u/Harudo_invest

Here is a quick TL;DR on Bitmine's latest 8-K filing from today. They are continuing to aggressively stack ETH and buy back their own shares.
Here are the key takeaways:
1. Total Assets (~$11.4 Billion total, assuming ETH at $1,893)
5,815,164 ETH: Valued at ~$11.0B
Cash & Marketable Securities: $78M
Beast Industries Stake: $180M
Eightco/ORBS: $73M
210 BTC
2. The 5% Total Supply Target is 96.36% Complete
Currently holding 5,815,164 ETH (~4.818% of the total supply).
Added 9,926 ETH last week alone.
Only 219,836 ETH left to hit their 5% target!
3. Relentless Share Buybacks
Bought back 1.7M shares last week (following 3.0M shares the previous week).
Cumulative buybacks since July 1st now sit at 20.8M shares.
Assuming no ATM dilution, total outstanding shares sit at ~$582.4M.
ETH per Share: ~0.009984 ETH (+0.46% WoW). Up only!
4. Cash Flow & Options Play?
Cash reserves dropped from $104M to $78M (-$26M).
New ETH additions accounted for ~$18.8M of that spend.
Note: You can't directly calculate the average buyback price from cash depletion alone this time due to timing differences or alternative cash inflows. High probability they are generating yield through selling short options/premiums again like last quarter.
5. Staking Yields
5,067,309 ETH staked (~87.1% of total holdings).
7-day annualized yield: 2.61% (~$250M estimated annual revenue).
If 100% of holdings were staked, annual revenue would hit ~$287M.
6. Tom Lee’s Commentary
ETH/BTC hit 0.02994, breaking out of its long-term downtrend.
Previous cycles were driven by ICOs, NFTs, and Stablecoins — Tom believes the next cycle will be driven by Wall Street Tokenization and Agentic AI.
Macro tailwinds (easing monetary conditions) continue to provide strong support for crypto.
My Take:
It looks like they funded part of the recent share buybacks using options premiums or alternative financing (math implies ~$4/share if funded purely by remaining cash, which means outside capital came in). Nothing concerning at all, just smart capital allocation as usual.
Bullish as always. What are your thoughts?

"Should I buy spot Ethereum, or BMNR stock?"

After digging into BitMine’s recent moves, it basically boils down to whether you trust Tom Lee’s capital allocation strategy or not.

If you DON'T trust Tom Lee 👉 Buy Spot ETH.
You get pure asset ownership with zero corporate risk, no equity dilution concerns, and direct exposure to the Ethereum network.

If you TRUST Tom Lee 👉 Buy BMNR.
BitMine isn't just a passive holding company. It's a capital allocation engine.

Essentially, it’s the MicroStrategy playbook applied to Ethereum, backed by staking yields to generate cash flow.

Are you sticking with spot ETH, or playing the capital allocation leverage with BMNR? Curious to hear your thoughts.

My Personal Take:
I personally hold spot ETH for long-term peace of mind, but I’m keeping a close eye on BMNR's discount/premium cycles to swing trade the capital allocation moves. I think having a bit of both might be the sweet spot depending on your risk tolerance.

🚀🚀🚀

The global DRAM market visualized

Samsung - $37.3B of sales
SK Hynix $SKHY - $28B
Micron $MU - $21.8B
CXMT - $7.3B