples are of limited use. Reported net income is heavily distorted by non-cash mark-to-market accounting on crypto, meaning a big loss or gain in any quarter often reflects where Ethereum traded, not operating performance. Figures here are approximate and tied to the asOf date; verify live ETH holdings, staking levels, and financials before acting, because the company's strategy and balance sheet have changed rapidly.

Headline figures (approximate, JULY 2026): BMNR shows share price ~$15.55, market cap ~$8.85 billion, eth held ~5.7 million ETH (~4.8% of supply), total crypto + cash holdings ~$9.8 billion to ~$11 billion; BTBT shows business model Strategic-asset company: Ethereum treasury plus staking yield, plus AI/HPC infrastructure through a majority stake in WhiteFiber (WYFI), ethereum holdings Roughly 155,000 to 160,000 ETH in the first half of 2026, among the largest corporate ETH treasuries; a large share is staked, revenue Modest relative to the balance sheet (about $28 million in Q1 2026); reported results are dominated by crypto mark-to-market rather than steady operating income, profitability Reported a large net loss in Q1 2026, driven substantially by non-cash swings on crypto holdings; earnings can look very different quarter to quarter.

BMNR and BTBT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BMNR and BTBT exposure against your real portfolio. It is not an investment adviser.