One company now owns nearly 5% of all Ethereum in existence. $BMNR: → ~5.8M ETH on the balance sheet → ~85% of it staked, earning yield → Added to the Russell 1000 in June → Still ~60% below its 52-week high The bull case: a staking-yield machine with the most liquid ETH vehicle on the market, run by someone who's been buying ETH through every dip. The bear case, and it's load-bearing: → This is ETH beta. If $ETH drops 40%, so does the NAV. → Growth comes from issuing shares. If the premium disappears, so does the flywheel (see $MSTR). → The "5% of ETH" goal is a milestone, not a moat. What breaks it? Not financial advice. Always DYOR.
Gabz 🇪🇺Share
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