$BMNR
bitmine immersion9/10Does he own it?
No first-person buying/holding/sizing statements anywhere. He explicitly tags it "Avoid," calls it a dilution machine, and floats shorting it / using long ETH-staking ETFs against it. His own "extremely long" book is described as being in other names; BMNR is repeatedly cited as a loser others hold. Clearly not owned.
His thesis
He views BMNR as a structurally flawed leveraged crypto-treasury vehicle: an endless-dilution machine raising funds ostensibly to buy a large slice of Ethereum supply, but diverting roughly $200M of investor money into an illiquid stake in a celebrity candy company. He expects the premium to collapse and the illiquid assets to force a reset/wipeout, and suggests playing it via short BMNR or long ETH-staking ETFs rather than owning shares.
How his view evolved
Started as outright mockery of the fund's structure, hardened into an "Avoid"/short call, then used its sharp drawdown (down ~49% in a month) as proof of his thesis and a cautionary tale for retail/margin holders.
Key points
- Tagged explicitly under Avoid; called an endless-dilution machine
- Suggested shorting it or going long ETH-staking ETFs against it
- Cited repeatedly as a crashing loser held by overexposed retail accounts
Derived from a holistic read of his public posts — paraphrased, never quoted. See his actual posts about $BMNR on X ↗