Since year-end the 2x BitMine fund lost half while the stock rose

On listing day, REX Shares said investing in the T-REX 2X Long BMNR Daily Target ETF, DBMNU, was not the same as owning BitMine Immersion Technologies. The prospectus said the fund could lose money over any stretch longer than a day even if BitMine rose.

BitMine closed 2025 at $27.15. On Tuesday, June 30, it closed at $13.31, about half that price, after the shares touched $12.80. Thursday's close was $28.03. The fund's prices are adjusted for a 1-for-10 reverse split on Monday, July 13. It closed June 30 at $6.68, after touching $6.10, and closed Thursday at $23.56, more than three times the June close and still about half the year-end close of $47.80.

The fund seeks twice one day, then starts the next day from the new price, so a climb that puts the stock back does not put the fund back.

Closing prices through Thursday, September 24, the last complete session. The first close was Friday, September 26, 2025.

From the first close the fund lost a little more than twice what the stock lost.

Shares arrived on the way down

At year-end the fund held $422.9 million, or 8.92 million shares once the July split is counted in. On that same basis, June 30 was about 24.7 million shares and $163 million in assets. New shares were issued while the price was falling, and the assets fell anyway. On Wednesday, September 23, assets were $441.7 million, short of a tripling from June, while the share price, at $22.56, had more than tripled from the June 30 close. Fewer shares were outstanding than in June. Some shares had been redeemed as the price recovered.