Morning Minute: ETH Soars as BMNR Files to Buy $25B

ETH touched $4,700 in the move, but it's not even the top mover on the day as SOL and several alts and memes are up even more.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today's top news:

You may be tired of reading about the ETH TreasuryCo race, but I’m sorry - it’s the biggest story in town.

And the story just entered a surprising (mega bullish) new chapter.

BitMine Immersion (BMNR), led by Fundstrat’s Tom Lee, has filed to boost its at-the-market stock offering from $4.5B to $24.5B, with the extra $20B earmarked entirely for Ethereum purchases.

Yes that’s right, $20B more for ETH purchases!

The firm already holds ~1.15M ETH worth nearly $5B, about 1% of supply, and now wants to scale that to 5%.

Ethereum jumped ~10% on the news, passing $4,600 and extending its ~70% YTD rally.

“I can defeat all your ETH bear arguments in one sentence. Tom Lee just filed to expand his ETH buys by $20 billion.” - Ryan Adams, Bankless

“Tom Lee wants to buy $20B worth of ETH in a single year. 5% of the total ETH supply. on pace to achieve it in 2026. 12x faster than Michael Saylor. only one of the many ETH treasuries” - ripdoteth, on X

The ETH bid is infinite right now.

Tom Lee and Joe Lubin are likely going to try to accumulate $20B-$30B in ETH over the coming months.

For perspective, that would be the equivalent of $100B-$150B for Bitcoin.

And this comes as the ETH ETFs just set their new single-day record with $1B in net inflows (again, equivalent to ~$5B in BTC net inflows).

This is insatiable demand, and there isn’t enough sell pressure to slow this rally down in the near term.

ETH is going to ATHs, and very soon.

The waiting room is open - and Tom Lee is holding the door…

A few Crypto and Web3 headlines that caught my eye:

In Corporate Treasuries

In Memes

Here's a rundown of major token, protocol and airdrop news from the day:

Section dedicated to headlines in the AI sector of crypto:

Here is the list of other notable headlines from the day in NFTs:

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