Micro2Macr0
Macro Economist
BitMine's common-share dilution is about to change as its BMNP perpetual preferred starts doing the funding. Until now the preferred has not been issuing, so BitMine has diluted the common at maximum to reach its ether holdings target, which is why investors have not paid more than 1x mNAV. @AntoICP argues mNAV expansion well above 1x needs ether near $3,000 soon; less reliance on common issuance is the change that would ease that pressure. 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's near-term options map has shifted toward puts below the stock, making a reclaim important before the $25 target by October 23. The later map shows $648K of October 16 put bets at $22 and $491K at $21, versus a $270K call bet at $20; after falling below the $23.35-$23.65 entry zone, wait for $23.35 to be reclaimed and do not chase. A daily close below $21.95 opens $18-$21. x.com x.comÂ
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.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
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 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.comÂ
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.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 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.comÂ
BitMine Immersion broke its downtrend this week for the first time since the crypto-treasury bubble popped in August 2025. Owning it below $20 should look prudent once Ethereum hits its expected targets over the next few years. x.comÂ