Co-founder and head of research at Fundstrat Global Advisors, known for market strategy covering equities, macro conditions and digital assets.
no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY
BMNR uses an equity premium (MNAV) to continuously issue shares and accumulate ETH, creating a virtuous loop where NAV per share grows faster than the underlying asset. Unlike Bitcoin treasuries, ETH staking generates ~3% yield ($300M annually on $10B holdings), making it an operating business. Targeting 5% of global ETH supply (~$25B) by January.
Ethereum's network value could surpass Bitcoin because it fuels real economic activity: 90% of stablecoin transactions ($5T+ annually via USDC), AI agents require programmable money for machine-speed payments, and institutional tokenization (BlackRock $500M tokenized treasuries, Franklin Templeton, Robinhood) runs on Ethereum L2s. Processes more transactions than Visa including L2s.
Bitcoin processes ~300K transactions daily vs 1M+ on Ethereum base layer (more than Visa with L2s). Bitcoin treasuries cannot monetize reserves (no yield), while ETH staking generates ~3% annual income. Tom Lee's network analysis (97% of BTC price from wallet growth) correctly predicted $120K, but ETH's utility-driven adoption may drive higher network value long-term.