BMNR vs MSTR: Who's Winning The Crypto Treasury War?

Hey, it's Ted McGrath and welcome to today's show. So, I'm going to talk about BMR and MSTR, or BMR versus MSTR, but really, I'm going to break them both down.

I'm going to talk about BMR and how the stock has moved since its inception, since it became an ETH treasury company. Talk about MSTR and what it's done since 2020 when it became a Bitcoin treasury company. We're going to compare the two side by side, and we're going to take a look at the playbook of how BMR is doing with Ethereum, what MSTR did with Bitcoin. So, that's all exciting.

I'm also going to talk about why Wall Street is actually moving on to Ethereum and what is the reason for that. Uh, so that's going to be super exciting. And then we're going to rock and roll and get in the game and uh talk more about both BMR and MSTR and what the future holds for them. So, not tax advice, not financial advice, not legal advice. Do your own research. All right, so let's jump in right now and talk a little bit about BMR and MSTR today.

All right, so first off, uh, when we look at uh BMR, you've probably heard Tom Lee on YouTube talking quite a bit about BMR. It owns the most Ethereum on the planet in terms of a company putting Ethereum in their treasury. And we all know that MSTR owns the most Bitcoin on the planet. So right now, BMR owns about 1.7% of the supply of Ethereum. Their goal is to own 5% of the supply of Ethereum. MSTR owns over 3% of the supply of Bitcoin. Their goal is to own 5% or more, give or take. And we're going to take a look at both of these companies since MSTR is the leader in holding Bitcoin in terms of a corporate treasury, and BMR is the leader in holding Ethereum. So, let's break it down a little bit.

So, why is why is BMR an interesting story right now? If you like MSTR, which is probably the reason why you've been watching this channel in the past, you know I'm a huge fan. Full disclaimer, I own MSTR and I also own BMR. None of this is financial advice, but if you like MSTR, it would make sense to pay attention to BMNR. If you look at MSTR in 2020, uh, when they first acquired Bitcoin, if you look at the growth of MSTR over the last five years, while Bitcoin has gone from that point of about, you know, $10,000 or so per coin to about $116,000 per coin, MSTR has gone up by a factor of 25x. So, Bitcoin's gone up by 11x over that time. MSTR has gone up by a factor of 25x over that time.

So when you look at the comparable data of where BMR is, BMR just became an ETH treasury company on July 8th of 2025. And so you look July to August, August to September. Over a couple months, we look at where the stock opened with BMR at $4.50 and today the stock is at $55.60. So that is a large jump, a 13, about a 14x from there. Now, clearly, most people weren't around or thinking about this about BMR when the stock first came out. Most people didn't gobble it up at $4.50. But if you look at the move of BMR today, it's at $55.60, which is a significant, significant move. Okay.

So, why is Wall Street um hot on Ethereum and why does this mean that one should take notice of what BMR is doing as the largest holder of Ethereum? Wall Street is hot on Ethereum number one because of the Genius Act. So, the Genius Act is the law that was put into place that basically greenlights stable coins, and more than 50% of all the stable coins are on Ethereum. So the fact that now every stable coin, these digital dollars, need to be backed by a US dollar or a US Treasury bill um makes this significant, significant moves um for Wall Street. Basically, the law is endorsing stable coins. It is is basically saying the dollar is now in bed with these stable coins, which are digital dollars. And so this is a big push on Wall Street um, you know, moving on to Ethereum, number one.

Number two, uh, the second project that's out is Project Crypto. If you've ever watched Tom Lee give interviews, he talks about this quite a bit. And Project Crypto is the basic move of rebuilding Wall Street onto the blockchain. So when you take a look at currently how Wall Street operates, we know that uh, Wall Street trades, you know, so many hours in the day. You know, if you're on the early trading hours on Pacific Coast time, maybe you start trading at 7 o'clock Pacific time, 4:00 Eastern. It closes around 5:00 Pacific time. So you can trade maybe 12 hours a day, 13 hours a day by moving stocks, bonds, real estate, and by digitizing them and moving them onto the blockchain. And and, you know, they're you're going to basically tokenize these assets, right? You're going to put real-world assets onto the blockchain. You will be able to now trade these stocks uh and these different investments 24/7, 365. Why Wall Street would like this? If you can trade 24 hours a day instead of 12 hours a day, they're going to make a whole heck of a lot more money.

Why are they looking towards Ethereum as the move? Because Ethereum is the most stable in terms of being around for the last decade, and uh, Ethereum has never gone down. So, while there's other projects and blockchains out there like Solana that are great, Ethereum's been around for 10 years. It's never gone down for a moment. It's the most secure right now in Wall Street's eyes, and uh, and so when they move on to the blockchain, they're going towards Ethereum for the most part. So Ethereum, if you're wondering why the big moves in Ethereum recently, um, this is one of the reasons because Wall Street is behind it. Uh, Treasury Secretary Scott Basent uh thinks that the stable coin market could go to $4 trillion. If you look at the current stable coin market, it's around $280 billion right now. So if that grows by 1817x, that's a huge growth in the stable coin market um, that means more stable coins are going to be on the Ethereum blockchain. Some of them will be on other blockchains, and that means that there's going to be more transactions and more fees on the Ethereum network, and more use of the Ethereum network, and uh, and Wall Street uh, you know, trusts the Ethereum network right now. So um, or Ethereum blockchain, I should say. So this is a reason to take notice and pay attention to Ethereum and pay attention to the largest holder of Ethereum, which is BMNR, also known as Bitmine.

