MSTR 和 BMNR 的差别

Don't think that $Strategy(MSTR.US) and $BitMine Immersion Tech(BMNR.US) are both cryptocurrency treasury companies and are similar. In fact, the differences between them are significant.

1. One-sentence summary of the core differences between the two

• MSTR (MicroStrategy): Prioritizes hoarding coins, buys coins with debt, aims to "hoard more BTC at low prices"
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• BMNR: Prioritizes premium, raises funds through equity, aims to "exchange premium issuance for more ETH to amplify gains"

2. Breaking down the differences into 4 dimensions

1. Core objective (most fundamental)

• MSTR: Hoarding coins is king → Goal is to hold as much BTC as possible, regardless of short-term stock price/premium
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• BMNR: Leverage flywheel is king → Goal is stock price gains > ETH gains, amplifying returns through premium issuance

    2. Source of funds for buying coins (most critical)

• MSTR: Prefers debt/loans (bonds, bank loans), unafraid of high interest, just to buy BTC at low prices
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• BMNR: Only issues new shares at a premium; never issues at a discount, uses cash only, never buys coins with debt

    3. Attitude toward "low prices"

• MSTR: Buys more BTC as the price falls, even with debt → Low price = opportunity, hoards regardless of cost
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• BMNR: Watches as ETH falls, only uses cash to buy the dip; never issues at a discount → Low price ≠ buying opportunity, premium is

    4. Risk and structure

• MSTR: High debt, high interest, strong hoarding → Bankruptcy risk higher than BMNR, but hoarding determination is extreme
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• BMNR: Almost no debt, all equity, strong premium → Bankruptcy risk extremely low, but willingness to buy at low prices is weak

3. Why are the two strategies completely opposite?

• MSTR: Founder Saylor is a BTC fundamentalist, turning the company into a personal BTC vault, hoarding is faith
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• BMNR: Founder has Wall Street/mining background, turning the company into an ETH leverage tool, premium flywheel is the business model

4. Ultimate one-sentence comparison

MSTR is a "debt-fueled BTC permabull," BMNR is a "premium-issuance ETH leverage amplifier":
MSTR will take on debt to buy coins at low prices; BMNR would rather miss low prices than issue at a discount to avoid equity dilution.

So, which business model do you prefer, hardcore hoarding or the premium flywheel?