BMNR: The MicroStrategy of Ethereum

Research Report – September 2025

Ethereum is no longer just “digital gold’s cousin” — it’s becoming the financial internet’s core infrastructure. Stablecoins, Wall Street tokenization, and AI-on-chain adoption are converging into a multi-trillion-dollar opportunity.

This 40+ page institutional-style report provides a hedge fund–level analysis of BMNR (Bitmine Immersion Technologies, NASDAQ: BMNR) — the first publicly traded Ethereum treasury company, positioned as the MicroStrategy of Ethereum.