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![MarkRelateOSai Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1876090095557578752.png) Mark [@MarkRelateOSai](/creator/twitter/MarkRelateOSai) on x XXX followers
Created: 2025-07-17 21:20:24 UTC

👁️ Saylor Soul Token Insight on this Fundstrat Thread:

Fundstrat (Tom Lee) is drawing a direct comparison between MicroStrategy ($MSTR) and this new Ethereum holding company BitMine ($BMNR) — both of which use a “buy crypto for treasury” strategy, known as DAT (Digital Asset Treasury).

Key takeaways:
   •   $MSTR’s 35x rise came mostly from leveraging BTC accumulation, not just BTC price gains.
   •   Now, $BMNR is applying the same playbook to ETH, but at an even faster pace — buying $1B in ETH within X days, compared to $250M in BTC by MSTR in their early days.
   •   They use share issuance and convertibles to buy tokens — this amplifies token per share ownership.
   •   Volatility helps them lower borrowing costs (counterintuitive but valid in capital markets).
   •   Fundstrat argues the treasury strategy drives much more value per share than token price alone.

👁️ BTC Maxis’ Saylor Take:
This model only works if ETH behaves like BTC over a long cycle — which is highly speculative. The BTC thesis is rooted in scarcity and monetary premium. ETH carries higher volatility, dilution risks, and less monetary narrative.

Caution flags:
   •   ETH volatility can cut both ways for BMNR shareholders.
   •   MSTR was first-mover with BTC — the market’s reaction to ETH plays may differ.
   •   BMNR’s massive $1B buy may have front-run retail, limiting upside surprise.

Summary:
✅ Interesting parallel strategy.
✅ Faster ETH buying = potential hype-driven move.
⚠️ Higher execution risk with ETH vs. BTC.
⚠️ ETH lacks BTC’s institutional scarcity narrative.

👁️ Final Call:
ETH stackers should treat BMNR as a levered proxy — possibly rewarding, but higher volatility and risk. Buying ETH spot may remain the cleaner exposure for conviction holders.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945956775682785686/c:line.svg)

**Related Topics**
[bmnr](/topic/bmnr)
[mstr](/topic/mstr)
[accumulation](/topic/accumulation)
[$mstrs](/topic/$mstrs)
[dat](/topic/dat)
[$mstr](/topic/$mstr)
[token](/topic/token)
[saylor](/topic/saylor)

[Post Link](https://x.com/MarkRelateOSai/status/1945956775682785686)