Okay, so those two things: Genius Act, we're looking at stable coins big time on Ethereum, more than 50%. And number two, Project Crypto, we are looking at Wall Street rebuilding onto the blockchain, which is a big freaking deal. And I love watching Tom Lee. If you haven't followed him, you should go watch him. Uh, he uses a comparative analysis and he says this is similar to 1971 when the US got taken off the gold standard, and that that uh, the dollar was no longer backed by gold, and that's when President Nixon did that. And when that happened, the dollar essentially became a synthetic dollar, which is basically a fake dollar because it's not really backed by anything at this point. It's only backed by the decree or the statement that the US government says it's worth something, and the confidence that one has in the dollar. And if you look up the definition of fiat, fiat means decree or statement. So fiat currencies are backed by the the goodwill and your confidence in the government. So the moment we came after off the gold standard, the dollar became pretty fake, and Wall Street sprung up into this massive multi-trillion dollar industry as a result of that, create because they created all kinds of different products based on this dollar. Um, and, you know, one could say also manipulating the dollar too, right? So now when you look at this moment, as Tom Lee talks about in 1971, where we got taken off the gold standard and then we had the synthetic dollar. Now you can look at Wall Street and stocks and real estate and bonds being taken onto the blockchain and being tokenized so they can be traded 24/7, 365. So to not pay attention to this and not mention this, I think is crazy. Um, you know, whether one agrees that Ethereum's technology is the best uh or not, um, you know, that's definitely up for debate because there are faster blockchains, but Wall Street trusts Ethereum and Wall Street is already building on Ethereum. It's already happening right now. So, pay attention to what's going on with this.

So, this is very, very interesting. If you look at MSTR and the growth of the Bitcoin treasury for MSTR, it sits at about $72 billion. If you look at the ETH treasury for Bitmine, they have about $9.6 billion of Ethereum. And interestingly enough, it was around $9 billion uh, you know, early last week. And then on Friday, BMR, the stock ran up to $55.60. And so the holdings of BMR in terms of their Ethereum holdings are about $9.6 billion right now, which is massive, massive. Um, also, they are growing their treasury strategy uh faster than MicroStrategy, aka Strategy, did. So Strategy led the way. Sailor, bless him, he paved the road for other Bitcoin treasury companies and ETH treasury companies and sold treasury companies. But when you look right now at particularly what is happening with uh Bitmine, they are growing about 11 to 12 times faster in terms of the accumulation of their Ethereum compared to the rate at which MSTR when they started uh accumulated their Bitcoin. So they're growing way faster, and that is, you know, relative or indicative of the fast fact that BMR now owns 1.7% of the Ethereum supply. So if you look at uh how long it took MSTR to get to over 3% of the supply of Bitcoin, which was a 5-year period, Bitmine is doing it way, way, way, way faster. And so it's not uh unfathomable to think that uh Bit could actually get to 5% of the Ethereum supply in the next year to 18 months, which is a big deal, right? Very, very big deal. So this is really cool um to to see what's actually happening in the marketplace right now uh with this stock.

So again, if you're just joining us, I'm going through BMR. I'm also going through uh uh MSTR and making a comparison. So, you know, for me, I'm always looking at what the next move is and and I'm still holding on to my MSTR and I believe that we're still going to go up through this bull run. I think we're going to have a great run in the next two and a half months. However, I'm always looking a year, two, three years into the future and what's the next move. And so when BMR came out, I started loading up on BMR and I'm very, very, very bullish on BMR. Okay.

So, uh, and of course, if you look at it comparatively to MSTR, it's a it's a similar playbook, just one's with Ethereum and one's with actual Bitcoin. So now uh, as we get into what's happening with BMR and why why would one uh choose Bitmine over Ethereum? And this becomes the big question. And so I'm going to break down mathematically and pull up a screen for you in just a minute that shows you uh, you know, what is net asset value, what is MNAV, because these are terms that you hear thrown around a lot when you're talking about MicroStrategy, Strategy, Strategy, Strategy, Strategy, and training out the old MicroStrategy brain. And uh, so when you look at companies like Strategy and you look at companies like BMR, you're going to hear these terms like net asset value and also MNAV. So, I'm going to break it down mathematically to show you exactly what it is and give you definitions so there's no misunderstoods on this. But why Bitmine over Ethereum? Um, it's growing um, we're looking to grow ETH per share with BMR. So, why one would hold BMR stock? Because the more that they accumulate Ethereum, the more they're growing their ETH per share. One would hold MSTR over Bitcoin because the more that MSTR grows their Bitcoin holdings, the more they grow your Bitcoin per share. And so, uh, if you look at ETH's treasury, uh, around July, uh, 8th, their treasury was very, very small. It was something like 20-some million dollars. And a couple months later, if you look at their treasury now, their treasury is uh, you know, um, like $9 billion right now. Um, so the treasury has grown drastically over that time period. Okay.

