u/Sad-Ground-4194

The equity package is 6 million RSUs:

1.5M time-based RSUs vesting over 3 years
4.5M performance RSUs tied to actual targets

The performance hurdles are:

• 4% and 5% of total ETH supply
• $125 and $250 stock price
• $25B and $50B market cap

The tranches are uneven. The first hurdle in each category earns 500,000 shares. The second earns 1 million shares.

BMNR has already crossed the 4% ETH ownership hurdle. As of May 17, it held 5,278,462 ETH, equal to 4.37% of total ETH supply.

The $125 stock price hurdle is about 6.5x from today’s price. The $250 hurdle is about 13x.

Also, these are not one-day spike targets. The filing uses a 90-day trailing average where applicable, so BMNR has to sustain those levels, not just touch them for a day.

There is also the $35M of fixed cash, That part is separate from the equity.

Full breakdown here: (Free as always)
https://alchemyresearch.substack.com/p/tom-lees-bmnr-package-is-not-a-straight-payday

Most people worry that if tokenized RWAs and private credit explode on Solana or Canton instead of Ethereum, BMNR loses.

That misses the actual business.

Institutions won't run their own validators on every chain. They will outsource staking to compliant operators, exactly as they outsource custody and prime brokerage today.

MAVAN is already live staking on Ethereum, Solana, HYPE, and Canton Coin. The Pier Two acquisition adds the infrastructure to expand quickly to new chains as they emerge.

Multi-chain is not a risk. It is the strategy.

Traditional private credit is cracking under redemption pressure. Blackstone's BCRED saw $3.7 billion in redemption requests in a single quarter. Executives had to inject $400 million of their own capital just to keep payouts flowing.

The $3 trillion private credit market has no good answer for that problem off-chain.

On-chain tokenized alternatives do. And as institutional money moves on-chain, more ETH ends up in institutional hands. Institutions that hold ETH need staking operators built for them.

That is exactly what MAVAN is positioned to be.

Full article and deep dive here, if you want to read it: (Its free as always)
https://alchemyresearch.substack.com/p/why-bmnr-is-positioned-for-the-next-phase-of-tokenization

MrBeast has 484 million subscribers, larger than Netflix’s entire paying user base. A huge portion of them are entering prime banking and crypto age over the next few years. Beast acquired Step, the mobile banking app built for teens and young adults with 7 million users, and filed the MrBeast Financial trademark covering crypto exchange, DeFi, staking, cards, and more.

This creates something rare in crypto: massive ready made retail distribution and a direct path to potentially bring MAVAN staking to millions of young users under the MrBeast brand.

Even Senator Warren’s detailed letter is a bullish signal because it shows they expect this to reach serious scale. The setup with BMNR’s staking infrastructure is not accidental and could be one of the most underrated opportunities in the entire thesis.

Full deep dive here: https://alchemyresearch.substack.com/p/the-largest-consumer-crypto-onramp-nobody-is-talking-about

All my research stays free, forever. Drop a subscribe if you’re finding it valuable.

Tom Lee at Consensus Miami said they're slowing down ETH buys.

"I'm not sure we want to get to 5% too quickly, because there's other things to be doing in crypto right now."

At Paris Blockchain Week, BMNR showed MAVAN staking SOL and HYPE for external clients. Then on May 7, CoinDesk reported MAVAN is now staking $14B including Canton Coin:

https://www.coindesk.com/business/2026/05/07/bitmine-to-slow-down-ether-purchases-as-it-nears-accumulation-goal-tom-lee-says

Canton wasn't on the Paris Crypto Week slide. We don't know yet if this is a client's asset being staked on MAVAN or BMNR's own position, but either way Tom Lee said it on stage so it's in there. The timing with ETH buys slowing down is interesting.

Canton was built specifically for institutions with privacy built in. DTCC is tokenizing Treasuries on it this year, Visa became a Super Validator in March, backed by Goldman, BlackRock, and Nasdaq.

Full detailed breakdown on my Substack, it's free:

https://alchemyresearch.substack.com/p/there-are-other-things-to-be-doing-in-crypto

so i went down the rabbit hole on Pier Two and wrote it up properly, worth a read imo

most people saw the acquisition as a staking infrastructure play. white-label staking, SOC 2, hybrid cloud. fine. but there were three words in the press release that kind of got lost: "post-quantum client development."

Pier Two is one of ten teams running weekly interoperability devnets with the Ethereum Foundation on the post-quantum roadmap. the EF named them alongside Lighthouse, Prysm, Grandine, the actual core client teams.

and for BMNR specifically this is kind of a big deal. they hold 5.18 million ETH, 4.36 million of it staked. largest single validator entity on earth. every single one of those validators runs on BLS signatures, the exact cryptographic layer ethereum is planning to replace with quantum safe alternatives around 2029.

when that migration happens, the teams that have been running the new infrastructure in devnets for years are going to have a massive head start. BMNR isn't sitting around waiting for a migration guide. they're helping write it.

the full article covers the four systems ethereum needs to replace, the Google Quantum AI research that pushed timelines forward, and what Pier Two's devnet presence actually means operationally.

it's free:
https://alchemyresearch.substack.com/p/bmnr-pier-two-ethereum-post-quantum