Long $1m of BMNR stock. This is why.

BitMine, for those unfamiliar with the DAT space, has against all odds emerged as the only DAT to challenge Strategy’s scale and focuses on Ethereum instead of Bitcoin.One of the key differences of ETH is that it can be staked to generate yield, which @BitMNR has so far used to invest $200 million in Beast Industries and indirectly into Open AI through its role in $ORBS.ETH in general is currently trading at low prices and BitMine at an mNAV below 1, which makes it an attractive instrument by these metrics alone but only looking at this $SBET would be better positioned.The deciding factor for BMNR is about to happen with their entry into preffered equities, the only known cure to mNAV increase above 1 with people ready to pay premiums to get leveraged exposure. Both Strive and Strategy have done this so far with $STRC and $SATA.The value prop for investors in the preferred is simple, guaranteed yields with payouts semi/monthly or even daily in Strive’s case in the 12-13% APY range backed by large crypto holdings. The leveraged exposure then has the effect to bring in more buyers and raise mNAV and restart a flywheel that services the preferred as well.Bitmine’s case is however unique as opposed to BTC DATs, BitMine actually has revenue from staking to service the preferred, making it easier to scale and deploy this program; which is why it is aiming for a 9% APY instead of 13%.If BitMine is able to deploy it at these levels it will both increase eth exposure at low prices and show it warrants a lower cost of capital which will raise its mNAV even further.Target for BitMine is 25-30 which would be a near 2x from current levels and would imply ETH in a sub $3k range. via /r/BMNRInvestors https://ift.tt/Vfves8t