Investment Gems

BitMine (BMNR) has scaled its Ethereum treasury to a new level, reporting $9.2B in crypto + cash holdings, including 2.07M ETH (~$8.9B at $4,312/ETH), 192 BTC, and $266M cash. This makes BMNR the largest ETH treasury globally and the #2 corporate crypto treasury overall, behind only MicroStrategy’s 636k BTC (~$71B). At ~1.7% of ETH supply, BMNR is visibly pursuing its stated goal of acquiring 5% of the network (~6M ETH), implying further large-scale issuance and capital raising.

Liquidity has exploded: BMNR now trades $1.7B ADV, ranking #30 among all U.S. equities, ahead of Exxon and Costco and just behind Bank of America. This makes BMNR investable for the largest hedge funds, indexers, and potentially sovereign allocators. The stock has effectively transitioned into a macro trading vehicle, similar to MSTR in Bitcoin or Tesla in growth equities. Hedge funds can now treat BMNR as a liquid, high-beta proxy for ETH with NAV-backed downside.

Management has also launched its first “Moonshot” investment — a $20M PIPE into Eightco (OCTO), which is pivoting to hold Worldcoin (WLD) as its primary treasury asset. Framed as a 1% ecosystem allocation, this signals BMNR intends not just to hoard ETH but to strategically back high-risk, high-upside Ethereum-aligned projects. The logic is consistent with BMNR’s AI-on-chain narrative: Worldcoin’s “Proof of Humanity” could become critical for agentic-AI trust. That said, Worldcoin remains controversial, and hedge funds should haircut such investments to zero in base case valuation.

Tom Lee continues to frame BMNR’s strategy as a “1971 moment” — likening the GENIUS Act and SEC Project Crypto to the U.S. leaving Bretton Woods, which unlocked modern financial derivatives. By this analogy, Bitcoin is gold, while Ethereum is the synthetic rail on which the financial internet will be built. For macro allocators, this is a powerful framing: BMNR becomes not a tech bet, but a long-duration macro trade.

Risks remain significant. To scale from 2M ETH to 6M ETH, BMNR must keep issuing equity aggressively. In a flat ETH environment, 30–50% share issuance could dilute NAV/share by 20–35%, causing BMNR to underperform ETH spot despite leverage. The validator and staking plans are still largely aspirational; operational execution and custody scale remain unproven. The premium-to-NAV, which underpins the equity’s convexity, could compress if investor enthusiasm wanes.

Bottom line: BMNR has become the #1 equity proxy for Ethereum, liquid enough for the largest hedge funds and macro allocators, with convexity that could make it a 6–10x beta to ETH in an upcycle. The Moonshot program offers speculative optionality but introduces headline risk. For IC purposes, BMNR should be viewed as a levered, equity-compliant macro vehicle on Ethereum, with NAV-backed downside but heavy dependence on continued ETH appreciation and disciplined capital raising.