The Real Ethereum Thesis Behind BMNR

Right now, social media is filled with excitement around BMNR. Everywhere you look, people are talking about:

All of this creates huge noise — but it also makes it easy to forget what actually matters. The true long-term story of BMNR is not trading hype.
It is something much bigger:

BMNR is a bet on Ethereum becoming a core part of the global financial infrastructure.
The largest driver of value will be mainstream adoption — especially by Wall Street.

Short-term speculation moves prices. But real adoption creates lasting value .So today, let’s step back and answer the most important question: Can Ethereum realistically reach the $10,000 level — and is there real data to support that idea?

The simplest way to understand Ethereum’s growth is by looking at one key metric:

TVL shows how much money is actively stored and used inside a blockchain network — across lending markets, stablecoins, exchanges, payments, and applications. Think of it this way:

TVL = How much real money trusts the blockchain.

Today:

This dominance tells one clear story: Ethereum is already the primary financial settlement layer of crypto. And that is why Wall Street is watching it closely.

Gmail is free, but you pay with your data. Proton Mail is different.

We don’t scan your messages. We don’t sell your behavior. We don’t follow you across the internet.

Proton Mail gives you full-featured, private email without surveillance or creepy profiling. It’s email that respects your time, your attention, and your boundaries.

Email doesn’t have to cost your privacy.

Ditch the Gmail data grab

Ethereum is not a traditional business:

So traditional valuation tools like earnings or profits do not apply. Instead, we view Ethereum like a self-operating network business, where usage generates financial flows. Two forces drive Ethereum’s value:

Ethereum pays ETH to validators who help secure the network.

Today:

We can treat this just like a dividend paid to shareholders in a stock.

Each time the network is used, a small amount of ETH is permanently destroyed.

Today:

This is similar to corporate share buybacks that reduce the number of outstanding shares, increasing value for remaining holders.

Let’s compare ETH to one of the world’s largest tech stocks — Nvidia.

Nvidia:

Combined: Nvidia’s shareholder yield ≈ is 0.93%

Ethereum’s network yield (0.86%) is almost identical to Nvidia’s real shareholder yield (0.93%). And historically, Nvidia traded for years with yields between 0.6% and 0.8%. This gives us a powerful valuation anchor.

If we treat Ethereum staking income as a dividend:

~$36.26 of yield per ETH per year. Now, using valuation yields similar to Nvidia:

This means current ETH prices already sit near fair value based on existing network economics — not speculation.

But how does anyone get to $10,000 ETH?

The answer lies in one word: Scale

As Wall Street increases activity on Ethereum:

This is exactly the thesis behind BMNR.

BMNR aims to acquire: 5% of the total ETH supply ≈ , 6 million ETH

They plan to stake their entire holdings. At an estimated 3% staking yield, this produces ~180,750 additional ETH per year. Adding this to the current validator issuance, the Total ETH paid yearly ≈ is 1.15 million ETH

As adoption rises:

We use a conservative estimate of ~126,000 ETH burned per year. While issuance increases, demand scales even faster — creating upward price pressure.

Assume ETH reaches $6,000 from growing institutional usage. Validator yields at that price: 1.15 million ETH × $6,000 = $6.9 billion per year

Spread over the total ETH supply: $57.76 annual yield per ETH

And that is how Tom Lee’s $10,000 ETH target emerges — through yield-based valuation driven by adoption. Not hype. Actual financial modeling.

Many worry that growing staking issuance creates inflation. Ethereum addressed this with:

Result: More developers join Ethereum. Network grows faster. Slight inflation supports ecosystem expansion. Controlled supply growth is not a problem — it helps adoption scale.

At $9,627, ETH: BMNR’s ETH treasury ≈ $58.7 billion

Using conservative dilution assumptions:

Average expected value: ~$144 per share, ~185% upside from current levels

If Ethereum stagnates at $4,500 long-term:

Returns would be positive, just much smaller.

This is not a short-term speculation trade. People consistently:

The Ethereum–BMNR thesis requires patience.

Where outcomes such as:

are entirely realistic — without relying on unrealistic moonshot timelines.

BMNR is not a play on hype, liquidity, or velocity cycles. It is a bet on one simple idea: Ethereum becomes the financial backbone of Wall Street.

If that happens: ETH approaches $10,000, BMNR captures enormous long-term value

If it doesn’t: Returns normalized — but remains positive.

This is not a guaranteed win. But for those who believe Ethereum is becoming the global settlement layer, BMNR may be one of the most asymmetric long-term bets in markets today. See you in the next edition of Trade The Times.