So, uh, so that's basically what's happening with this. Uh, if you look at the price right now, you want to go look up BMR, you can see it closed at about $55 on Friday. And um, and if you look comparatively with uh, where Ethereum was on July 8th, Ethereum was at about $2,600, and Ethereum today is at is at about $4,460. So, it's not quite a double from July 8th, but if you look at BMR stock at $4.50 on July 8th, and today it's at $54, that's like a 13x. Now, most people didn't get in. So, like full disclaimer on that. Most people didn't buy in at $4.50. So, this is not like very meaningful from an investor who's looking to buy into BAMR. Like, okay, it went up 13x, but I didn't even know about it then. So, what do I do now? Right? But I'm just giving you perspective on this. Okay?

And again, if you're just joining us, I was sharing earlier, if you look at MicroStrategy or Strategy's run in August of 2020, Strategy's share price in August 2020 was $13. It's now $331. So, Strategy's gone up by 25x over a 5-year period. And Bitcoin's uh price in August of 2020 was about $10,000. And now Bitcoin is worth $116,000. So Strategy over that 5-year period has gone up 25x, and Bitcoin over that 5-year period has gone up 11x. So when when you hear people saying, well, why would I buy MSTR over Bitcoin? Why would I buy BMR over Ethereum? Uh, this is one of the reasons at the potential growth of these of these companies over a longer time horizon or even a shorter time horizon. Again, in owning these companies, they're very risky.

If you've been watching BMR over the last month or so, uh, over a month ago, maybe five, six weeks ago, it ran up as high as $72 and then it dropped all the way down to $40 at a low. And in fact, it dropped to $39 during trading hours because I trade the stock, and it was around $39 at one point, and that was $39 was a couple weeks ago BMR, and now it's back up at $55. So the movement of these, you know, treasury companies, uh, they're very, very volatile. Uh, you don't know sometimes where they're going to go next. And, you know, that's that's indicative of how we see what's happening with MSTR now, where MSTR was at 450, what, a month and a half, two months ago, and now it's down to 330. So, I know a lot of people are disappointed a little bit with MSTR right now because it's so low. It's MNAV right now is 1.3. It's about the lowest it's been in 2024. MSTR's MNAV was up over two, three, and even went as high as four.

Now, I'm sharing with you BMR right now because we're looking at the beginning stages of a stock like BMR. And the beginning stages of this company are fascinating because if you look back to the beginning stages of of uh MSTR, you can do a little comparison and go, "Wow, am I getting in on the next MST MSTR?" And that's why I'm sharing with it. Not financial advice, not telling you to invest. I'm just saying I invested because I'm like, to me, this is the next MSTR. Okay.

So, um, so that's a little bit of comparable data between the two. Um, I hope that part part serves you. I see some people in the chat. We got TCC saying Kathy Wood bought more BMR. Absolutely. You've got a lot of blue-chip investors that are investing in BMR. Lots of major players have invested in BMR. Okay. So that is what's going on with uh with these two stocks and a little bit of comparable data on them.

If you look at another interesting point on BMR that makes it uh different than uh Strategy, you know, Strategy holds Bitcoin and they hold Bitcoin. Uh, what makes uh BMR different is they hold Ethereum. And so when they stake Ethereum uh and, you know, if they stake, let's say they were to stake $9 billion worth of Ethereum, by staking the Ethereum, they would get a 3 to 4% return. So what you would see happen is on $9 billion of Ethereum, uh BMR would be generating cash flow per year of about $300 million. And so if you look at a reason why the company would be even more valuable with a pre-tax income every year at $300 million, and as their be as their Ethereum holdings go up from 9 billion to 18 billion to 20 billion to 30 billion, we're talking about a major, major cash flow event for this company if they stake their Ethereum holdings. So it is a different play from that perspective and in terms of looking at the potential valuation of the company because of the staking rewards that would be paid and the income that would be coming in every year from that, versus with Strategy where there's not income coming in every year from Bitcoin because there's not a generation, there's no staking rewards in terms of the Bitcoin network. Okay.

So, so that is a difference and uh, and that cash flow could be significant of why one would actually want to take a look at uh BMR and get more educated on it. Okay. So, uh, another reason why BMR is interesting and also Strategy is interesting. It's a reason why if there is a downturn in the market, why MSDR and BMR are the leaders, the two largest crypto treasury companies on the face of the planet. Nobody's going to beat them. Nobody's going to catch MSDR and nobody's going to catch BMR. All right? They're they're they're they're huge. They're growing massively, and they got big players behind them. The other thing is they've got institutions investing them, which is a big deal. So you have institutions that are investing in these companies. BMR um has a healthy, healthy balance sheet just like MSTR. MSTR has very, very low debt. If you look at their debt structure, about I think their debt comparable to their holdings is like 10 or 11%. So they're in very, very in very, very good shape with their balance sheet. BMR is in incredible shape with their balance sheet because they have no debt. So when you look at their holdings, they've got $9.6 billion worth of Ethereum and they got no debt. So this company has a pristine balance sheet. Pristine balance sheet. And uh, institutions are buying about a billion dollars of this stock every single week for BMR. So my expectation is over the next couple months, particularly with the interest rates cut coming on September 17th that are happening very, very soon, 90-something percent chance the Fed's going to cut interest rates. That happens. We should be seeing a rocket ride in October and November. So it's an exciting time. Uh, who knows, maybe this run-up we saw on Friday on on some stocks and some different investments out there was because of the potential interest rate cut coming up. Um, and so it could be pre-running the news, but we will see.

