---
title: "BMNR 5%ETH 市占率的逻辑"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/33426058.md"
description: "BMNR 最近回调，忽略短期的噪音，我们来关注底层逻辑。之前聊过，我对持仓计划是持有到 BMNR 实现 5%，即 600 万的 ETH 囤币目标，在此之前所有的波动都是积累更多持仓的机会。那为什么是 5%，Tom Lee 在最近的访谈中给出了答案，主要原因有三个：1. 质押收益的规模化 ETH 作为 PoS 协议，持有并质押 ETH 可以作为可信验证者参与交易验证，并从中获得质押收益..."
datetime: "2025-08-28T08:39:02.000Z"
locales:
  - [en](https://longbridge.com/en/topics/33426058.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/33426058.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/33426058.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/33426058.md) | [繁體中文](https://longbridge.com/zh-HK/topics/33426058.md)


# BMNR 5%ETH 市占率的逻辑

BMNR has recently pulled back, ignoring short-term noise, let's focus on the underlying logic. As discussed before, my holding plan is to hold until BMNR achieves 5%, i.e., the target of hoarding 6 million ETH. Before that, all fluctuations are opportunities to accumulate more positions.

So why 5%? Tom Lee gave the answer in a recent interview, mainly for three reasons:

**1\. Scaling of staking rewards**  
As a PoS protocol, holding and staking ETH allows participation in transaction validation as a trusted validator, earning staking rewards. Currently, BMNR holds approximately $9 billion in ETH, generating nearly $300 million in pre-tax net income. This shows that as holdings increase, staking can generate a steady stream of net income. The target of 5% market share is set to amplify this reward mechanism. With larger-scale staking, BMNR can more effectively extract value from the network, forming a sustainable financial foundation.

  
**2\. The influence of Power Law**  
Tom Lee emphasized the network effect principle of "Power Law," where larger scale leads to greater influence. 5% is seen as a critical threshold  
\- Protocol governance impact: As a staking entity with a 5% share, BMNR will play an active role in validation and voting, significantly influencing ETH's future upgrades. This is not just technical participation but also shapes the direction of the ecosystem.  
\- Strategic value to Wall Street: If Wall Street institutions start building applications on ETH and staking, a 5% holder will become a core participant. BMNR can provide liquidity, staking services, and other future services (e.g., helping institutions enter the ecosystem). Power Law transforms BMNR from a mere holder into a key "vector" in the ecosystem, positioning it advantageously in the wave of institutional adoption. Below this threshold, influence is limited; at 5%, the significance of Power Law truly manifests, creating a positive feedback loop.

  
**3\. Seizing the window of opportunity for institutional investors**  
Currently, ETH remains unpopular among most institutions, which prefer BTC, resulting in near-zero institutional holdings. This puts ETH in a "most hated rally"—despite a 35% year-to-date increase (compared to Bitcoin's 17%), it is primarily driven by retail investors and BMNR. Nonetheless, signs indicate growing institutional interest. By targeting a 5% share, BMNR aims to seize the initiative and become a dominant force when institutions shift from BTC to ETH. This not only benefits from price appreciation but also extracts additional value from services and liquidity provision.

$BitMine Immersion Tech(BMNR.US)

### Related Stocks

- [Bitmine Immersion Technologies, Inc. (BMNR.US)](https://longbridge.com/en/quote/BMNR.US.md)

## Comments (24)

- **长盈智桥 · 2025-08-29T04:48:58.000Z**: I will double the $20,000 I lost on $Sharplink(SBET.US) by making it back on $BitMine Immersion Tech(BMNR.US)
- **Determined · 2025-08-29T03:47:49.000Z**: I want to ask how to set a stop-profit for Google. Although the potential of Cloud seems huge at the moment, I feel a bit unsure. Should I just hold onto it?
  - **lyhalfway** (2025-08-29T03:56:47.000Z): If you're not in urgent need of money, just hold on. Don't take profits yet. Google is still undervalued.
  - **Determined** (2025-08-29T08:53:39.000Z): Alright, alright!
- **大的来了 · 2025-08-28T14:36:26.000Z**: Buy it, is it more cost-effective than buying ETH?
- **猛男007 · 2025-08-28T13:40:30.000Z · 👍 1**: Believe in the king of coins POW, why be PUAed by POS? Digital gold BTC is the real savings.
  - **猛男007** (2025-08-28T16:31:49.000Z): Hong Kong BitcoinAsia
- **FSpHUl · 2025-08-28T13:31:49.000Z**: Agree
- **不要割我韭菜 · 2025-08-28T11:41:24.000Z**: Is SBET completely hopeless? 😭😭😭
  - **长盈智桥** (2025-08-29T04:51:40.000Z): If the flywheel starts turning, $Sharplink(SBET.US) will also benefit. Many hands make light work.
- **一枚梦想家 · 2025-08-28T10:36:45.000Z**: Follow
- **Hedy. · 2025-08-28T10:08:48.000Z · 👍 1**: Added 500 shares at 45.4
- **John_Tang · 2025-08-28T09:19:33.000Z · 👍 6**: Every time bmnr pulls back, I wonder what Uncle Yaren's logic is and what he would do. I'm glad I added some positions last night. Thanks, OP.
  - **lyhalfway** (2025-08-28T09:23:09.000Z): Last night was a great buying opportunity
- **提升认知 · 2025-08-28T08:55:28.000Z**: Currently less than 2 million, aiming for 6 million. If things move quickly, it might be achievable within the next year. Speed is crucial in war—I must not get thrown off the rollercoaster of ups and downs.👏
  - **lyhalfway** (2025-08-28T08:56:56.000Z): If optimistic, it could arrive by the end of December.
  - **润心** (2025-08-28T09:17:51.000Z): But after achieving it, will they say they want to take 8%, 10%, or something?
  - **lyhalfway** (2025-08-28T09:20:59.000Z): Still afraid of stocking up too much?
- **神不存在 · 2025-08-28T08:50:17.000Z · 👍 5**: In addition to the most basic profit from price differences, the subsequent industry influence is also a very important part.
  - **lyhalfway** (2025-08-28T08:56:14.000Z): Yes, this is a larger flywheel after achieving scale.
- **漫漫回本录 · 2025-08-28T08:48:56.000Z · 👍 3**: Found a bug, the third line from the bottom is ETH not ETC. Thanks for your consistent and stable output. 👍
  - **lyhalfway** (2025-08-28T08:54:54.000Z): Thanks, I'll make some adjustments.
- **行稳致远-荷西 · 2025-08-28T08:47:34.000Z · 👍 1**: Like the influencer's value output