$ETH "Wall Street has bullets, BMNR has faith."
Yili Hua compares BMNR's current volatility period to the painful transformation that MicroStrategy underwent back in the day. Essentially, it’s about exchanging high volatility for a new narrative in the capital market. Continuous, low-cost funding from Wall Street is the source of winning probabilities, but what truly amplifies returns are the high Beta assets that dare to restructure their balance sheets at the bottom of the cycle. If BMNR can withstand this dual adjustment period of valuation and sentiment, it may be repriced in the future as a representative of the 'crypto asset balance sheet play' rather than just a concept stock.
Of course, this path has extremely high demands on ordinary investors: they must simultaneously believe in Bitcoin's long-term logic, the management's capital operation capabilities, and the willingness of the U.S. stock market to ultimately pay for this type of 'new treasury model.' For institutions, this is one of the few experiments that can directly map traditional capital market liquidity to the Beta of on-chain assets; for retail investors, it feels more like a faith test that spans the entire cycle, where one should not misinterpret 'a part of the growth cycle' as 'any position in volatility is worth a gamble.'