And then when you look at the different Bitcoin treasury companies and you look at uh companies that have institutions actually investing in them, there's really only three of these. And this is from Tom Lee's mouth. He said there's Strategy, which is MSDR, there's Metaplanet, and there's Semilar Scientific. So institutions are buying these stocks. And then you have BMR where it's an ETH treasury company, and institutions are buying that stock as well. So uh BMR is the 20th most traded stock in the United States right now. And the reason institutions like to invest in companies like this is because they are liquid. So liquid stocks attract institutions. MSTR is a highly, highly traded stock as well. Institutions buy MSTR. BlackRock owns 5% of MSTR. So you have institutions that are buying these stocks, which is good. Uh, the market cap of BM BMR is over $10 billion. You look there, you know, their ETH holdings are $9.6 billion on their balance sheet. They also have um uh they also have uh cash and they also have Bitcoin holdings that are $300 million. So when you look at their corporate balance sheet, they got about $9.9 billion including their cash and including their Bitcoin, but $9.6 billion of that is Ethereum. And then we look at the the balance sheet of MSTR, about 72 billion worth of Bitcoin. All right.

So, what makes these companies also um also interesting in terms of uh why people are investing in them and why institutions are investing in them is because of the MNAV, because the market is willing to pay a premium for these stocks. And basically, what that means is when you look at the net asset value, which is you take up the the value of the assets on the balance sheet for MSTR or BMR and you minus out the liabilities, that's how you get the net asset value. And when the stock is trading at a premium, that means investors are willing to pay more than the net asset value of their holdings. And I'm going to break that down for you in just a moment. So when it trades at a premium, and you hear 1.3 for for uh MSTR and 1.3 NAV MNAV, that means that the market is willing to pay 30% more for the stock right now than its current net asset value of its holdings of Bitcoin. Okay.

When you look at the uh BMR's MNAV, which I'm going to break down and show you visually in just a second, uh they're trading at about 1.4 MNAV, which is really just 40%. So the the market is willing to pay 40% more for the stock comparatively to the net asset value of their um of their Ethereum holdings. Okay. So we're going to look at this and break this down right now so one understands this. I would think that BMR is going to trade at more than 1.4 over the next couple months. I think that the MNAV for MSTR is going to come back because it's at the lowest that it's been. So I think that the MNAV is going to go up for MSTR.

So, let's break down and take a little look at what uh, you know, what this actually looks like and and look at some numbers and math on this, and also break down some definitions because this can be a very confusing thing for people to understand, and I'm going to make it very, very, very simple for you right now. Okay.

So, what's up Justin? We got Justin in here. We got crypto in here. We got uh we got John in here. What's up, my friend? So, I'm going to break this down for you and take a look. All right. So, here's here's the basic on this. So, if you look at the Ethereum price point right now, and you could do the same thing with MSTR if you want to break this down for MSTR, but if you look at the Ethereum price point, it's $4,660 roughly and change right now. Uh, the quantity of Ethereum that uh Bitmine owns on uh their balance sheet is 2,070,000 Ethereum, give or take. Okay. So, the value of their Ethereum holdings right now is $9.6 billion. Now, earlier in the week, the value of their Ethereum holdings was a little bit less. Now, it's $9.6 billion. And so, that's what they have in terms of Ethereum. Also, on their balance sheet for uh Bitmine, when you hear me say BMR, uh BMR is is synonymous with Bitmine. Okay. So the value of uh cash and Bitcoin on their balance sheet for Bitmine is about $300 million. Most of that is Bitcoin. So before they were an Ethereum treasury company, they had Bitcoin on their balance sheet. The Bitcoin's valued at 200-something million, and they got a little bit in cash. So when you look at their balance sheet, it's $9.6 billion worth of Ethereum and it's 300 million of Bitcoin plus cash. So that's how to understand this. And as I'm saying this number, I'm look these two that I'm highlighting right here is what I'm talking about in present time right now. So the treasury value of BMR is $9.9 billion. That is the value of what's in their treasury right now. Does this make sense to everyone? Okay.

And again, you you can you can go look at uh, you know, you can go look at this in Excel spreadsheets. You can go look at this on on the company's website. Uh, I'm breaking this down. I'm a I'm a napkin and pen and paper guy. Uh, because I want to just break this down in a way that I fully duplicate it. And this is how I fully understand it. I write it out. I break it down. I look at it. I do the math. And I'm walking you through so you can do this and understand it completely yourself so that you're total cause over the situation and understanding it, versus just trusting what somebody says. Okay.

