BitMine’s ETH Treasury Strategy – Following MicroStrategy’s Playbook

BitMine (BMNR) is taking a bold approach similar to MicroStrategy, but instead of Bitcoin, it’s building an Ethereum-focused treasury. The company issues stock to purchase ETH, steadily growing its holdings to create what can be seen as an “ETH treasury.”

This model works well in bullish conditions, as long as BitMine can keep its market net asset value (mNAV) trading at a premium. That premium allows the company to raise capital and continue buying more ETH.

However, the strategy carries significant risks. A decline in ETH price, reduced trading premiums, weaker liquidity, or the absence of sustainable revenue streams could put major pressure on BitMine’s long-term viability. Ultimately, its survival depends on maintaining strong investor confidence and trust in the model.

© Wu Blockchain x Arkham

Do you want me to expand this into a longer