BitMine Immersion Technologies is one to stay far away from, because Tom Lee hurt shareholders by diluting the stock below NAV to reach a large payout tied to BitMine's ETH holdings. x.com  x.com 

BitMine is likely to trade sideways with ETH and could retest its lows while holding above the February low, and its premium to mNAV could compress as SharpLink's did. The read on crypto's direction since March has been on the weaker side, so the view is held loosely. x.com  x.com 

BitMine's buybacks below NAV should drastically boost shareholder value while its larger staked ETH position increases potential staking income. Its mNAV is about 0.88x; it repurchased 22.9 million shares for $399.6 million in 2026. It holds 6.05 million ETH, with about 5.23 million staked, and projects $318 million in annualized staking revenue. x.com  x.com 

ETH could be more explosive now that BitMine's mNAV is above 1, letting it accumulate faster in a positive feedback loop. ETH is making higher highs and higher lows, and as supply shrinks the bid accelerates for now. To a post doubting BitMine will keep buying once it nearly completes its 5% of supply, the reply is a recollection that BitMine said a few months ago it might slow after 5%, but not stop. x.com  x.com 

Bit Digital deserves to trade at a discount because management is levering its ETH to finance a related party it controls, so shareholders should not value that ETH at NAV. Its new "Strategic Asset Company" label defines a category around its own activities and compares it with DATs and ETFs that do not perform them. Investors can hold ETH themselves; Bit Digital should return the ETH to shareholders and wind down. x.com  x.com  x.com  x.com 

BitMine Immersion is setting up for a sharp rally as crypto finds a short-term bottom and global liquidity improves, a turn that should restore Tom Lee's standing. Its chart is breaking a structural downtrend for the first time in a long while, and its relative-strength score jumped from single digits to 69 in 10 days, lifting its rank from near 1,100 to 345. Bitcoin holding $74,000 and Ether reclaiming $2,300 support the setup. x.com  x.com  x.com  x.com  x.com 

ETH should stay stuck for a long time because of the many trapped buyers created by BitMine and Tom Lee. Nearly every use case for it has been tried since 2019, and tokenization is more exciting than ETH itself. x.com 

RoboStrategy is a red flag because buyers pay about five times its net asset value, effectively valuing its Figure stake at over $200 billion versus Figure's $39 billion valuation. Shares trade at $37.92 against a NAV of $7.34, and about $2 billion of ongoing dilution exploits that gap. Most retail buyers don't read filings or understand closed-end funds, so the price reflects float dynamics, not fundamentals, leaving them as exit liquidity. Unitree, the top humanoid maker, lists at $6 billion. … Show more

BitMine is evolving from a crypto-holding vehicle into an onchain cash-flow engine, with staking income and buybacks supporting per-share value. It holds 5.9 million ETH, about 4.9% of supply, near its 5% target, with over 5.07 million staked through its MAVAN platform, lifting staking-revenue guidance to $330 million to $381 million a year. Since July it has bought back about 19-21 million shares under a $4 billion program, and it has virtually no debt. It is also a high-beta proxy on ETH. … Show more

Strategy isn't a buy even at about 0.8x the value of its bitcoin holdings. The discount reflects market skepticism about management, liquidity and governance, as investors price in execution risk and potential structural issues beyond the BTC exposure. x.com  x.com