The alchemy of 5% of ETH | NYSE | Thomas (“Tom”) Lee Chairman @fundstrat
Nov 4 • 7 tweets • 3 min read
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On crypto, many "sitting on their hands" until the "ripple" effects from the massive Oct 10th deleveraging fully seen both crypto and macro:
Crypto concerns:
- on 10/10, small stablecoins saw price volatility
- Balancer v2 hack $128mm (this week)
- @StreamDefi $93mm loss (this week)
- Marketmaker vs CEX dispute (FUD)
Macro concerns:
- funding stress in SOFR
- gov't shutdown now day 35 and no end in sight
Keep reading 📕
2/ Balancer Protocol is a decentralized finance (DeFi) automated market maker (AMM) launched in May 2021. A malicious person used an exploit to drain $128 million
Keep in mind, hacks/losses are frequent in financial services and crypto. Tradfi losses are far larger FYI
At >2 million ETH, BitMine is the largest holder of ETH in the world.
➡️ As @SERdotxyz shows, BitMine holdings is greater than the next 8 holders of ETH combined
➡️ BitMine in the defi world benefits from this scale ownership
➡️ as a $BMNR shareholder noted, BitMine has "kingmaker status" by its sheer scale of $8.9 billion of ETH
ticker: $BMNR
Chairman: Thomas "Tom" Lee @fundstrat
Sep 2 • 16 tweets • 6 min read
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1/16
BitMine's August 'Chairman's Message' video 📺
Lots but highlights:
- ETH tailwinds argue for ETH/BTC ratio to exceed 2021 high of 0.0873
- Ethereum '1971 moment' where Wall Street building on blockchain
- etc
Ticker: $BMNR
Chairman: Tom Lee @fundstrat
2/16
In 1971, USD formally left $GLD standard:
- Gold benefitted
- but bigger story was innovation around 'synthetic dollar'
Wall Street was the winner 🏁 $GS $JPM $C $MS
Ticker: $BMNR
Chairman: Tom Lee @fundstrat
Aug 25 • 5 tweets • 3 min read
🧵 1/5 BitMine disclosed latest crypto holdings. As of August 24th at 5:30pm ET:
- 1,713,899 $ETH,
- 192 Bitcoin ($BTC) and
- unencumbered cash of $562 million
- fully diluted shares outstanding 221,515,180
= BMNR NAV per share $39.84
Total NAV $8.8 billion.
BitMine is #2 largest crypto treasury behind @MicroStrategy $MSTR
Chairman: Thomas "Tom" Lee @fundstrat
Ticker: $BMNR2/5 BitMine's Crypto NAV (net asset value) is $39.84 per $BMNR share:
- ETH $8.24 billion (1.7mm $ETH tokens)
- BTC $22 million (192 $BTC coins)
- treasury cash (unencumbered) $562 million
= NAV $8.82 billion
- fully diluted shares outstanding 221,515,180
= NAV per share $39.84 per $BMNR share
Chairman: Thomas "Tom" Lee @fundstrat
Ticker: $BMNR
Aug 4 • 6 tweets • 2 min read
🧵 1/ It has been 1-month since BitMine launched ETH Treasury strategy.
2 milestones announced today:
- BMNR now owns 833,137 ETH valued at $2.95 billion
- Bill Miller III announced he has taken a major stake in BMNR
Ticker: $BMNRprnewswire.com/news-releases/…2/ BitMine is largest ETH Treasury in the world and also now 3rd largest crypto treasury stock:
- only Microstrategy $MSTR and Mara $MARA hold more crypto
BitMine accomplished this in 35 days
@saylor
Ticker: $BMNR
Jul 29 • 4 tweets • 2 min read
🧵 1/ Bitmine is today announcing a $1 billion stock repurchase program.
Per Tom Lee @fundstrat, Chairman of Bitmine:
“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares”
ticker: $BMNR
link 🔗 prnewswire.com/news-releases/…2/ As of July 28th, Bitmine disclosed:
- ETH tokens 625,000
- BTC coins 192
- unencumbered cash $401.4 million
= Total assets $2.77 billion
Fully diluted common shares outstanding: 121.7 million
BMNR NAV per share: $22.77
