The interesting thing is that Bitmine does not position itself as just another miner. Instead of purely focusing on self-hosting or hosting, it aims to become the capital markets platform for native Bitcoin and Ethereum strategies. This is a big vision - and it clearly resonates with investors. Its own positioning, which costs $250 million, is backed by a strong group of funds, including Mozayyx, Founders Fund, Pantera, Falconx, Republic Digital, Kraken, Galaxy Digital, DCG, Diameame Capital, Occam Crest Management, Thomas Lee. With Ethereum's adoption gaining momentum, especially with Circle's successful IPO, there is a growing belief that ETH could be the next major Treasury asset. If that plays out, Bitmine could end up being a high-beta agent for this trend. However, the Ethereum strategy is still early, experimental, and costly. The company's implementation on its $250 million ETH holdings remains unclear. But if it delivers, Bitmine could become a key player in an emerging business wave towards treasury strategies based on Ethereum. In short: Bitmine has a shot at becoming the microstrategy of Ethereum. But this kind of upside comes with high expectations - and high $BTC
