Tom Lee, the well-known Fundstrat analyst and chairman of Bitmine Immersion Technologies (BMNR), recently broke down some bullish math for the company during its shareholder meeting. This ties directly into Bitmine's strategy as the world's leading corporate Ethereum (ETH) treasury holder, with millions of ETH on its balance sheet (recently around 4.1 million ETH, generating significant staking income).The key points from the breakdown you shared match reports from the meeting:
Current ETH/BTC ratio is around 0.034 (very close to today's levels, as the ratio has hovered near 0.034–0.035 recently, down from its 2021 peak of 0.087).
If Bitcoin (BTC) reaches $250,000, and assuming the ETH/BTC ratio returns toward more historical norms (implying ETH outperforms relatively), ETH could hit around $22,000.
At $22K ETH, this implies a BMNR share price of roughly $500 (based on Bitmine's ETH holdings per share and treasury valuation dynamics).
In a more aggressive upside scenario with ETH at $60,000, BMNR could reach $1,500 per share.
This is essentially a leveraged play on ETH's price appreciation and ratio recovery. Bitmine accumulates ETH aggressively (recent purchases include tens of thousands of ETH worth hundreds of millions), stakes it for yield (targeting hundreds of millions in annual income), and uses it as a base for broader ambitions—like bridging TradFi/DeFi, productizing platforms (e.g., MAVAN staking), and even strategic investments (such as the $200M into MrBeast's Beast Industries).The logic hinges on:
ETH/BTC mean reversion (ETH has historically outperformed BTC in bull phases).
Bitmine trading at a premium to its net asset value (NAV) due to growth, staking revenue, and ecosystem plays.
No heavy dilution below NAV historically.
It's a high-conviction, high-risk thesis—similar to MicroStrategy's Bitcoin playbook but focused on Ethereum. Many retail investors on platforms like Stocktwits and X are extremely bullish on BMNR as an "ETH proxy," with some going full port based on Lee's vision.Current ETH/BTC is indeed ~0.034–0.035, so the math tracks with today's prices. If BTC moons to $250K+ and ETH catches up (or outperforms), the upside for BMNR could be massive—but crypto volatility, regulatory risks, and execution matter a ton.Always DYOR and consider the risks; this is speculative territory! What are your thoughts—bullish on the ETH/BTC ratio recovery?
