BitMine Immersion Technologies (BMNR) has lost about 45% of its value in 2026, while MicroStrategy (MSTR) is down roughly 17%. Despite the price pain, options traders are betting differently on the two: BMNR sees a bullish lean, while MSTR sentiment is more divided and leaning toward puts.
Options traders lean bullish on BMNR
As of June 15, BMNR's put-call volume ratio stood at 0.23, and its open interest ratio was 0.35 — both well below 1, indicating a strong bullish lean. In contrast, MicroStrategy's put-call volume ratio fell to 0.61 from 0.93 a month ago, but its open interest ratio stayed at 0.94. That suggests a tilt toward puts in longer-dated positioning, even as near-term volume has turned more call-heavy.
Implied volatility also tells a different story. BMNR's IV sits in the 4th percentile of its past year — options are nearly the cheapest they've been in twelve months. MSTR's IV is at the 65th percentile, making its options comparatively pricier.
Net asset value: near parity after debt
MicroStrategy trades at 0.82x mNAV (market cap divided by crypto value), meaning every $1 buys about $1.22 of Bitcoin. BitMine trades at 0.97x mNAV, nearly at parity with its Ether holdings. But MicroStrategy carries about $8.2 billion in debt, while BitMine has none. After adjusting for debt, both trade near 0.96x to 0.97x mNAV — almost identical.
MicroStrategy's average cost basis for Bitcoin is about $75,527, with Bitcoin near $66,552 at the time of writing. That puts its position underwater. BitMine stakes most of its Ether and earns roughly a 2.9% staking yield; MicroStrategy's Bitcoin earns no yield.
Selling pressure and smart money flows
Chaikin Money Flow is negative for both: -0.09 for MSTR and -0.11 for BMNR, indicating more selling pressure than buying. Smart money wallets labeled by Nansen hold a net short of about $4.2 million on MSTR, with a long-short ratio of 0.14x — meaning professional traders are heavily bearish on the stock.
Neither stock moves much with its underlying crypto. BMNR's beta to Ether is 0.06x, MSTR's beta to Bitcoin is 0.07x, and daily correlation is near 0.03. That low correlation may explain why options traders feel confident placing directional bets independent of crypto spot price action.
With BMNR options near their cheapest in a year and MSTR open interest still tilted toward puts, the near-term direction for both stocks remains uncertain — but the options market has already picked its sides.