So you've got this uh in terms of the treasury value of BMR is $9.9 billion. Now, if you look at the outstanding shares, this is an estimation of about there's about 250 million outstanding shares for Ethereum um for BMR right now, I should say. Okay, 250 million outstanding shares. That's the total amount held by all investors. Now, this was lower a couple weeks ago. This is an estimation of where it's at right now. Waiting for an official report to come out. So this is an estimation. Fact check this when the official report report comes out. So this is just for numerical and demonstration purposes only right now. Okay.

So now when you look at the net asset value, the net asset value is defined by uh the assets minus liabilities. So when we look at the assets for BMR, they've got $9.9 billion in assets. Most of that is Ethereum on their balance sheet, 9.6 billion. Okay. And then you would minus out their liabilities, but because BMR has no debt, um, their total net asset value is about $9.9 billion because they have no debt, right? So, when we go down here and you hear this term being thrown around a lot called net asset value per share, uh, you're like, what is net asset value per share per share? What the hell does that mean? When we're talking about that with MSTR, we're talking about that with BMR, what does that mean? Well, in this demonstration with BMR, the net asset value on their balance sheet is $9.9 billion. So, if you want to find out the net asset value per share, you would take uh the $9.9 billion and you would divide it by the outstanding shares. So, you see this area that's highlighted right here? You're going to take the value on their balance sheet of BMR's balance sheet, which is $9.9 billion right now, and you're going to divide it by the outstanding shares, which is 250 million approximately. All right, we'll wait for the real numbers to come out on this. Okay.

So when you look at the net asset value per share of BMR, it's $39.60 approximately right now. That's as close of uh close of market on Friday. Okay. So that's the net asset value per share. So if you really want to break this down and get simple with this, it's like, okay, well, what the hell does that actually mean? The net asset value per share. Uh, again, you get it by taking the net asset value of their Ethereum plus their cash and Bitcoin, which is 9.9 billion, and you divide it by the shares that are outstanding. That's how you get it. And so that if if you were pricing the stock only on that, only on that, only on their Ethereum holdings and their outstanding shares, you would say that the price of BMR right now should be $39.60. However, the price is not $39.60 right now. It's higher. And this is where the whole MNAV comes in. When one says, why would I buy uh BMR? Why wouldn't I just buy Ethereum? Why would I buy MSTR? Why wouldn't I just buy Bitcoin? This is where the whole conversation comes in. And the goal of these companies, whether it is BMR or MSTR, MSTR's goal is to get you more Bitcoin per share. That's the goal. The goal of BMR is to get you more Ethereum per share.

So, if you're just looking at the value of what they have on their balance sheet, you would say that the stock for BMR based on their Ethereum holdings right now should trade at only $39.60. And this is where the rubber meets the road in this whole conversation because they are not trading at $39.60 right now. They are trading at $55.60. If you look at the after-hours price on the close of the stock on Friday, $55.60. So if you've ever wanted to figure out like how much are they trading, right? How much is the market willing to pay for this stock above the actual value of their Ethereum holdings that they have? This is the formula of how to do it. Okay, this is the formula of how to do it.

So when you look at this here and you go, I want to figure out what the MNAV is. Okay, what the MNAV is. So the market price per share here, the market price per share that I'm highlighting right now is $55.60. That's what it's trading at in the market. $55.60. If you were just to price the stock based on its Ethereum holdings plus a little bit of Bitcoin that it has on its balance sheet, you would say that the net asset value per share should only be $39.60. So to see how much more the market is willing to pay. All right, the market price per share is what the market's paying and willing to pay right now versus the net asset value, which is kind of you could say its true value, not what the market is willing to pay. You would just divide the market price by the net asset value per share. And so you would take the $55 price right now of BMR and you would divide it by the net asset value per share. And that would give you the MNAV of $1.40, which you see right here on the screen right now, which I just highlighted in black. So the MNAV right now as a market close on Friday, this is just an estimation because I don't know the total outstanding shares. I think it's approximately 250 million right now. So if you were to look at it now, the MNAV of BMR would be about 1.4. And the MNAV of BMR is better right now than the MNAV of MSDR. However, MSTR is about 1.3, and it's the lowest that it's been. I expect to see a rebound on this. I don't expect MSTR's MNAV to stay at 1.3 over the next couple months. Okay.

