TOM LEE: AI FEARS MAY BE PREVENTING THE VERY BUBBLE INVESTORS FEAR While markets worry about excessive AI spending, @fundstrat argues that continued breakthroughs and discipline in debt markets are signs of a healthier investment cycle. His argument is worth considering: 🔹 AI discoveries are still accelerating 🔹 Capital spending is being scrutinized 🔹 Lending discipline may limit speculation The distinction for investors is important: a correction in valuations doesn't necessarily mean the underlying technology boom is ending. And if AI fears are contributing to the broader risk off selloff, the implications extend beyond tech stocks to crypto and $BMNR. Is Wall Street confusing a correction with the end of the AI investment cycle?

VISA AND MASTERCARD ARE HELPING BUILD THE MONEY THAT MOVES ONCHAIN Open USD is live with 200+ network partners. Visa, Mastercard, Stripe, Shopify and Coinbase are founding partners, with more than $1B in near term launch liquidity commitments. The incentive is powerful: businesses distributing and using OUSD can earn rewards and ownership in the network they help grow. My read: payment companies now have a reason to bring their existing customers onchain. They already have the accounts, merchants and distribution. Stripe has integrated OUSD into payments, business balances, cards and global payouts. Ethereum is supported alongside Base, Solana and Tempo, Stripe’s default. Meanwhile, Aave Labs has proposed bringing OUSD into Ethereum’s lending markets. If approved, the same dollar used for business payments could also fund onchain borrowing. The bigger opportunity: businesses could keep money onchain because they can receive it, put it to work and spend it there. That is how blockchain becomes part of everyday finance.

BitMine is trading below gross NAV $ETH: $2,674.08 $BMNR: $26.55 NAV/share: $27.19 Gross mNAV: 0.98x BitMine holds 6,001,302 ETH worth $16.05B, with 5.07M ETH already staked and projected annualized staking revenue of $358M. At today’s valuation, the market is pricing the treasury at a 2.4% discount while assigning no premium to the staking operation.

Under my leadership, the SEC is working to provide clarity to the marketplace so innovative technologies can be developed onshore. This represents more than a regulatory shift—it is a generational opportunity to advance American leadership in the digital finance revolution. 🇺🇸

$ETH is the most hated chart in crypto. And it's about to break. 5 years of chop. 5 years of underperforming. 5 years of "Ethereum is dead." All inside one giant bullish pennant. The breakout target? $18,000.

BUYING A COFFEE WITH DIGITAL DOLLARS SHOULDN’T REQUIRE A TAX CALCULATION Stablecoins are designed to hold their value. Yet spending them can still create capital-gains calculations over tiny price movements. The push for stablecoin tax relief tackles a real adoption barrier: making digital dollars practical to spend. For Ethereum and its payment ecosystem, the opportunity extends beyond crypto trading into checkout, subscriptions and everyday commerce. Faster payments get people interested. Removing the accounting headache could help get them using them.

BETTER JOBS. COOLER INFLATION. ETH BACK ABOVE $2,700. US private hiring beat expectations at 90,000, while core PCE inflation came in below forecasts at 0.2%. That combination gives investors something to buy: an economy still adding jobs, with less inflation pressure than feared. $ETH is trading at $2,730, up 1.57%, with $BMNR up 2.88% at $27.50 before the US open. Now the test is whether those gains hold when Wall Street starts trading.

TOM LEE LIKES THE IDEA OF PUTTING BITMINE’S UNUSED CAPACITY TO WORK A shareholder suggested retrofitting unused mining capacity into a revenue generating data centre. Tom’s response: “I like the sound 👂 of that” The investor question: could BitMine’s legacy mining infrastructure earn a second life alongside its Ethereum business? No project announced. But a direct question for management: what capacity remains, what would conversion cost, and what return could it earn? $BMNR $ETH

THE NEXT CRYPTO RALLY COULD CREATE ITS OWN BUYERS Treasury companies give a crypto bull market another source of buying power: the stock market. If $BMNR trades above its asset value, BitMine can raise equity to buy more ETH, potentially increasing the ETH backing each share. And shareholders can sell their stock without withdrawing ETH from BitMine’s treasury. Their exit doesn’t automatically become a crypto sale. BitMine already holds 6M ETH, valued at $16.2B in Monday’s update. The bigger opportunity: a rising market that helps finance further accumulation.

WALL STREET CAN HAVE GATED ACCESS. THE BLOCKCHAIN MUST BE PUBLIC. The SEC’s tokenized stock exemption requires auditable, public smart contracts deployed on a public, permissionless blockchain. Approved participants. Public infrastructure. For Ethereum investors, that is the opening: regulated stock trading using the kind of infrastructure Ethereum already provides. Congress remains important. But parts of Wall Street’s move onchain are already being authorised. The Ethereum connection is an investment thesis; the exemption does not specify a particular blockchain.

$BMNR is trading below NAV while 84% of its 6 million ETH treasury is already producing yield. $ETH $2,691 $BMNR $26.85 mNAV 0.98× NAV/share: $27.35 🔹 6,001,302 ETH worth $16.15B 🔹 5,067,309 ETH staked 🔹 $358M annualized staking revenue At the current 2.62% staking yield, that staked ETH is on pace to generate about 132,800 ETH per year. At today’s ETH price, that is roughly $357M of additional ETH annually without BitMine issuing a share or buying another coin. The market is valuing BitMine below gross NAV while the treasury itself is producing more treasury.

The secret is out. MAVAN is the largest single staking operation in the world. Coingape’s Block of Fame is lifting the lid on what Bitmine is building and why owning infrastructure is a strategic advantage. Check it out: $BMNR $BMNP

THE MARKET IS CURRENTLY VALUING BITMINE’S OPERATING BUSINESS AT ZERO At 1.00× mNAV, BitMine’s market value is already covered by its ETH, Bitcoin, cash and investments. That leaves almost no separate valuation for MAVAN: 🔹 $45.7M actual quarterly revenue 🔹 $357M current annualized projection 🔹 $424M fully staked projection MAVAN is also expanding into institutional staking and receives 25% of commissions and validator-level rewards from Kinetiq × Hyperion. The market sees 6M ETH sitting on a balance sheet. It is barely valuing the business BitMine is building on top of it.

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.