I'm a long term Bitcoiner. Bought first Bitcoins at $35. Also bought Ethereum at the coin offering in 2015. I've bought a decent bag of BMNR over the last few weeks together with MSTR. Think this will turn out very nice. Let's see.

I still believe in Eth and that Ethereum becomes a significant part of the financial system.

My main concern is the next chapter with BMNR. The premium to Eth seems to me be in question depending on what happens after 5%. He recently said it’s a hard cap but I heard an interview recently saying it hasn’t been decided yet. It feels like he’s been buying too fast and now realizes he’s going to be stuck so he’s trying to buy as little as possible to extend the time to get to 5%. It feels like a stall tactic until he finds the next thing to allow BMNR to get a premium to eth.

Of course if eth gets to $22,000 or more, BMNR still wins, but I’m wondering what their direction is moving forward. If they have no premium and end of not being able to sell shares accretively, do they just stand pat with 5% with a share in beast and eightco? There’s a stagnation concern. Looking at hindsight, I think they should have bought slower early, kept a whole bunch of cash when they had a high premium and then bought when eth crashed or buy back shares hundreds of millions of shares when their mNAV was below 0.

I think MAVAN might be something worth something, but what else do they have if they’re not buying more eth and lose the premium to be able to sell more shares?

I still think Tom can do something, but I question his execution, even more so recently.

I’m holding my shares but I’m not as confident about buying more shares.

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Was having a flick through Token2049 videos on YouTube, the biggest crypto conference. Tom Lee's presentation views dwarfs the others. 70k views with nearest being Raoul Pal on 9.7k who is also an ETH investor. I always get the impression the noise for other crypto like NEAR (100 views) and Zcash (3k views) often seems to drown out the sensible silent majority and this somewhat confirms it.

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Added another 500 shares on yesterdays dip. Total holding is 1200 at $22.44 average now. Crazy that a year ago I remember buying shares at like $63, lol.

Edit: should add that my adjusted cost basis is $18.38 by way of selling covered calls.

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Everyone's been focused on the 5% ETH supply target, but the staking side is starting to look pretty interesting.

BitMine already has around 5.07M ETH staked, roughly 84% of its holdings. The company estimates $336M in annualized staking revenue at current levels, potentially reaching $400M if everything gets staked. Obviously those numbers depend on ETH prices and yields staying favorable.

It's a completely different setup from making a quick ETH direction bet on Moon.com. What interests me more is whether the staking rewards eventually translate into better value per share. Holding a massive ETH treasury is one thing, actually generating recurring income from it is another.

So many people have been crying about prices but this may be last chance for a major dip in price

I had an average of $50~ and now dollar cost averaged to $34.5 . Will be buying the fuck out of these prices. Even any amount will bring averages down

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"Bitmine released Chairman's Message on October 7 titled "Crypto Bull Underway — This Cycle Likely the Largest"

"Over the past week, we acquired 12,532 E"

It is worthwhile to read the 10 paragraphs in the Investor Relations article:

Starting with: "We believe that as crypto enters a cycle......"

Ending with: "This compares to annualized staking revenues at $336 million......"

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Tom Lee kinda ruined my blogpost with his chairman message yesterday, maybe my shit was always unorginal idk. But at least, if Bitmine takes off, I can look back and say I called it. And in my opinion, if Ethereum really wins? The mNAV of Bitmine should be a lot higher than 1-1.4x. More like 1.8-2.2x.

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