BMNR Bullz
@BMNRBullz
I track $BMNR: weekly holdings, staking, mNAV. ETH and DC only when they move the stock. I hold $BMNR $ETH. Not affiliated. NFA.
2K Following 19.1K Followers
COINBASE’S TOKENIZED STOCKS HAVE ALREADY TRADED ABOUT $1.4B ON BASE
Token Terminal’s chart shows the trading side gaining traction. Now seven of those stocks can also back USDC loans on Aave.
Coinbase is building a market where stocks can be traded and used as collateral around the clock.
The lending side has only just opened.
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ETH is back above $2,500 and BMNR is up 3.6% today.
And even after that move, BMNR still hasn’t reached NAV.
ETH: $2,506.30
BMNR: $24.76
NAV/share: $25.96
mNAV: 95.4%
That still leaves BMNR trading at roughly a 4.6% discount to NAV.
How long does that discount last if ETH keeps moving higher?
$BMNR $ETH
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There's also a massive amount being Staked (35%) and something called the exit queue.
You should make sure to take some time to learn this. $ETH $BMNR
ETH IS DISAPPEARING FROM EXCHANGES.
Only ~15.6M ETH is now sitting on exchanges, around 12.7% of supply.
BitMine owns 5.96M ETH.
That’s equivalent to roughly 38% of all ETH currently sitting on exchanges.
Let that sink in.
$BMNR $ETH
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ETH is going to $12k.
I will not explain further.
ETH IS DISAPPEARING FROM EXCHANGES.
Only ~15.6M ETH is now sitting on exchanges, around 12.7% of supply.
BitMine owns 5.96M ETH.
That’s equivalent to roughly 38% of all ETH currently sitting on exchanges.
Let that sink in.
$BMNR $ETH
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ETHEREUM JUST HAD ITS BUSIEST QUARTER EVER.
Ethereum L1 processed 203.9 MILLION transactions in Q2, up 68.4% YoY.
And that wasn’t the only record.
🔹 25.9 TPS average throughput, all time high
🔹 $203.1B average tokenized assets, +38.7% YoY
🔹 Staking averaged a record 32% and is now nearing 35%
Meanwhile, ETH’s average fully diluted valuation fell 14.8% QoQ.
More usage.
More ETH staked.
More assets onchain.
Lower valuation.
How long does that disconnect last?
$ETH
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$BMNR HAS 5.07 MILLION ETH ALREADY STAKED.
At BitMine’s cited 2.62% annualized yield, that implies roughly 132,763 ETH in annual rewards.
At different $ETH prices:
🔹 $2,500 ETH → $332M/year
🔹 $3,000 ETH → $398M/year
🔹 $4,000 ETH → $531M/year
🔹 $5,000 ETH → $664M/year
Same ETH rewards. Much larger dollar value as ETH rises.
And those rewards are paid in ETH, adding to the treasury over time.
This is the part of the $BMNR model that deserves more attention.
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$BMNR OWNS ALMOST 6 MILLION ETH.
So think of it this way:
Every $100 ETH rises = roughly $600M added to the value of BitMine’s ETH treasury.
And at different $ETH prices:
ETH $2,500 → BitMine ETH = $14.9B
ETH $3,000 → $17.9B
ETH $4,000 → $23.8B
ETH $5,000 → $29.8B
That’s the scale of 5,956,378 ETH.
A move from $2,500 to $5,000 ETH would add almost $15 BILLION to the value of BitMine’s ETH alone.
Tom Lee @fundstrat wanted scale. Nearly 6 million ETH later, he has it.
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THE SEC CHAIR IS TALKING ABOUT MOVING U.S. CAPITAL MARKETS ONCHAIN.
Paul Atkins says the SEC’s new Innovation Exemption is designed to bring American capital markets into the digital age.
And today it opened a five-year pathway for qualifying venues to trade tokenized U.S. stocks onchain.
24/7 markets.
Tokenized equities.
Automated onchain liquidity.
