BMNR's Ethereum Empire: How Governance and Politics Impact Institutional Cryptocurrency Allocation
Source: CoinWorld
Time: 2025-09-07 18:12:37
BitMine Immersion Technologies (BMNR) holds 1.87 million ETH (valued at August 2025, $8.98 billion), and is the largest public custodian of Ethereum. Its hybrid governance model combines Delaware's financing flexibility and Quebec's transparency requirements, attracting numerous institutional investors. BMNR's board members include Ethereum co-founder Joseph Lubin, which boosts its credibility. Political relations with U.S. Rep. Cleo Fields, the author of the 2025 Bitcoin Act, help regulate. BMNR's mNAV flywheel model drives its monthly net asset value to soar by 640% by June 2025, but there are risks in reliance on ETH performance and regulatory stability. The company aims to control 5% of ETH supply, but equity dilution issues since 2023 remain concerning.