Future Investing
Tom Lee's New BMNR Stock Price Target (& Buys More ETH!)
10/6/2025, 5:50:46 PM
Economic Summary
- Bitmine Emergent (BMNR) holds ~2.83M ETH plus BTC, ORBS, and cash; at current ETH prices this underpins a large portion of BMNR's NAV and implies potential stock upside if MNAV multiples expand.
- Macro liquidity and Fed policy are central to crypto price action: Tom Lee argues easing or abundant global liquidity could push BTC to $200k–$250k, which would likely lift ETH (estimates in the transcript range from ~$9k to ~$12k or higher).
- Institutional and consumer adoption is accelerating: Morgan Stanley is advising crypto allocation options for clients and Samsung is partnering with Coinbase to expose 75M Galaxy users to crypto, signaling broader distribution channels for BTC/ETH.
Bullish
- BMNR accumulating 2.83M ETH and other assets creates significant NAV upside.
- Ethereum's 100% uptime and developer focus make it attractive for institutional/AI use.
- Tom Lee's liquidity-based thesis could push BTC to 200–250k, lifting ETH and BMNR.
- Institutional distribution (Morgan Stanley) and consumer reach (Samsung x Coinbase) will drive adoption.
Bearish
- Federal rate hikes or tighter global liquidity could derail BTC/ETH rallies and depress BMNR valuation.
- BMNR's MNAV premium could compress, leaving downside versus implied NAV.
- Share issuance or dilution risk from BMNR acquiring more assets.
- Reliance on optimistic macro scenarios (Tom Lee) — outcomes may not materialize.
Bullish tickers
BMNRETHBTCCOINMSORBSSOL
Bearish tickers
BMNRBTCETHSOL
BMNR
3 price targets
78.5122.7147.04
Bullish
Accumulating ETH (2.83M tokens) and other assets creates NAV upside; MNAV expansion and rising ETH/BTC could drive stock above $100.
Bearish
Valuation tied heavily to ETH/BTC prices; MNAV premium could compress and additional share issuance dilutes holders.
ETH
5 price targets
4650598390001000011965
Bullish
Presented as the premier blockchain for Wall Street and AI with 100% uptime; institutional adoption could materially raise price.
Bearish
ETH upside depends on BTC correlation and macro liquidity; policy tightening could reverse gains.
BTC
3 price targets
125000200000250000
Bullish
Tom Lee forecasts $200k–$250k possible with easing/liquidity, which would lift crypto market broadly.
Bearish
Price sensitive to global liquidity and Fed moves; hikes could impede the next major leg up.
ORBS
Bullish
Part of Bitmine's diversified crypto holdings alongside ETH and BTC.
Bearish
Mentioned only as a Bitmine holding with no specific outlook or targets provided.
COIN
Bullish
Samsung partnering with Coinbase to offer Coinbase One to 75M Galaxy users, expanding consumer access.
Bearish
No direct drawbacks discussed in the transcript.
MS
Bullish
Morgan Stanley providing crypto allocation guidance to clients could channel significant institutional flows into crypto.
Bearish
Morgan Stanley currently emphasizes Bitcoin first, so ETH exposure may lag initial institutional flows.
SOL
Bullish
Noted as a large name in the ecosystem that is improving over time.
Bearish
Called out for historical downtime issues compared with Ethereum's 100% uptime, raising reliability concerns for institutions.
People mentioned
Tom Lee