Dear Investors,
Global financial markets are entering one of the most important structural transformations since 1971, when the United States abandoned the gold standard and transitioned into the modern financial era. Today, a similar shift is happening—this time driven by blockchain infrastructure, tokenization, and institutional adoption at unprecedented scale. Ethereum is emerging as the default settlement and execution layer for this new system, and BitMine (BMNR) is aggressively positioning itself at the center of this transformation. With a long-term target of acquiring 5% of all Ethereum supply, BMNR is executing one of the most strategic accumulation models ever attempted in public markets. This is not a “crypto speculation” story. This is a balance-sheet-driven, infrastructure-aligned strategy that mirrors early institutional accumulation in emerging markets and technological platforms. As Ethereum becomes the core infrastructure for tokenizing equities, bonds, real estate, derivatives, and sovereign assets, BMNR’s ETH treasury becomes structurally valuable — not cyclical, not narrative-based, but foundational. Major institutions, including BlackRock, Morgan Stanley, JPMorgan, and Cantor Fitzgerald, have already aligned with the Ethereum/tokenization ecosystem. Their participation signals that the shift toward decentralized financial rails is accelerating rather than slowing. BMNR remains priced today as a high-beta growth asset, rather than a strategic infrastructure holder with exposure to a multi-trillion-dollar transformation. We believe this disconnect between fundamental positioning and market valuation will compress meaningfully as institutional ownership becomes more visible through upcoming 13F filings. At Pham Capital Partners, our investment philosophy centers on assets whose structural value exceeds what the market currently recognizes. Ethereum—and by extension BMNR—fit this criteria precisely: real infrastructure, real adoption, and real capital inflows. We believe the period from 2025 to 2030 will redefine the architecture of global finance. Those positioned early will capture the disproportionate share of value creation. Thank you for your continued trust and partnership.
Sincerely,
Charlie Pham
Pham Capital Partners