Future Investing
Tom Lee Goes ALL IN on ETH Under $4,000... All or Nothing
10/20/2025, 3:38:06 PM
Economic Summary
- BMNR (Bitmine) has materially increased its Ethereum holdings — reported ~3.2M–3.24M ETH at an indicated reference price ~$4,022 — raising total ETH treasury value to roughly $13B despite recent ETH price weakness, and now owns ~3.2–3.68% of ETH supply.
- The firm raised new equity/cash and purchased large ETH blocks during a mid‑October dip (notably around Oct 15–17), diluting shares from ~292M to ~310M outstanding; dilution mechanics can lower NAV per share unless stock is sold at a premium to buy undervalued ETH.
- ETH traded roughly between $4,080 and $3,680 during the week; LookOnChain flagged a ~$281M purchase on Oct 17, illustrating opportunistic accumulation amid a broad crypto deleveraging event and low open interest comparable to late June.
- Regulatory and ecosystem developments — Coinbase advocacy for market structure legislation, Robinhood tokenizing stocks on Ethereum L1/L2, and Alipay/Alibaba launching an L2 — could materially increase institutional and retail activity on Ethereum, benefiting treasury holders like BMNR.
Bullish
- BMNR accumulating ETH during dips could boost NAV per share if ETH recovers.
- Regulatory market-structure clarity could spur institutional adoption of Ethereum and crypto.
- Large ecosystem builds (Alipay/Alibaba L2, Robinhood tokenization) increase Ethereum utility and demand.
Bearish
- Ongoing share dilution to raise cash can depress per-share value if sold below intrinsic NAV.
- Heavy concentration in ETH exposes BMNR to extended Ethereum price declines.
- Buying large amounts during volatile dips risks losses if ETH fails to rebound.
Bullish tickers
BMNRETHBABACOINHOODMSTR
Bearish tickers
BMNRETH
BMNR
2 price targets
53.3442.02
Bullish
Aggressive ETH accumulation during dips and high trading liquidity could lift NAV per share if ETH rallies.
Bearish
Ongoing equity dilution to fund ETH purchases can reduce per-share value; concentrated ETH exposure raises downside risk.
ETH
4 price targets
4080368040223800
Bullish
Strong developer growth, L2 adoption (Arbitrum), institutional interest, and potential market-structure laws support long-term demand.
Bearish
Recent deleveraging and low open interest created downward pressure; price volatility could persist.
BTC
Bullish
BMNR holds ~192 BTC, providing some treasury diversification alongside ETH exposure.
COIN
Bullish
Coinbase CEO pushing market-structure legislation could clarify rules and increase institutional crypto participation.
HOOD
Bullish
Robinhood tokenization of US stocks/ETFs on Ethereum L1/L2 expands use cases and on-chain activity.
BABA
Bullish
Alipay/Alibaba L2 rollout and large user base could drive on-chain transaction volume and broader Ethereum adoption.
MSTR
Bullish
MicroStrategy combined trading volume with BMNR is significant, indicating institutional treasury activity and liquidity effects.
People mentioned
Tom LeeBrian Armstrong