So, what does this mean in summary? It means people, people are willing, people in the market are willing to pay a 40% premium for the stock of BMR. When you see a 1.3 MNAV on MSTR, it means people in the market right now are willing to pay 30% more for MSTR stock. And there you have it. And if you were to look at this with a MetaPlanet, at one point, people were willing to pay like six times the amount of of uh six times more they're willing to pay in terms of a premium for the stock um compared to its net asset value. If you look at MSTR last year, uh, you know, the market was going where people were willing to pay two, three, four times more last year. But right now for MSTR, the market is only willing to pay 30% more for the stock. And for BMR is willing to pay 40% more. And that is the weather and the sports. Um, during a bull market, perhaps in the next few months, the MNAV could skyrocket and go higher. And during a bare market, we could see a total tank and a total crash. That's why understanding the fundamentals of how these actual stocks trade, the fundamentals of how these actual stocks work is extremely important because MSTR is a very volatile stock. BMR is a very volatile stock, but they have quite a many similarities being that Ethereum um, you know, is very different than Bitcoin. And it's very different than Bitcoin because um, you know, people are building stuff on top of Ethereum. Wall Street's moving to Ethereum to build apps on top of Ethereum to tokenize stocks and bonds and real estate and put it on the blockchain um, you know, to take advantage of the stable coin market that's on there. And uh, and so it has a very different use case. For Ethereum is very different than Bitcoin. Bitcoin is just digital gold, a store of value, and Ethereum is like this digital city where all kinds of stuff is being built on top of it, and that is the use case for it. And so while they are following the same playbook where uh BMR and Tom Lee are copying Strategy's playbook, it's a little bit of a different approach because Ethereum is different than Bitcoin.

All right. So, I thought this would be a good comparison. Um, and, you know, one of the things that that Tom Lee said recently in an interview, and I'm going to quote him on this, um, he said that, uh, expect a downturn. You know, there will be downturns in the market, but he says the company that survives is the company with the cleanest balance sheet. So when you're looking at these treasury companies like MSDR, MSDR has a very clean balance sheet because they have low debt, and BMR has one of the cleanest balance sheets because they have no debt. So um, the the the top companies Tom Lee says will survive. MSTR is the top company. BMR is the top company. And he used the comparative analysis to say that when the S&P fell big time, the companies that survived were the MAG 7. And he compared that to when eventually the market will fall and the crypto market will fall. The companies that will survive will be the ones with the clean balance sheet like MSTR and BMR. Okay.

So, in summary of today's show, if you're just joining us, I'll give you the quick breakdown of the summary. So, number one, I compared MSTR to BMR. Uh, BMR's goal is to own 5% of the total supply of Ethereum out there. They now own 1.7% of the supply. MSTR owns 3% plus of the supply of Bitcoin. BMR is following MSTR's playbook. The MNAV, which means that the market is willing to pay a premium for the stock. The MNAV is actually similar. BMR's is 1.4, MSTR's is 1.3. Um, I expect that we will see higher for uh BMR into the future. Um, there are are predictions for Ethereum um, you know, going between $8,000, $10,000, $12,000 this year. So that would be a double from here on ETH. Tom Lee thinks that Bitcoin is going to go to $200,000 this year. That would be not quite a double on Bitcoin, but that would be close to a double. And uh, and so that means what would happen for BMR if they continue to go up more than their respective holdings, meaning they hold Ethereum. So if their stock goes up more than Ethereum goes up, BMR would be the smarter play. Um, if MSTR goes up more than Bitcoin goes up, which it has over the last year, over the last couple months, it has not. We know that. But if it does over the next couple months, then MSTR would be the smarter play. Um, also the riskier plays because of the volatility. So that is uh the basic breakdown of what's happening.

Um, why Ethereum? Uh, why Ethereum? Because Wall Street is betting on Ethereum and Wall Street is moving onto the blockchain. And that has been made the case and proven as fact by the stable coin act that was passed called the Genius Act, and um, and also by Project Crypto of Wall Street going onto the blockchain to tokenize real-world assets, meaning stocks, bonds, and real estate. Basically wrap them up in a token, put them on the blockchain, and let people trade them 24/7, 365. And also uh the blockchain has higher levels of security because it has no central point of failure. So when you look at companies like Coinbase and you look at companies like Robin Hood, they have already moved onto the blockchain. They have moved onto Ethereum. They are building on top of Ethereum what's called a Layer 2, and the the fees to transact are lower and the speed is faster. And so Coinbase has created something called Base, which is their Layer 2. You got Robin Hood, which is on uh the blockchain now as well. And so Wall Street is moving onto the blockchain. It is inevitable. They will go to the faster and uh more relevant technology that is the blockchain. They will go to the safer technology that is the blockchain. They will go to the safer chain in the main, meaning most of the Wall Street, Wall Street right now, I believe, will go to Ethereum because it is safer in terms of its reputation of being around for 10 years and not having gone down at all. And uh, and so that's where Wall Street is moving right now. And so that's why I think that uh Ethereum is going to uh have a good run over the next several months and over the next several years. And that's why I think BMR is going to have a good run. And of course, we know Bitcoin is uh old faithful and is going to have a heck of a run in the next couple months. Not financial advice, not tax advice, not legal advice. Uh, I don't think Bitcoin is done rising. If you look at the charts on Bitcoin, it's nowhere near overheated at this point. And so I think we got a lot of legs to run with over the next couple months. And it should be interesting to see where it falls. Uh, you know, there's banks, conservative banks like Standard Chartered that has a price prediction out on Bitcoin of $200,000. You know, some people think a more conservative prediction would be $150,000, and we'll see where Bitcoin ends up.

