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Yahoo
an hour ago
- Yahoo
Morning Minute: ETH Soars as BMNR Files to Buy $25B
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack. GM! Today's top news: Crypto majors soar led by ETH and SOL; Bitcoin breaks $120,000 Tom Lee files to raise $20B ATM for more ETH; ETH +9% to $4,700 ETHZilla stock (ATNF) pops 300% after ETH buys & Peter Thiel disclosure OKX's OKB token jumps 130% after announcing a new buyback program Coinbase introduces stablecoin fund to deepen DeFi liquidity and help protocols grow 💰 Tom Lee's BitMine Goes All-In on Ethereum You may be tired of reading about the ETH TreasuryCo race, but I'm sorry - it's the biggest story in town. And the story just entered a surprising (mega bullish) new chapter. BitMine Immersion (BMNR), led by Fundstrat's Tom Lee, has filed to boost its at-the-market stock offering from $4.5B to $24.5B, with the extra $20B earmarked entirely for Ethereum purchases. Yes that's right, $20B more for ETH purchases! The firm already holds ~1.15M ETH worth nearly $5B, about 1% of supply, and now wants to scale that to 5%. Ethereum jumped ~10% on the news, passing $4,600 and extending its ~70% YTD rally. 'I can defeat all your ETH bear arguments in one sentence. Tom Lee just filed to expand his ETH buys by $20 billion.' - Ryan Adams, Bankless 'Tom Lee wants to buy $20B worth of ETH in a single year. 5% of the total ETH supply. on pace to achieve it in 2026. 12x faster than Michael Saylor. only one of the many ETH treasuries' - ripdoteth, on X The ETH bid is infinite right now. Tom Lee and Joe Lubin are likely going to try to accumulate $20B-$30B in ETH over the coming months. For perspective, that would be the equivalent of $100B-$150B for Bitcoin. And this comes as the ETH ETFs just set their new single-day record with $1B in net inflows (again, equivalent to ~$5B in BTC net inflows). This is insatiable demand, and there isn't enough sell pressure to slow this rally down in the near term. ETH is going to ATHs, and very soon. The waiting room is open - and Tom Lee is holding the door… 🌎 Macro Crypto and Memes A few Crypto and Web3 headlines that caught my eye: Crypto majors BTC +2% at $120,700, ETH +9% at $4,680, XRP +4% at $3.28, SOL +15% at $201 OKB (+130%), Fartcoin (+30%), AERO (+23%) and RAY (+20%) led top movers The ETH ETFs saw $1.02B in net inflows on Monday, a smashing new record ($178.1M for BTC) Coinbase announced a new Stablecoin Bootstrap Fund to deepen stablecoin liquidity in DeFi and help teams grow their protocols Patrick Witt is expected to succeed Bo Hines as Trump's crypto advisor eToro disclosed that crypto trading accounted for 91 % of its total revenue in Q2, making digital asset trading the company's main income source Circle announced an offering of 10M more shares Jeff Bezos' Blue Origin started accepting crypto for space flights Do Kwon pled guilty to fraud charges tied to his role in Terra Luna, with a max term of 12 years in prison In Corporate Treasuries BMNR filed a new ATM to raise up to $20B (up from $4.5B) to buy more ETH ETHZilla (ATNF) popped 300% after Peter Thiel disclosed a 7.5% ownership stake and sharing that they own 82.186 ETH with $238M cash on hand Metaplanet and Smarter Web Company have added 518 BTC and 295 BTC respectively to their treasuries In Memes Memecoin leaders are very green on the day; DOGE +12%, Shiba +9%, PEPE +10%, PENGU +9%, BONK +12%, TRUMP +8%, SPX +6%, and FARTCOIN +30% ORANGE was the new runner of the day, jumping 18x to $14M; a new PEPE token ran 4,000% to $8M nub (+44%) and fwog (+33%) were other notable SOL meme movers; JUGS jumped 69% to $5.4M 💰 Token, Airdrop & Protocol Tracker Here's a rundown of major token, protocol and airdrop news from the day: OKX announced a new buyback program for an OKB reserve, sending OKB up 140% Yeet reached its $400M milestone just 14 days after reaching $300M Odin was exploited for $7M in a sophisticated liquidity drain RektDrinks teased an upcoming collab with Base with the tagline 'Something is brewing' OpenSea announced a new AI Creator Contest with $10k in prizes and XP up for grabs along with a chance to work with OpenSea 🤖 AI x Crypto Section dedicated to headlines in the AI sector of crypto: Overall up 8% to $13.2B, leaders were very green FARTCOIN (+30%), VIRTUAL (+8%), TIBBIR (+15%), ai16z (+13%) & AIXBT (+8%) GAMBLE (+50%), YNE (+50%) and Realis (+42%) led top movers 🚚 What is happening in NFTs? Here is the list of other notable headlines from the day in NFTs: ETH NFT leaders ; Punks -4% at 52.5 ETH, Pudgy -1% at 14.45, BAYC -3% at 13 ETH CryptoFish (+60%) and Azuki (+8%) were notable top movers CryptoPunks hit a $250,000 floor in the ETH move to $4,600 Bitcoin NFTs were mostly green or even, led by Adderrels +75% Abstract NFTs were mostly red, led by Noah's Ark (+30%) Beeple shared that his next NFT event will be hosted by Danny McBride, while 2 'Politics Is Bullshit"' editions were bought for 52 ETH each Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
2 hours ago
- CNBC
Tom Lee says Ethereum will keep charging ahead; playing a likely September Fed rate cut
(This is a wrap-up of the key money moving discussions on CNBC's "Worldwide Exchange" exclusive for PRO subscribers. Worldwide Exchange airs at 5 a.m. ET each day.) Investors are looking for opportunities in the crypto space and cyclicals with optimism growing for a quarter-point rate cut from the Federal Reserve in September. Worldwide Exchange Pick: Ethereum Tom Lee of Fundstrat is increasingly bullish on Ethereum, seeing a potential Federal Reserve rate cut as a tail wind and a forecast of $7,500 by year end from Standard Chartered as being conservative. "7,500 might even be on the low end of what's possible, I've seen many targets of $10,000 to $15,000," Lee said. "Wall Street needs to find a stable and legally compliant blockchain to work on. The majority of stablecoin creation is taking place on Ethereum. … It is the place where Wall Street is essentially financializing the system." Lee is also the chair for BitMine Immersion Technologies, a company that holds more than $5 billion in Ethereum. Playing the increased rate cut odds Ed Clissold of Ned Davis Research sees upside for cyclicals with the odd of a September Federal Reserve rate cut now at 99% according to the CME FedWatch tool. But Clissold said investors need to be discerning about what cyclicals they put money to work in. "The overall landscape favors cyclical growth sectors like technology," he said. That's where the earnings growth is, that's where the top line sales growth is and a lot of those bigger cap companies are probably better able to navigate this tariff environment. That's where we would lean towards cyclical growth." The boost from buybacks U.S. company stock buybacks are on pace for a record year, already topping $900 billion in 2025 . Brian Reynolds of Reynolds Strategy sees the trend continuing. "The buybacks are driven by U.S. public pensions the biggest global investors, they are underfunded and are bringing in fresh new tax money and allocating to credit," he said. "The last three months have seen a record amount of pensions intending to allocate to credit. That's going to hit the market over the next three-to-12 months, and we see them doing even more going forward in the fourth quarter." "So I think the risk of a slowdown in buybacks is very very small," Reynolds added.
CNBC
3 hours ago
- CNBC
Tom Lee: CPI was better than expected — a rip off the Band-Aid moment
Tom Lee, Fundstrat, told Worldwide Exchange that better CPI data, potential Fed cuts, and crypto trends could lift markets, with Ethereum and Nvidia among his top long-term bullish picks.
