Future Investing
Tom Lee's BMNR Just Made Its BIGGEST ETH Buy Yet!
10/13/2025, 5:21:04 PM
Economic Summary
- A Trump announcement of a 100% tariff on China sparked massive crypto volatility, wiping roughly $800 billion at the lows and later recovering about $500 billion, creating opportunities for institutional buyers like BMR (benefiting ETH and BTC).
- BMR reported purchasing ~202,000 ETH over the volatile weekend, raising its holdings to over 3 million ETH (reported ~$4,153/ETH), increasing its MNAV and reducing cash from ~$456M to ~$104M via equity issuance, a strategy that relies on ETH appreciation.
- Macro and institutional adoption signals — the EU considering a euro stablecoin on Ethereum and large institutions such as JPMorgan using Ethereum — strengthen ETH's position as the primary on-chain finance platform and support long-term demand.
Bullish
- BMR aggressively bought over 3 million ETH, indicating strong institutional accumulation.
- Institutional and regulatory moves (EU stablecoin consideration, JPMorgan usage) bolster Ethereum's adoption.
- High trading liquidity in firms like MSTR supports capital inflows into crypto-focused equities.
Bearish
- Trump's announced 100% tariff on China triggered widespread volatility and an ~$800B crypto market drawdown.
- Ethereum losing its role as the leading on‑chain finance platform would undermine BMR's buy-and-hold strategy.
- BMR raised equity and reduced cash, diluting shareholders if ETH doesn't appreciate enough to offset issuance.
Bullish tickers
BMRETHBTCMSTRJPM
Bearish tickers
ETHBMRBTC
BMR
Bullish
Aggressive net buyer of ETH (>3M ETH), can issue equity to fund purchases; benefits from ETH price appreciation and trades at modest MNAV premium.
Bearish
Strategy depends on ETH appreciation; equity issuance reduced cash and diluted shares, hurting holders if ETH falls.
ETH
Bullish
Seen as the backbone for on‑chain finance; EU stablecoin consideration and institutional use (e.g., JPMorgan) support continued adoption and demand.
Bearish
If Ethereum loses dominance as the leading on‑chain finance platform, its price could decline sharply, hurting holders and treasury-backed issuers.
BTC
Bullish
Recovered alongside ETH during deleveraging; benefits from institutional interest and treasury allocations.
Bearish
Sudden deleveraging and liquidation events can push BTC lower during volatile periods.
MSTR
Bullish
High trading volume and liquidity position MSTR as a leading vehicle for institutional crypto exposure.
Bearish
Concentration in trading volume could create idiosyncratic risk if market liquidity shifts.
JPM
Bullish
JPMorgan's use of Ethereum-based solutions supports broader institutional adoption of ETH.
Bearish
No specific bearish corporate case discussed; macro risk could affect banks using crypto rails.
People mentioned
Donald TrumpTom Lee