Digital Assets
All research in Digital Assets — 4 reports.
BMNR is a high-beta ETH treasury stock loaded with fees, dilution, and governance risk rather than a high-quality compounder; adjusted EBITDA is still negative and the share count expanded roughly 125x in under a year. At a current price of $19.61, the stock trades at a modest discount to a reasonable intrinsic value of $21–25, but it is not cheap enough. Rating Watch: an asset-driven ETH proxy trading below company-stated holdings, yet short on business quality, governance discipline, and a real margin of safety.
Ethereum carries roughly half of all stablecoins, 44.1 billion in DeFi TVL, and 33.7 billion in rollup-secured assets. Yet supply has still grown a net 1.177 million ETH since the Merge, an annualized +0.266%, and value capture is weak. At a current price of $2,184, ETH already sits inside the optimistic band and needs a strong narrative to deliver. Rating Watch: an important crypto-finance backbone trading at a fair-to-rich price, not a value opportunity with a margin of safety.
A powerful scarce asset, but not a strong cash-flow asset: protocol-native owner earnings are roughly zero, and today's $77,993 price needs an ever-rising monetary premium to hold up, leaving no margin of safety. It resembles a high-volatility, no-yield bet on scarcity more than a traditional value investment. Research rating Watch: understandable but not cheap, better observed than bought on classic value logic.
BNB is not Binance equity—no dividends, no buybacks, no liquidation rights; value capture works indirectly through "supply-shrinking burns + ecosystem demand." At roughly $645 and a market cap near $87 billion, BSC's P/F of about 778x sits well above Solana (276x) and Tron (91x); the burn-implied annualized "buyback-like yield" of about 4.4% does not clearly beat the 10Y Treasury at 4.63%. Rating Watch: a quality ecosystem asset whose current price offers no meaningful margin of safety—ideal entry $300-450, acceptable $450-650, overvalued above $800.