Mitchell Martan
Investment Researcher for The Long Investor, Economics/Finance Background
Accelerating stock tokenization is a reason to be bullish on Ether and BitMine. Per @KobeissiLetter, on-chain tokenized stocks reached a record $1.6 billion market cap, up 240% year to date, trading volumes on major venues have roughly tripled, and Bloomberg reports the SEC is preparing a framework for tokenized stock trading. x.comÂ
BitMine's discount to its ETH holdings should close, with mNAV expanding as trading volume and ETH price appreciation increase. A post the author replies to argues the market values management at less than zero because holders pay for the ETH through dilution while staking revenue funds overhead. x.comÂ
Tokenization, stablecoins and perpetual futures are driving Ethereum and ETH proxies such as BitMine higher. Cantor Fitzgerald reiterated Overweight on BitMine with a $63.60 target, 137% upside. BitMine now holds 4.9% of all ETH, nearly at Fundstrat's 5% goal. x.comÂ
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.comÂ
BitMine Immersion Technologies holds about $16 billion of Ethereum and faces massive losses as liquidity drains from crypto. Like Strategy, it is exposed to a collapse in crypto values. x.comÂ
Bitmine's new Ethereum staking locks more supply and signals institutional conviction. It staked 159,728 ETH, worth about $390 million, on October 20-21, bringing total staked holdings to about 5.23 million ETH. The view is cautiously bullish, without chasing: a daily close above $2,500 could target the 30-day average at $2,579, while a drop below $2,380 signals renewed weakness. x.comÂ
If AI agents grow exponentially, their need for blockchain infrastructure should drive crypto adoption, making Strive and BitMine smart long-term buys as digital-asset treasury stocks if crypto rises. Automated buying and selling for users could drive exponential tokenization of finance and investing. x.comÂ
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.comÂ
BitMine's re-rating case is its staking revenue, not the size of its ether pile. About 84% of its ether is staked, throwing off roughly $330M a year in real revenue. Per its August 24 update, BitMine holds 5,847,611 ETH within $14.9 billion of crypto and other holdings. x.comÂ
Bitmine should have no trouble doubling from here as ether breaks above $3,000, following a solid month for the company. x.comÂ
Stablecoins and tokenization are clearly heading one way, and risk-reward in Coinbase, Robinhood, SECZ and Circle heavily favors buyers. In ten days, the SEC chair said tokenization rules are moving toward a long-term framework, the SEC allowed on-chain trading of tokenized stocks, and the CFTC sent crypto market rules to White House review. IBM linked to Swift's blockchain for 24/7 tokenized deposits, and ARK is tokenizing its venture fund holding OpenAI and Anthropic. x.comÂ
BitMine Immersion has plenty of upside as the largest publicly traded holder of Ethereum, with about 5.8 million ETH, roughly 4.8% of total supply, as ether jumped 20% in two days. x.comÂ
