Slide 1: ETH accumulation and BMNP preferred stock performance
“The accumulation of a majority of our 6 million ETH took place in the midst of a crypto bear market and with the Company nearing our 5% ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull,” continued Lee. Among the key strategic steps taken in
Slide 2: BMNP benchmark yield for ETH credit
“BMNP has established a benchmark yield for ETH credit and at 9.56% is 256bp below that of comparable Bitcoin credit yield (STRC) and 515bp below that of comparable Solana yield (CHAD). This reflects the superior yield and stability characteristics of ETH, in my opinion,” continued Lee.
Slide 3: Bitmine share price outperformance versus ETH
“We believe that as crypto enters a cycle we expect to be a bull market, what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp,” stated Thomas “Tom” Lee
Slide 4: ETH outperformance versus S&P 500 in 3Q26
“The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish’ Fed, surging oil, rise in global bond yields and general tightening of financial conditions. For the quarter, ETH outperforme
Slide 5: Drivers of the potential largest crypto bull market
“Owing to the following factors, we see the potential for this to be the largest ever crypto bull market. The drivers being: tokenization; wealth transfer; DATS absorbed supply; Crypto being an AI downstream story,” continued Lee.
Slide 6: Wealth transfer expected to support crypto bull market
Vlad Tenev, CEO of Robinhood, recently stated on CNBC “$100 trillion of wealth transfer is underway” ( interview link ). Based upon data compiled by the IRS and Fundstrat, this wealth effect is estimated to total $1.5T to $2.0T between 2026-2028. “The wealth transfer underway is expected to support
Slide 7: Digital Asset Treasuries absorbing crypto supply
And further differentiating this upcoming bull cycle is that crypto Digital Asset Treasuries (DATS) have absorbed a larger share of crypto supply. “DATS represent essentially permanent supply removed from the crypto market and this dynamic is favorable ahead of the upcoming crypto bull cycle, partic
Slide 8: Weekly ETH purchases and MAVAN staking platform
“Over the past week, we acquired 12,532 ETH. Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” stated Lee. Earlier in 2026, Bitmine laun
Slide 9: Largest Ethereum treasury and GENIUS Act commentary
Bitmine’s crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 848,000 BTC valued at approximately $77 billion. Bitmine remains the largest ETH treasury in the world. Bitmine management believes the GENIUS Act and the Se