The unanswered question is becoming one of the biggest in crypto:
Which blockchain becomes the settlement layer for it?
$ETH
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🇺🇸 BREAKING: SEC Chair Paul Atkins just released the crypto BULLS!!
If you hold $BTC $ETH $SOL you need to watch all 4 minutes of this!
The future of crypto in America looks like this:
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$BMNR OWNS ALMOST 6 MILLION ETH.
So think of it this way:
Every $100 ETH rises = roughly $600M added to the value of BitMine’s ETH treasury.
And at different $ETH prices:
ETH $2,500 → BitMine ETH = $14.9B
ETH $3,000 → $17.9B
ETH $4,000 → $23.8B
ETH $5,000 → $29.8B
That’s the scale of 5,956,378 ETH.
A move from $2,500 to $5,000 ETH would add almost $15 BILLION to the value of BitMine’s ETH alone.
Tom Lee @fundstrat wanted scale. Nearly 6 million ETH later, he has it.
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$BMNR is 143,622 ETH from 5% and still trades at 0.94× mNAV.
Official 14 Sep print: 5,956,378 ETH · 4.9% of 122.0M · $549M cash.
At $2,448 ETH the last 143,622 costs $351M.
Cash left if they finish 5% here: $198M.
The question is the split: Alchemy with cash, or buy back while the multiple is under 1.
That leftover only holds if the ATM stays off under 1.0×.
Watch next print: ETH added · cash used · shares retired.
I hold $BMNR $ETH. Not affiliated. NFA.
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Tokenization already has a favorite chain. It’s just not saying the name yet.
Token Terminal: Ethereum $23B of tokenized RWAs about 49% of the market.
stables on ETH: $159.6B about 53% of all stablecoins.
Today:
SEC path for tokenized U.S. stocks on public permissionless rails.
S&P buying OpenZeppelin.
The trend isn’t the question anymore.
Which chain those stocks settle on is.
ETH is winning that argument so far.
$ETH
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Tokenization is a mega trend. Just today, the SEC created a pathway for tokenized stocks to trade in the US, S&P acquired @OpenZeppelin, and DeFi assets are ripping. If you had doubts before, today should put them to rest. The world is moving onchain.
The thing about investing in mega trends is that they go on longer than you think.
ChatGPT launched in November 2022. NVDA was trading for $16. A year later, it was obvious AI was a megatrend and NVDA was up 176% to $46.
The right thing to do at that point was not to kick yourself for missing the move. It was to buy in size. Today, NVDA is $219.
You probably wish you bought into DeFi and tokenization in June when prices were lower. But this is a multi-year transformation of how finance works. If it plays out as I think it will, there is plenty of upside ahead.
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Ethereum’s block clock is still 12 seconds.
EIP-8198 (Quick Slots) would make that number a setting, not a law.
Ethlabs’ path: 10 seconds in Hegotá, then lower if the network holds. They talk about sub 6 later. That’s a target, not a ship date.
Names on the direction: DefiLlama, Ondo, Ethena, Lido, Derive, Railgun, Flashbots, Titan Builder.
What faster slots actually change:
DEX prices less stale
tighter spreads
less time for the fill to move against you
faster L1 ↔ rollup handoffs
The point isn’t 12 → 10.
It’s that 12 seconds stops being permanent.
$ETH
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Share count isn’t the whole dilution story.
If $BMNR issues common above NAV and buys ETH, ETH/share can rise. That’s accretion.
Issuing below NAV and buying ETH is what cuts ETH/share.
Today own tape is 96.5× mNAV. That’s the side of 1.0× where new common is the problem, not the feature.
Get back through 1.0× and the ATM can help ETH/share again.
$SBET vs $BMNR gets decided by ETH/share and the multiple they issue at, not who printed fewer shares.
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at this rate $SBET will start outperforming $BMNR due to all the dilution. They need to buyback 100m worth of shares back at minimum.
$BMNR is doing exactly what an ETH treasury equity should be doing today.
