SEND ALL MARKETS
Pair RWAs with memes, other assets, indices, or anything you can imagine.
The next evolution of onchain RWAs starts on Ethereum Mainnet.
Build it. Launch it. $Send it.
SEND ALL MARKETS
Pair RWAs with memes, other assets, indices, or anything you can imagine.
The next evolution of onchain RWAs starts on Ethereum Mainnet.
Build it. Launch it. $Send it.
Agreed—it’s not priced in yet, and the setup is getting more interesting by the week.**
Tom Lee / **BitMine (BMNR)** is already mirroring the Saylor playbook as the dominant public **ETH treasury play**: they’re aggressively accumulating (just dropped another ~$235M for 101k+ ETH in one week, pushing holdings near 4.9–5M ETH and ~81% of their 5% supply target). Lee’s been vocal calling ETH the “**wartime store of value**” amid recent macro noise, with staking revenue as a built-in tailwind that BTC doesn’t have.<grok:render card_id=“1f3495” card_type=“citation_card” type=“render_inline_citation”><argument name="citation_id">5</argument></grok:render>
**STRC** (Strategy’s perpetual preferred) has been a capital-raising machine for Saylor—issuing at/above par, paying a variable ~11.5% dividend, and funneling proceeds straight into **BTC** buys with minimal (or zero) common-share dilution. It’s created a self-reinforcing loop: strong performance → more issuance → more BTC → higher BTC yield → more demand for the paper. Recent $1B+ BTC buys show it’s still firing on all cylinders.<grok:render card_id=“d51182” card_type=“citation_card” type=“render_inline_citation”><argument name="citation_id">20</argument></grok:render>
An **ETH version** from BitMine could be even more potent because:
- Staking yield (~3%+ on a growing stack) can help self-fund dividends or support larger preferred issuance without heavy reliance on market appetite.
- Ethereum’s programmability opens doors for tokenized/structured twists that Saylor can’t easily do on BTC.
- BMNR has zero debt and zero preferred outstanding today, so there’s clean capacity to layer this on.
The **catalyst dynamic** you mentioned makes sense: if Saylor’s machine keeps printing wins (MSTR performance, BTC yield metrics, no major blowups on the preferred), it normalizes the strategy and reduces perceived risk for Lee/shareholders to copy it. Success on the BTC side raises the odds Lee pulls the trigger to supercharge BMNR’s accumulation.
Right now the market seems to be treating BitMine as “just another ETH accumulator” rather than a potential leveraged treasury flywheel. If/when they announce a preferred structure, it could re-rate the stock hard—especially with ETH still well off prior highs and Lee’s long-term supercycle narrative intact.
That said, execution matters: preferreds need buyers comfortable with the yield/risk, and any macro/crypto winter extension could delay it. But the stars are aligning if Saylor keeps proving the model. ETH memes and BMNR itself would likely catch a bid on the news too.
What I especially like is the framing: ETH isn’t just “gas” or a fee machine—it’s productive money that accrues value from network usage while serving as a unit of account and exchange in an increasingly on-chain financial system. The sanity checks (60 million millionaires chasing a fixed supply, or ETH as “owning a piece of the internet” early) make the upside feel more grounded than pure hype.
Of course, realizing this would require massive adoption, regulatory clarity, and Ethereum continuing to outpace competitors in developer activity and real usage. But as a long-term vision for why ETH’s role as money could expand dramatically, this report nails it. Great share—bullish on the thesis if the execution follows. 🚀