Daily Observation of Cryptocurrency Concept Stocks: Bitmine Breaks Through the $11 Billion ETH Threshold, Strategy Establishes a New Valuation Model for "Earnings Per Share of Coins"

1. "5% Alchemy": Bitmine Opens the $11 Billion ETH Era

Yesterday, Bitmine Immersion (NYSE: $BMNR) officially announced that its cryptocurrency holdings market value has surpassed the $11 billion mark. The company currently holds 4.66 million ETH, accounting for approximately 3.86% of the total circulating supply of Ethereum.

Bitmine also launched an institutional-grade staking product yesterday. In line with its chairman Tom Lee's previously proposed "5% Alchemy" strategy, Bitmine is leveraging the capital premium of a public company to reinvest financial returns through staking yields. Market feedback from yesterday indicates that investors have begun to view it as the "MicroStrategy of Ethereum," but with a stronger ability to generate intrinsic cash flow.

2. Capital Efficiency Machine: MicroStrategy's "Per Share Coin Yield" Miracle

Yesterday, a Wall Street investment bank released an in-depth analysis regarding MicroStrategy (NASDAQ: $MSTR) and its 762,000 coin holdings. Data shows that MSTR achieved a "Bitcoin Yield" of up to 22.8% over the past year, meaning the Bitcoin content represented by each share has increased by nearly a quarter.

MSTR's core competitiveness has evolved into its "all-weather financing system." Market evaluations from yesterday suggest that MSTR is positioning itself as a "Bitcoin capital amplifier": buying BTC through issuing credit instruments with extremely low interest rates, and then using the premium of BTC to extinguish debt. This "gold standard" financial logic is becoming a gold model for global public companies to combat fiat currency inflation.

3. Business Function Integration: Better Home and Coinbase Launch "Crypto Mortgages"

In addition to treasury expansion, another milestone yesterday was the deep collaboration between Better Home & Finance (NASDAQ: $BETR) and Coinbase (NASDAQ: $COIN).

The two giants announced yesterday that users will be able to directly apply for home loans using their BTC or USDC as collateral. This marks a shift of crypto assets from being "reserve assets" for public companies to "staked liquid assets" for retail. This functional integration is providing publicly traded companies with a broader business moat.

Transition from "Asset Defense" to "Protocol Positioning"

From yesterday's market signals, we can see that MARA is optimizing debt through reduction, Bitmine is controlling protocol shares through staking, and MSTR is amplifying holdings through financing. Public companies are no longer just "movers" of Bitcoin; they are reconstructing the rights to earnings and governance of digital assets through complex financial instruments.

---

Data source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on yesterday's announcements from global public companies and SEC/TSE disclosure documents.