BMNR Is an ETH Proxy — But a Distorted One

[cryptobro]

With nearly 4 million ETH, BitMine’s stock increasingly behaves like a corporate proxy for Ether exposure. But it’s not a clean one.

Unlike holding ETH directly, BMNR holders face dilution risk, financing decisions, liabilities, accounting volatility, and disclosure risk. Under new US accounting rules, ETH price swings now flow directly through reported earnings — amplifying volatility.

BMNR doesn’t create new onchain demand for ETH. Instead, it shows how crypto exposure is being absorbed into traditional equity structures, where corporate mechanics — not protocol fundamentals — shape how that exposure is priced.