TOM LEE & BITMINE ARE RELENTLESSLY BUYING ETHEREUM.
Bitmine bought another 75,000 $ETH worth approximately $123M from Kraken and FalconX over the past few hours.
$ETH $BMNR
That's the spot ETH demand I was talking about in the low 1600s
At this rate ETH short sellers are actually completely mega hyper fucked.
They are going to get squeezed and liquidated like crazy.
Wouldn't surprise me if we saw a mega ultra fast wick to $2K today or tomorrow.
$BMNR is now 92% of the way to its “Alchemy of 5%.”
Current ETH held: 5,543,872
Target: roughly 6.035M ETH
Gap: about 491K ETH
At ~$1.66K ETH, that is roughly an $815M-$825M gap.
The 5% target matters because BMNR is not just trying to own “some ETH.”
It is trying to become the dominant public ETH treasury.
At 5% of total ETH supply, BMNR becomes the clearest public-market proxy for Ethereum ownership, staking yield, and institutional ETH accumulation.
The important part is what happens after 5%.
Before 5%, the story is simple:
Raise capital
Buy ETH
Stake ETH
Grow NAV
Hit the milestone
After 5%, the game likely shifts from pure accumulation to per-share value creation.
That means the market will care less about “how much ETH did they buy?” and more about:
ETH per share
NAV per share
mNAV discipline
staking income
buybacks below NAV
preferred financing cost
dilution control
MAVAN validator growth
BMNR has already said capital can be used for more ETH, staking infrastructure, strategic investments, and/or common stock repurchases.
That matters.
If $BMNR trades below NAV after reaching 5%, buying back shares could be more accretive than buying more ETH.
Why?
Because retiring shares below NAV increases the ETH backing each remaining share.
That is the real shareholder unlock.
The best version of BMNR after Alchemy is:
5% ETH ownership
4.7M+ ETH staked
$230M+ annualized staking value
less common dilution
buybacks when stock trades cheap
MAVAN becomes institutional staking infrastructure
ETH per share keeps rising
The risk is also clear:
If they keep issuing common stock aggressively after 5%, shareholders may own a bigger ETH treasury but not necessarily more ETH per share.
That is the line.
BMNR hitting 5% is the headline.
BMNR growing ETH per share after 5% is the real stock thesis.
BITMINE $BMNR JUST MADE ITS BIGGEST ETHEREUM BUY OF THE ENTIRE YEAR
Tom Lee's BitMine bought 126,971 $ETH during last week's dip
That pushes their total to 5,543,872 ETH. ~4.59% of Ethereum's entire circulating supply, worth about $9 billion.
And this is where their strategy splits from a pure Bitcoin treasury. Nearly all of it is staked. 4,718,677 ETH actively earning, throwing off a projected $230 million in annual staking revenue. They get paid to hold.
But the charts don't care yet. ETH is stuck near $1,650, still pinned below every resistance level since April. MACD negative. ETF outflows ran through most of June.
It comes down to one line: $1,500.
Hold it, and BitMine's averaging-down looks like the smartest institutional trade of the cycle. Lose it on a weekly close, and there's no real support until $1,000 to $1,100.
US-IRAN NUCLEAR TALKS NEAR FRAMEWORK DEAL
The U.S. and Iran are reportedly narrowing differences on four key issues: a 15-year halt to uranium enrichment, dilution of Iran’s enriched uranium stockpile, dismantling most nuclear facilities, and expanded international inspections. Talks remain fragile amid renewed military tensions, including the reported downing of a U.S. helicopter. Negotiators are also debating the release of roughly $25 billion in frozen Iranian assets. U.S. officials remain cautiously optimistic that detailed negotiations could resume soon, though political and military opposition on both sides continues to pose significant risks.
1/ The Clarity Act has a real shot at passing the Senate.
Getting it right means protecting the developers who build public blockchains. Getting it wrong risks pushing them – and the future of this technology – offshore.
🧵
Justin Drake: Quantum is an opportunity for Ethereum
Ethereum Researcher Justin Drake, who co-authored Google's recent quantum paper explains:
"I've stopped thinking about post-quantum as a hurdle that we have to overcome, and I think of it more as an opportunity. It's an opportunity for Ethereum to stand out as the very first global financial system that is post-quantum secure — not just relative to its competitors, but also relative to fiat and tradfi."
Justin also believes quantum presents an opportunity for Ethereum to become the best version of itself: “The move to post-quantum is essentially a rewrite, and that’s a massive opportunity to start with a clean slate and wipe our technical debt.”
The rewrite bundles post-quantum security with a new ZK virtual machine (LeanVM) that can snarkify the entire consensus layer in real time. The result is that the Ethereum L1 can scale to 10,000 TPS at 1 gigagas/second — while simultaneously becoming quantum-secure.
Source: @Bankless (Mar 2026)
Ways and Means Republicans rolled out six standalone bills and a discussion draft ahead of today’s crypto tax hearing at 2pm ET.
The bills address crypto donations, mining and staking taxation, reporting requirements, tax treatment parity, voluntary disclosure, and applying existing tax anti-abuse rules to digital assets. The discussion draft targets the use of offshore crypto tax shelters.
Witnesses include:
📌Sarah Reilly, Vice President and Senior Tax Counsel, @Fidelity
📌@LawrenceZlatkin, Vice President of Tax, @coinbase
📌@jasonsomensatto, Director of Policy, @coincenter
📌Mike Kaercher, Deputy Director,
Tax Law Center at @nyulaw
BREAKING: 🇺🇸 Top crypto companies sent a joint letter to schedule a floor vote on the Crypto Market Structure Bill without delay.
This happened after the odds of the Clarity Act being signed into law this year dropped from 74% to 51%.