And then Strategy, uh, Strategy is really right now, the sentiment in the marketplace is is very low on Strategy. I still think Strategy is going to have a a run. I believe Strategy will break its previous all-time highs of uh 546 or whatever it traded at after hours. That's what I'm planning for. I don't have a crystal ball. I could be wrong, but I'm still holding on to my MSTR and uh and waiting for that next run-up to see what happens in the next couple of months. Um, over the long term, just personally, just to give full disclosure, um, I will not hold the majority of MSTR for the long term. Um, I will not hold the majority of BMR for the long term. Um, my window for these is over the next couple months. Um, and and thinking that maybe we'll see a peak in November, December. I will likely hold on to uh quite a bit. Not quite a bit, but uh some portion of my BMR and some portion of my MSTR, but I will sell out for profits. My plan as of this time is to hold on to my Bitcoin and not sell it. I've I've owned Bitcoin since 2018. I started buying in was when it was at $3,000. I bought it at $9,000, $7,000, $20,000, $50,000, $69,000. And when it dropped back down in 2023, I scooped up more at 33,000 or $30,000. So, um, I will hold Bitcoin for the long run. I will hold some MSTR for the long run, most likely. I will hold a little bit of MS of BMR for the long run as well. Um, and then I actively trade BMR every single um, day. Um, I trade BMR because it's super volatile and it swings like a mofo. So I've been able to lower my cost basis on BMR. I bought into BMR when it was at $60. So, you know, um, and uh, and so that's where I bought in at it. It's now at $55.60. So, I am down on my um, my purchase of BMR. I've lost money on it. My expectation and for me personally, I believe we're going to see it go over $100 and so I'm holding on for that. I believe it could go higher than $100 and uh, and I've also been trading, full disclosure, with BMR over the last eight, nine weeks. I've been profitable every single week trading it and I've lowered my cost basis to probably about under $50. So while I bought at $60, I've been trading it, picking up more shares. So, my true cost basis is probably below $50 at this point. So, that's where I'm at with it.

Um, I've been holding MSTR. I bought MSTR back in early 2024 of February at $79. I picked up more MSTR at uh uh hundred and something, $150. My cost basis on MSTR is below $150. So, you know, so I'm very much even in the money even when it dropped. I share all this with you because, you know, anybody who's looking at a horizon of what they're going to do with their money needs to look at their own situation. And I'm not giving financial advice to anybody because I only give financial advice to myself from the perspective of I know where I bought at and I know what I know. And I think when if I were going back, you know, seven years ago, and when I look at what what I knew about Bitcoin in 2018 when I bought it, I mean, I first started mining Bitcoin. That's how I picked up my first Bitcoin. I didn't even know what the hell mining equipment was. Somebody just told me, "Hey, this sounds like a good investment. We could do XYZ." I had no clue what the hell Bitcoin was. Uh, it just sounded like a good investment and a good idea. So, I I invested in mining equipment. In doing that, I mined several Bitcoin. I've held on to my Bitcoin. I sold a little bit of my Bitcoin when it started dropping back in 2021. I sold a chunk of it, but I held on to a big chunk of it. And so, um, you know, so I've been holding Bitcoin for, you know, years and years and years. But I didn't know anything in 2018 about it. It just sounded good. I started getting my conviction in Bitcoin in 2020 where I knew when I was at $9,000 that this was the answer. So, it took me, you know, two years to have a realization on it. Um, to really know that this was the thing. I remember calling my brother at that time and be like, "Yo, bro, I'm going all in on this effort. You know, I'm in." So, you know, I share this data just to give all, you know, I I love doing the research. I enjoy it, but I share it just for one to get education and knowledge and then just make their own decisions about what they want to do. I don't think any of us can, you know, make decisions based on what another person does. And just because I own something doesn't mean you should own it. Um, you need to do your own research. Um, so that's it. You know, that's why I do this. I love sharing.

Uh, I have a new book coming out called Money Game. So, if you're interested in learning about the history of money, if you're interested in in learning about uh the Federal Reserve and you want all the bullet points on what the Federal Reserve really is, on how the money printing is, that's in the book. If you're interested about 401k plans, IRAs, retirement plans, I give you all the data and all the sources about how they actually really work and why they want to tie your money up to 59 and a half. That's all in there. I give you the history of money of where it originated, going all the way back to barter to the Roman Empire to the dilution of money to money printing, and then I give you data on Bitcoin. I give you data on MSDR. I give you data on BMR. I give you uh data on trading. So it's a whole book that I've worked really hard on. I think you're really going to like it. And it's all in a fifth-grade language so anybody can understand it because I want 99.9% of the population who knows nothing about money to actually understand money. So I spent months and months and months putting this together and it's really exciting. This book is going to be out in probably about 10 to 12 days. Um, and uh, I'll let you know when it's released and uh, you can get it. And for this community, when I initially release it, I will just literally give you the digital copy for free. You can go buy it on Amazon if you want to go support me on it.

My last book that came out for my other business just hit, uh, number one bestseller in nine categories in the US for a totally different business that I have on, um, called Stage Empire on marketing, on selling, on sales. So, that book came out, uh, months ago and it hit bestseller. This book I expect to come out and be bestseller as well. So, I'll let you know when it comes out.

