Todd

[金融Angel @82WztfvhHqZz0Ub]

摩根大通正式采用以太坊公链，4万亿资产正式筹备上链交易。

$ETH

[Todd @DomainBuy2]

@WatcherGuru Ethereum

[Cointelegraph @Cointelegraph]

🇫🇷 LATEST: €5.3T French banking giant Crédit Agricole launches EURXT, a euro-pegged stablecoin on Ethereum.

[Todd @DomainBuy2]

@lanhubiji My question is who's next

[Todd @DomainBuy2]

@fundstrat @ethereuminsti How $eth going to capture the value and benefits from ppl using Ethereum

[Todd @DomainBuy2]

@danxtrades F me

[Todd @DomainBuy2]

@Ethprofit Saylor fud $eth
Tom lee endorse $btc

[Daniel E. @danxtrades]

Just give me $2,000 ETH and I’ll dump my $BMNR shares.

This is by far the most annoying stock in my portfolio. Every day feels like watching paint dry while simultaneously getting punched in the face.

[Todd @DomainBuy2]

@BSCNews Meanwhile NASDAQ up 1%

[Todd @DomainBuy2]

@EthereanVibin @fundstrat This has been a disaster

[Todd @DomainBuy2]

@RealJackPoor Wrong his average is around 3k

[Todd @DomainBuy2]

@mmmikema And the future is $bmnr going to single digit

[Todd @DomainBuy2]

@blocknewsdotcom its not bank deposits and its my money.

[Todd @DomainBuy2]

@danxtrades @fundstrat probably need to wait until it gets to 5% first and someone can get the bonus?

[Todd @DomainBuy2]

@BMNRTracker history low RSI, crazy shit and its crazy if the company not buying back now.

[Todd @DomainBuy2]

@coingecko #bmnr seems going to single digit... shit

[BuyTheDiplo @BuyTheDiplo]

Everyone in $BMNR is asking the same thing this morning:

Why am I down?

Is this Tom Lee’s fault?

Why is $SBET buying back shares while BMNR just sits here?

Here’s the clean read.

BMNR is not trading like a normal ETH proxy anymore.

It’s trading like the market is putting the entire ETH treasury model on trial.

BMNR holds:

5.70M $ETH
4.879M ETH staked
206 BTC
$555M cash/marketable securities
~4.7% of all ETH supply
94% of the way to the 5% target

That part is real.

The issue is not “do they own ETH?”

They clearly do.

The issue is:

What is one BMNR share actually worth?

It’s closer to the low-0.8x mNAV range live-adjusted with ETH down here.

Still a discount.

But not a free-money fantasy.

And that discount exists for a reason.

The market is scared of 3 things:

$ETH keeps falling
BMNR keeps issuing/diluting
Management does not defend NAV when the stock trades below it

That’s the entire bear case.

Tom Lee is not the reason ETH is down.

ETH is down because ETF flows are weak, ETH/BTC is ugly, burn is weak, and the market is questioning ETH value capture.

But Tom Lee does control the part BMNR holders care about:

Capital allocation.

When BMNR traded at a premium, issuing shares to buy ETH was accretive.

That was the playbook.

Sell expensive equity.

Buy ETH.

Increase ETH per share.

But when BMNR trades below NAV, the playbook changes.

Below NAV, buybacks become accretive.

That is why $SBET buying back stock matters.

SharpLink just bought back over 2.1M shares and has repurchased over 4M shares total.

That sends a message:

“We think our stock is too cheap.”

BMNR already has a $4B buyback authorization.

The market does not need another speech.

It needs proof.

If BMNR is truly below intrinsic value, show it.

Buy back stock.

Slow dilution.

Defend ETH per share.

That is how trust comes back.

My read:

BMNR is down because the premium collapsed, ETH fell, and investors no longer trust automatic dilution as “accretive.”

That does not mean the thesis is dead.

It means the thesis has entered the prove-it phase.

The bull case is still obvious:

If ETH stabilizes, BMNR trades back toward NAV, and management uses buybacks intelligently, the equity can move violently.

The bear case is also obvious:

If ETH breaks lower and BMNR keeps acting like dilution is the only button on the keyboard, the discount can stay ugly.

So the question is not:

“Is Tom Lee right about ETH?”

The question is:

“Will BMNR protect ETH per share now that the stock trades below NAV?”

That is the whole stock.

Above NAV: issue and accumulate.

Below NAV: buy back and defend.

If they do that, this can bottom.

If they don’t, the market will keep punishing them.

[Todd @DomainBuy2]

@BMNRTracker buy back the share like the one that next to us

[Todd @DomainBuy2]

@Han_Akamatsu Well i believe soon there will be a buy back. This is getting ridiculous

[Todd @DomainBuy2]

@Sharplink $bmnr check this out