Future Investing
I'm HEAVILY Buying BMNR Stock - Here's Why
9/30/2025, 12:00:17 PM
Economic Summary
- Bitmine (BMNR) has rapidly accumulated roughly 2.65 million ETH and holds substantial cash and BTC, positioning it as a leading Ethereum treasury; its returns depend heavily on ETH price appreciation.
- Ethereum's macro narrative: growing stablecoin usage, tokenization, and payments adoption (PayPal, Robinhood, E-Trade, Amazon/Walmart interest) could materially increase on-chain demand and fees, supporting price upside (tickers: ETH, PYPL, HOOD, AMZN).
- Tom Lee's ETH/BTC ratio framework implies large ETH upside if Bitcoin reaches $100k–$250k; the current ETH/BTC ratio is below its eight-year average, suggesting potential reversion if BTC rallies (tickers: BTC, ETH).
- Treasury model amplification: firms that hold digital-assets on their balance sheets (e.g., MicroStrategy MSTR) have historically produced amplified returns versus simply holding coins, making treasury strategies attractive but valuation-dependent.
Bullish
- Bitmine aggressively acquiring 2.65M ETH and holding large cash to buy more
- Ethereum staking yield and growing utility (stablecoins, tokenization) increase long-term demand
- Major platforms (PayPal, Robinhood, E-Trade, Amazon/Walmart interest) expanding Ethereum-based usage
- Potential 401(k) allocations and institutional tokenization could funnel large new inflows into crypto
Bearish
- Bitmine trades at roughly a 1.3x NAV premium and needs ETH appreciation to justify valuation
- If Ethereum stagnates, treasury returns remain limited despite staking yield
- Current ETH/BTC ratio is below historical average — ETH needs a BTC rally to regain levels
Bullish tickers
BMNRETHBTCMSTRHOODPYPLAMZNJPM
Bearish tickers
BMNRETHBTC
BMNR
Bullish
Rapidly accumulating 2.65M ETH with significant cash reserves and faster acquisition pace than peers, plus staking yield exposure.
Bearish
Trades at ~1.3x NAV; relies on ETH appreciation and concentrated ETH exposure to generate returns.
ETH
3 price targets
60001100022000
Bullish
Rising stablecoin usage, tokenization, staking yield (~3%), and institutional integrations could materially increase demand and price.
Bearish
Currently below historical ETH/BTC ratio and still somewhat inflationary; needs significant adoption or BTC rally to drive big gains.
BTC
3 price targets
100000125000250000
Bullish
If BTC reaches higher price bands, ETH could re-rate upward via historical ETH/BTC ratio relationships.
Bearish
High volatility; ETH upside is partly contingent on BTC appreciating significantly first.
MSTR
Bullish
Example of treasury strategy amplifying returns versus directly holding bitcoin.
BTBT
Bullish
Peer that is also raising capital to buy ETH; competitor accumulation supports overall demand dynamics.
People mentioned
Tom LeeScott BesantDonald Trump