Bitmine Immersion's structure is broken: it trades at $21.04 against NAV of $22.46 per share, a 6% discount, even as ETH rises. Management keeps diluting shareholders, and Tom Lee is paid on performance against ETH, so he is compensated even when Bitmine underperforms while shareholders absorb dilution. The actual share count only surfaced two weeks ago. Holders may never capture ETH's upside through this vehicle, and a class action lawsuit may be brewing. 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 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 

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 

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 

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 

Bit Digital's discount to NAV is not attractive because its exposure to volatile assets like bitcoin cuts both ways. It works while bitcoin is running, and the company also carries heavy dilution. x.com 

BitMine's perpetual preferred, BMNP, is trading at par for the first time ever, a bullish sign for BitMine. x.com 

Crypto treasury companies are stalling because the buyers of last resort have stopped buying and started paying out. Strategy trades below the value of its own bitcoin and is now selling BTC to cover dividends. BitMine is down 86% and $9 billion underwater on its Ethereum, no longer raising capital, just paying out. Neither was ever a clean crypto bet; each was a leveraged premium dressed up as one. x.com