BMNR - BitMine Immersion Technologies

Host never sold, believes in Ethereum tokenization thesis and that ETH appreciation lifts the largest ETH holder. Likes the pivot from diluting under MNAV to buying back shares under MNAV; Clarity Act is a potential catalyst. Explicitly not a 'long-term hold no matter what.'

BMNR is approaching ownership of 5% of the entire Ethereum supply (4.89% currently), trading back above 1x MNAV which signals market appreciation, and generating significant staking income. The company has strong cash position and history of buybacks. Potential catalysts include continued ETH accumulation, future diversification, and the Clarity Act ruling. The creator is 'getting excited again' and believes BMNR will appreciate.

BMNR is a leveraged play on Ethereum, holding ~4.85% of total ETH supply. It has been outperforming Ethereum (up 49% vs 31% in the past month), is reaccelerating ETH purchases, and is trading near 1x MNAV, positioning it for further gains if Ethereum continues its run. However, it is extremely speculative, so position sizes should be small.

The host held through the drawdown, notes the company is now buying back shares and has more Ethereum; sees it as a shareholder-positive development.

Has a current position and is not adding, despite appreciating the recent shift from dilution to buybacks and improved management behavior. But requires Ethereum to recover and MNAV to reach 1x+ for the thesis to work.

Momentum play; if it breaks above high of day around $16.90, watch for continuation upside.

Momentum play to the upside if it breaks out above $18, as crypto could start to recover.

Host holds a small position (~1% of portfolio) and believes ETH holdings are a good long-term investment. Criticized BMNR's dilution strategy and timing but expects benefit if Clarity Act passes and ETH rises.

BMNR is diluting shareholders below 1x MNAV, which is mathematically destructive to shareholder value. The stock has decoupled from ETH and underperforms it on both upside and downside. Management incentives are misaligned - compensation is tied to ETH accumulation percentage rather than stock performance. The MNAV multiple has fallen from 0.99 to 0.93 and continues declining. While a $4B buyback program was announced, no buybacks have been executed.

Host is very critical of BMNR for diluting shareholders below NAV (MNAV at 0.93x). He considers switching to SBET. He notes management has a payout incentive at 5% ETH allocation, and the dilution under NAV is destroying shareholder value.