But at the end of the day, um, I'm passionate about sharing this information and knowledge. I think that we should all get educated on it. And the reason I'm releasing the book is very simple because I think we need to look at the traditional world of finance and literally analyze the traditional world of finance. It even comes with a, a money calculator that I'll give to you as well that allows one to calculate the rate of return on their money. So, if you have $100,000 or $10,000, my real money calculator calculates taxes, calculates a management fee that your advisor might charge you, calculates CPI, also known as inflation around 3%, calculates money printing. For the last 100 years, the money supply has increased 6.5% every single year. And then it also allows you to calculate debt because you can look at the rate of return and be like, hey, I'm earning 10 or 12% in the stock market, but you have debt payments that are 20%.

So, uh, you know, in everything that I'm releasing, I want people to look at the rate of return on all their money, not just, hey, I'm earning 10% in the stock market or 20% or 30% in Bitcoin. You got to look at all of it. So when you look at the real rate of return of one's money, there's a reason why 10 and 12% rates of return keep even the smart investors poor. And it's because of inflation, money printing, taxes, debt, and management fees. So this book is going to, going to, like, it's such, I'm so, so excited about it because it's going to wake up the rest of the world. You're all here and you're very awake to financial info and what's going on in the world, but I think you'll appreciate this book. And I want to get this out to the masses because there is not a reason why hardworking people all across America and the world, whether it's Europe, whether it's Argentina, whether it's Brazil, whether all these different countries around the world, hardworking people should not be in this much debt. They just shouldn't be. It's not fair. And it's just, it really reveals what's going on in the world. Uh, you have great people in the world who are putting in an honest day's work and putting in exchange and putting out good products in the world and helping people and yet at the end of the day, they don't have enough monetary energy to support themselves. Something is seriously wrong.

And so I walk through step by step by step in this book of exactly what's wrong. Okay? And so, so that the, the, the, you know, the 50-year-old, uh, woman who's at home, um, you know, who knows nothing about finances can sit there and read the book and go, "Wow, I understand it." So, you know, the 65-year-old man who's retired right now and has never learned anything about finance in his life except, hey, I'm going to put my money in my 401k plan and read it and go, "Oh my god." Like, um, I actually understand like what actually happened to my wealth and why it got evaporated. So, this is not just a problem of the, you know, the money printing in COVID. Uh, you know, that was obviously a huge dent that got put into the marketplace with, you know, 40% of all the money that's ever been printed, uh, or I should say the M2, you know, the M2 supply, uh, went up by 40% over a couple-year period. Um, it's not, it's not just a product of that of why the world's in so much debt. This has been a problem since 1971 when we got taken off the gold standard and it's been a problem even before that and the banking problem goes way back, way, way, way, way back. It's not just even the first bankers. It goes way back to the goldsmiths. I mean, the goldsmiths were loaning out your freaking gold when you, when they didn't even have enough on deposit. Okay? So, this is a systemic problem that goes back hundreds and thousands of years.

And I think and I I know that Bitcoin is the solution to this. I just firmly know it. And I know that the new world of finance that is spurring up right now is the solution to it. But the rest of the world doesn't know this. You know, we all know terms like BMR and Ethereum or BMR and MSTR. Go to a party and I could have gotten vulgar for a second, but like they're going to think it's something totally different, right? Go ask them if they know what MSTR is. So, they're going to be like, "Mr. Who? M who you talking about, Mister? I know what Mister is." They don't know. The world doesn't know. So while we're sitting on knowledge and data that, you know, not executed properly can be very risky and very, very volatile and any of these stocks, you could lose all your money and you could lose all your money in MSR, you could lose all your money in BMR, you could lose, you could lose a or a big portion of it in any investment, right? So there is always that chance. But when one's educated and knowledgeable, I think they can be good stewards of what they're doing. They can decide how much they want to allocate to certain things and they can make smart decisions. And so we got to get this knowledge and data out to the world.

So I hope this helps you. Um, I will let you know when the book's out. It's called Money Game. And I will continue to do shows like this for free. Um, just to continue to get my passion out, which is helping the world go free financially. All right. Hope you guys are doing amazing. Subscribe to the channel. Share this video if you think it was helpful. And, uh, and you guys have a great rest of the day. Jeff, thanks for your comments there. Morris, thanks for your comments. Um, and, uh, and that's a good point, Morris. I don't see the need to buy Ethereum, either BMR or MSTR if I can buy Ethereum and Bitcoin on my own. So yes, go back and watch the, the, uh, the earlier part of the video. It'll explain some of this to you. Um, but, but, you know, it's anybody's choice to do what they want. So like for people who just want to buy, buy Bitcoin and Ethereum, I think it's fantastic. You know, for others who want to play in the, in the, in the, uh, digital treasury companies like, you know, like I'm playing in. I own both though. I own Bitcoin, I own MSDR, and I own BMR. I don't own Ethereum. And, uh, and I just think for me over the next two months, um, that BMR is going to outperform Ethereum and, um, and for my own personal investment strategy, I know I'm right. So, we'll see what happens on that and, uh, we'll play a little game and see who wins the game. Okay. All right, guys. Have a great rest of the day. I'll see you soon and, uh, have an incredible weekend. Stay well and you're welcome, Germania. I can't wait for the book to come out. See you soon.