Kyle Reidhead
CEO & Analyst of Milk Road/Milk Road AI
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
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 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 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
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
Ethereum's strong ecosystem is not translating into enough ETH value capture to support significant appreciation unless that changes. The Ethereum Foundation selling ETH again is frustrating; buybacks and stronger incentives for L2s to accumulate and buy back ETH could improve the token's economics. Fundstrat, which owns roughly 5% of the supply, has a huge opportunity to push for better value capture. x.com 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
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
Ethereum faces slightly higher near-term selling risk as net inflows raise Binance's sellable ETH supply. Some 55,471 ETH entered and 47,596 left, net 7,875, though both flows have slowed. If inflows persist this week with ETF outflows and high US Treasury yields, pressure could grow around the Fed decision. Rising cumulative ETH 2.0 transactions bode well for network use, not direct demand or relief today. Losing $2,280-2,300 adds downside risk; recovery needs flow and price confirmation. x.comÂ
Ethereum can reach $20,000 this cycle because it now has the institutional support it lacked last cycle. BitMine and other Ethereum treasury companies are buying ETH, including through BitMine's preferred offering, much as bitcoin treasuries lifted bitcoin before. ETH is a top chain for stablecoins and the largest lending venue in crypto, the agentic AI narrative adds demand, and burns make it scarce. The macro environment also favors high-beta scarce assets. x.comÂ