ETH: +2.11%
BMNR: +5.66%
And even after that move, BMNR still hasn’t reached NAV.
ETH: $2,459.74
BMNR: $24.10
NAV/share: $24.97
mNAV: 96.5%
That still leaves BMNR trading at roughly a 3.5% discount to common NAV.
Does parity finally break today?
$BMNR $ETH
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$BMNR is 143,622 ETH from 5% and still trades at 0.94× mNAV.
Official 14 Sep print: 5,956,378 ETH · 4.9% of 122.0M · $549M cash.
At $2,448 ETH the last 143,622 costs $351M.
Cash left if they finish 5% here: $198M.
The question is the split: Alchemy with cash, or buy back while the multiple is under 1.
That leftover only holds if the ATM stays off under 1.0×.
Watch next print: ETH added · cash used · shares retired.
I hold $BMNR $ETH. Not affiliated. NFA.
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BITMINE SNAPSHOT
5,956,378 ETH $14.49B
4.9% of supply
5,067,309 ETH staked $12.32B
$549M cash
About 144,000 ETH from the 5% target
The 5% milestone is almost here.
The question is what they do with the stack, the cash, and the multiple?
$BMNR $ETH
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Circle having its own Layer 1 is something Ethereum holders should probably be watching.
The $410.8M first day DEX volume looks impressive, but most of it came from memecoin activity.
The bigger story is what Arc is actually being built for: stablecoins, payments, tokenized assets and institutional finance.
BlackRock, Visa, Mastercard and DTCC are already involved as validators.
So the question is simple:
Does Arc grow the onchain economy alongside Ethereum, or eventually start pulling meaningful activity away from it?
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Circle’s new Arc blockchain processed $410.8M in DEX volume and 7.76M transactions on its first day of mainnet.
Arc is a new Layer-1 built around stablecoins, payments, tokenised assets, FX and AI-driven transactions, with USDC used for gas.
Day one was heavily driven by memecoin activity, but that’s not what I’ll be watching.
The real question is whether businesses, financial institutions and AI agents start using Arc at scale.
The infrastructure is live.
Now we see what gets built on it.
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Tom Lee on CNBC:
“Q4 will be the start of one of the biggest market rallies in our lifetime.”
A lot of people are still waiting for a cleaner entry.
If he’s right, that wait is the trade that underperforms.
What are you actually holding into Q4?
$BMNR $ETH
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Tom Lee said today on CNBC:
“Q4 will be the start of one of the biggest market rallies in our lifetime”
TOM LEE: Q4 COULD KICK OFF
“ONE OF THE BIGGEST MARKET RALLIES OF OUR LIFETIME.”
That’s a huge call.
If Tom @fundstrat nails this again, what do you want to own before everyone starts chasing it?
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TOM LEE NAILED IT. S&P PUSHING 7,300.
🔹 Software $IGV raised to a top pick alongside MAG7 and crypto.
🔹 Retail missed the lows. Massive firepower still on the sidelines.
🔹 Earnings growth projected at 14%. We’re clocking 28%. AI is delivering real payoffs.
Position before the crowd does.
$BTC $ETH
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TRUMP RESPONDS TO THE FED RATE HIKE: CUT RATES TO 1% OR LESS
The Fed just raised rates 25bps to 3.75%–4.00% and signaled further tightening could follow.
Trump’s response could hardly be clearer:
“LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST‼️”
He says US rates should be 1% or lower.
The gap between the White House and the Fed just got a whole lot wider.
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THE FED JUST RAISED RATES FOR THE FIRST TIME IN THREE YEARS.
25 bps. New range: 3.75%–4.00%.
The hike was largely expected.
Now the real market mover is what Kevin Warsh says comes next.
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THE FED JUST RAISED RATES FOR THE FIRST TIME IN THREE YEARS.
25 bps. New range: 3.75%–4.00%.
The hike was largely expected.
Now the real market mover is what Kevin Warsh says comes next.
Show more
