What's on your mind?
Not all bad news, at least the 10y yield dropped.
With macro data this weak, BTC still held above 80k; I feel this pullback is nearing its end. ETH had high long leverage before and pulled back more, but its rebound should be stronger when it comes.
mNAV hit a low of 0.87; BMNR may restart buybacks this week. Will see how to update next Monday.
$BitMine Immersion Tech(BMNR.US) Tom Lee, in his speech at yesterday's Token2049 forum, stated that the 5% coin accumulation target is about to be met, after which they will pause and stop buying, meaning no further dilution from financing.
Next, cash and staking yields will primarily be used for three things:
1. Share repurchase
2. Expanding the scale of MAVAN
3. New ETH ecosystem investments, potentially data centers, such as transitioning mining equipment from the original mining business
$Grayscale Bitcoin Mini Trust ETF(BTC.US)
Bitcoin $85K for the first time since January, hard to remember it has been that long while the asset has been depressed all year...but makes it more of a coiled spring now if this is the breakout. This comeback is pretty impressive given rate hikes and where bond yields trade at. For those that believe in cycles, Bitcoin is coming up on the typical September/October bottom that has been discussed all year if price action continues to gain momentum. Also moving on from the Clarity Act not getting passed.Helps $Robinhood(HOOD.US) $Coinbase(COIN.US) $Strategy(MSTR.US) $BitMine Immersion Tech(BMNR.US) and all the other crypto derivative names as those names are close to 52-week highs in the premarket.Source: amit
I am very disappointed with the Crypto Clarity Act outcome. I expect good news and…..the outcome is so disappointing. I do not understand why the senators blocked disagrees with the act.
Failed the 60-vote threshold 49–50 early this morning. It is ready a “Big setback” for US crypto rules.🥹🥹 no chance for BTC to reclaim 100k again by year end.😞
At 2am tomorrow, markets get the moment they've been building toward all week: the Fed's rate decision. Ahead of it, a 20-year Treasury auction just set a record yield of 5.42%, breaking the 2023 high...
Many investors are tracking the odds shifts for the Clarity Act on Polymarket, which have swung from 15% to 30% and back down to 19% over the past two days, reflecting a tense tug-of-war between the two parties.
It's important to note that the 19% or 30% odds on Polymarket specifically refer to the likelihood of the bill being enacted by 2026. The Sept. 15 vote merely determines whether the bill enters the Senate review agenda. With midterm elections this year and the House adjourning early in late September, even if the Sept. 15 vote passes, the window for subsequent legislative action remains tight, keeping Polymarket odds low.
The current focus is on the Sept. 15 vote itself. I believe the probability of passage here is far higher than the 19% implied by Polymarket. A likely outcome is a bipartisan compromise: passing the vote to uphold procedural norms while continuing to haggle during later legislative stages. This means significant hurdles remain for 2026 enactment—so the 19% figure might still be accurate—but it doesn't change the fact that the Sept. 15 vote has a ~40–50% chance of passing.
$Strategy(MSTR.US)$Coinbase(COIN.US)$Circle(CRCL.US)
$BitMine Immersion Tech(BMNR.US)
ETH has been doing pretty well recently; it's resilient to negative news and surges on positive ones, slowly recovering. $IShares Ethereum Trust ETF(ETHA.US)
$BitMine Immersion Tech(BMNR.US)
📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $BitMine Immersion Tech(BMNR.US) Bitmine ETH Holdings Reach 5.93 Million, Nearing Its 5% Ethereum Supply Target
👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:➤ 𝗕𝗶𝘁𝗺𝗶𝗻𝗲 holds 𝟱,𝟵𝟮𝟵,𝟭𝟵𝟴 𝗘𝗧𝗛, representing 𝟰.𝟵% of Ethereum supply.➤ Total crypto, cash, securities and "moonshots" holdings reach $𝟭𝟱.𝟳 𝗯𝗶𝗹𝗹𝗶𝗼𝗻.➤ Bitmine has 𝟱,𝟬𝟲𝟳,𝟯𝟬𝟵 𝗘𝗧𝗛 staked, valued at $𝟭𝟮.𝟲 𝗯𝗶𝗹𝗹𝗶𝗼𝗻.➤ Staked ETH represents approximately 𝟴𝟱% of Bitmine's Ethereum holdings.➤ Bitmine acquired another 𝟮𝟴,𝟬𝟴𝟲 𝗘𝗧𝗛 during the past week.➤ Annualized staking revenue is now projected at approximately $𝟯𝟯𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻.➤ 𝗘𝗧𝗛 has outperformed the S&P 500 by 𝟱,𝟰𝟯𝟬 basis points this quarter.➤ 𝗕𝗠𝗡𝗥 shares gained 𝟵𝟵% quarter-to-date, ranking fourth in Russell 1000.➤ Bitmine was added to the 𝗥𝘂𝘀𝘀𝗲𝗹𝗹 𝟭𝟬𝟬𝟬 on June 26, 2026.