What is BitMine?

Tom Masiero explains BitMine's BMNP preferred stock as a synthetic three-year call option on ETH, costing 9.5 percent annually versus 60 to 100 percent for a direct options premium, because it funds ETH purchases without diluting equity.

“We're buying a three-year call option using BMNP because we're not using our equity, but we're buying the E. That's the equivalent of a call option and it's costing us nine and a half percent a year.”

BitMine earns roughly 120,000 ETH per year in staking rewards, meaning it needs to purchase only 80,000 additional ETH (approximately 160 million dollars) to reach 5 percent of total ETH supply.

“Every year we're earning you know like a over 100,000 ETH a year in staking rewards actually a little more than that like 120,000 so then we only need to raise cash for 80,000 each to buy and that's 160 million.”

BitMine accumulated Ethereum for 60 consecutive weeks without selling, buying every week since the inception of its ETH treasury strategy.

“We bought Ethereum for 60 weeks straight, you know, and we never had to sell it.”

BitMine's Maven staking operation handles staking for more than 2 billion dollars of non-BitMine crypto through external client wins.

“Maven now is managing sorry is handling the staking for more than $2 billion of non- Bitmine crypto.”

BitMine's Maven subsidiary is worth watching as a standalone institutional ETH staking business, now servicing over 2 billion dollars of third-party crypto assets.

“Maven now is managing sorry is handling the staking for more than $2 billion of non- Bitmine crypto.”

BitMine's BMNP is the only preferred stock among the 175 largest offerings that pays a dividend weekly.

“It's the only of the 175 largest preferred stock offerings out there. it's the only one that pays a dividend every week.”

BitMine coordinated with the Ethereum Foundation to deliberately slow its ETH purchases during the EF's restructuring, prioritizing decentralization optics over accumulation speed.

“We had spoken to them and you know, in the midst of this transition and sort of refocus, I think it would have not made sense for us to be viewed as a centralizing entity.”

Roadway, a BitMine vehicle, is funding Ethereum Foundation spinouts, positioning it as an early-stage funder of core Ethereum ecosystem restructuring.

“We funded the Ethereum Foundation spin-offs with Roadway.”

Bitmine plans to cap ETH accumulation at 5% of total ETH supply, then pivot to share buybacks rather than continuing to accumulate.

“At this point, we plan to stop at 5% as Tom has mentioned publicly a few times.”