➤ Bitmine remains the world's largest 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 corporate treasury.👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:➤ Reaching 𝟰.𝟵% puts Bitmine close to its 𝟱% ETH accumulation goal.➤ Its massive ETH position increases 𝗕𝗠𝗡𝗥's sensitivity to Ethereum prices.➤ Staking converts Bitmine's treasury into a potentially significant recurring revenue source.➤ Strong crypto performance could increase institutional interest in crypto-linked equities.👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:𝗧𝗵𝗼𝗺𝗮𝘀 "𝗧𝗼𝗺" 𝗟𝗲𝗲, Chairman of Bitmine:"Since June 30th, 4 of the top 21 best performing stocks in the Russell 1000 are crypto-related equities. The outperformance is reflective of the fact that Ethereum is the best performing macro asset in Q3 so far. In our view, fund managers benchmarked to the Russell 1000 need to consider whether they have sufficient exposure to crypto given this group's outsized contribution to Russell 1000 gains this quarter. Notably, Bitmine's common stock is the 4th best performing with a gain of 99% compared to 3% for the Russell 1000 benchmark,"𝗧𝗼𝗺 𝗗𝗲𝗠𝗮𝗿𝗸, Founder of DeMark Analytics and Capital Markets Advisor to Bitmine:"In August, ETH moved sideways without a downside break and the 12-day metric expired, which implies a renewal of the upside move. We believe this further supports the continuation of the prior uptrend. We expect, last week's sharp one-day rally was a likely preview of the pending advance."𝗧𝗵𝗼𝗺𝗮𝘀 "𝗧𝗼𝗺" 𝗟𝗲𝗲, Chairman of Bitmine:"As we enter the final month of calendar Q3 2026, ETH is the best performing macro asset during the quarter, outperforming the S&P 500 by 5,430bp through last Friday. In fact, the top 3 performing assets since June 30th are ETH, BTC and SOL,""We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in calendar Q3 so far.""We believe there are multiple positive catalysts as we head into the final months of 2026,""These include the upcoming CLARITY Act vote scheduled in mid-September. Additionally, Korean investors have again started buying crypto and rotating away from AI stocks. The 4-year cycle is bottoming within the next few weeks in our view. And this sets the stage for what we expect to be sizable institutional participation in buying crypto in the final months of 2026, especially given the tailwinds of tokenization and Agentic-AI.""This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to Bitcoin. These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains,""Over the past week, we acquired 28,086 ETH. Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,""Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $386 million on an annualized basis (using 2.61% 7-day BMNR yield),""Annualized staking revenues are now projected at $330 million. And this 5.1 million ETH is 85% of the 5.93 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.61% (annualized),"Crypto recently pulled back after a rally and is stabilizing; trading volumes for MSTR and BMNR have also declined to levels seen before this uptrend. Although ETFs are still seeing net inflows, the pace has slowed. These signs suggest the market has entered a consolidation phase.
The move on Aug 20 was driven by Trump's crypto meeting and Bessent's buybacks. The current consolidation reflects a wait for the next major macro signal, with two key dates to watch:
Sept 15: Clear Act vote - the most critical policy event for crypto, requiring 60 votes to advance to Senate consideration.
Sept 16: FOMC meeting - interest rate decision that will determine macro liquidity.
Until then, expect continued consolidation with shrinking volume.
This chart shows the power-law distribution of BMNR and ETH tracked since August '25.
As seen above, there is a clear gap for ETH between 2.4k and 2.8k. Below 2.4k, both upside and downside ranges contract significantly, corresponding to the compression of BMNR's premium when ETH fell into the 1.5k-2.4k range over the past six months; above 2.8k, these ranges expand, implying greater volatility for BMNR vs. ETH, thus opening up upside potential for mNAV.
The sharp drop in ETH in February '26 created a vacuum zone between 2.4k and 2.8k. Chips in this range haven't undergone sufficient turnover, meaning there's little resistance here. A breakout could lead to a rapid surge to 2.8k, at which point BMNR's mNAV also has the opportunity to expand significantly.
The key observation level for ETH is the breakout of 2.8k.
$BitMine Immersion Tech(BMNR.US)
