I SOLD Part of My BMNR Position. Here's Why...

Hinzugefügt: 2026-06-01

[00:00:00]BMR this week bought over 100,000 ETH tokens, their biggest single purchase since December. We also got some movement on the regulatory front for the Clarity Act passing. And I'll also be sharing in this video a portfolio update of what I did with my position. I did sell a portion of my BMR position. So I'll be sharing a little bit about that as well. This is your BMR weekly update.

[00:00:23]Let's jump right in. Okay, so let's start with this video with regards to the stock price for BMR. As we can see, it was fairly flat over the past week, just down 1.4% in trading, and it was pretty much a roller coaster. I mean, it fell as much as 6% on May 28th and then regained some of that in the second half of the week.

[00:00:43]Generally speaking though, as BMR goes, it was a pretty tame week. If we flip over to Ethereum, we can see that Ethereum is actually very similar here, down 1.82% over the past week. very very similar price action from BMR and Ethereum together. And I think BMR right now is closing the gap for that MNAV difference, but they're still trading under that one MNAV. Of course, Ethereum is $2,027 as of this recording and BMR is only $19.34.

[00:01:14]First, let's start off with some adoption. There was some movement on stable coins and there was other adoption pieces with regards to Ethereum. And then I want to jump into BMR. So, one of the big pieces with regards to adoption is actually something that pertains to SoFi because SoFi launched SoFi USD on May 29th and this is the first stable coin from a US national bank which launched on Ethereum and of course stable coins is one of the big pieces of the long-term thesis for Ethereum. So, of course, Sofi is launching this both on Ethereum and on Salana, but the vast majority of the liquidity is on Ethereum. Tom Lee came out saying, "Congratulations to Sofa and Anthonyto for having this launch." And there's a lot of different pieces here with regards to the Ethereum adoption case. Right? We see the cumulative onchain cryptocard payment volume is going up and to the right. And this chart looks as clean as it gets. The cumulative cryptocard payment volumes have reached a record 7.8 billion with monthly volumes of 230% since May 2025, just a year ago. In other words, more people can now spend stable coins like fiat by using crypto cards, driving further adoption. The growth comes amid the launch of Jupiter Global, which has seen a 648% surge in spending volume over the last two months. So, you're having cryptocard volume increasing. You're having stable coins being launched. And of course, tokenization is the other big piece of that puzzle. So Ethereum has over half of all tokenized asset values as a percentage of the total network and by all accounts it's entirely dominating the space with regards to tokenization.

[00:02:53]So this is uh Paul Atkins here. He's talking about tokenization. Let's give this a quick listen.

[00:02:59]>> Tokenization is the idea of using then smart contracts or or you know tokens on chain to be able to that represent say underlying security. And so then that tokenized security is a security and would be subject to SEC rules by law.

[00:03:18]But the idea is that it's if it's onchain on a blockchain then there's much more transparency as to where it is. Right now there's a bit of capacity as to you know who owns what and where the company usually doesn't even know where it's sharehold who it shareholders are.

[00:03:35]>> So that that's a whole threeminute video. We won't play the entirety of that, but he is essentially talking about tokenizations and the adoption of tokenizations overarchingly about how that's going to usher in sort of a new wave of volume. And speaking of volume, I mean, this is very similar with the sentiment. Crypto fund outflows are accelerating here over the past several weeks. Crypto ETFs posted negative 1.5 billion in outflows over the past week, the largest outflow since February. This follows 1.1 billion withdrawn in the preceding week, bringing the two-week total to 2.6 billion, the third largest in at least a year. Bitcoin again led the outflows at 1.3 billion, the largest weekly sale of 2026, followed by Ethereum at 223 million, bringing a two-week total to 472 million. So, the momentum is dying down a little bit for Ethereum. And I think part of that is the regulatory environment. I think another part of it is the liquidity that's being sucked up by other sectors like AI for example is commanding a lot of capital in the room and this was ultimately one of the reasons why I trimmed my BMR position is because on the momentum side of things I'm seeing the momentum sort of start to die down. I know I mean Clarity Act is the main thing that we've sort of been looking for and I'll give an update on that as well, but overarchingly we haven't seen much action on Ethereum and I mean Tom Lee can argue that it's cryptosp spring all he wants and that we're going to go back up but ultimately I mean these metrics speak for themselves and this is the benefit of doing this exercise on a weekly basis to look through these metrics. So speaking of let's now go into the BMR weekly update. So, as of May 26, which was Monday, BMR is holding about 444 million in cash. So, a big cash reduction from their last update. They also hold 5.39 million Ethereum, 12.3 billion in total crypto and moonshots. If we scroll down here, we can see that number one, they posted around their eligibility criteria to be added to the Russell 1000 index.

[00:05:44]Now, this is good news because it allows a lot of funds that are tracking this index to buy BMR and hold it. The final updated list is published on June 18th and the reconstituted index takes effect in June 26th. So there could be some more buying pressure on BMR in the end of June as a result of this eligibility for them to end as a result of them entering the Russell 1000 index and having all of those passive funds that track the Russell now being forced to buy BMR. Uh they did mention here an estimated 20 to 25% of the market cap of a stock is held by passive index funds and ETFs. Moving on, this is their weekly purchases. They said, "Over the past week, we acquired 111,000 Ethereum tokens." They said, "We view the recent pullback of ETH below 2200 as an attractive opportunity." So, the last time that they purchased this much Ethereum tokens was literally back in December was literally early December 2025. And of course, this is coming off the back of the fact that Tom Lee said, "Hey, we're actually going to slow down our Ethereum purchases." What happened was Ethereum took a draw down and actually fell below 23 2200 where it was trading down to 2,000 and it forced BMR to buy as many tokens as possible with the cash that they had on hand. This is the reason why their cash position is just 444 million. If we go over to staking, we don't see any staking updates here for the third week in a row. And that's fine because we've had similar lows in staking in the past. We also saw BMR earlier this week buy another 25,000 ETH tokens. This was just on May 29th, just yesterday on Friday. And we're going to see what the final purchase amount is on Monday when the update comes out. Okay, let's move over to regulatory. Now, this is the chief legal officer for Coinbase.

[00:07:37]Um, everybody is wondering what's happening with Clarity. Everybody wants Clarity to close ASAP. Uh we even had the president that posted a statement on crypto saying Gary Gensler and the anti-crypto army nearly destroyed the industry by driving Bitcoin crypto perpetuals and innovation offshore. Uh he says here in this post that they're going to codify a futurep proof digital asset market structure that cannot be undone by crypto haters. Uh make sure to capitalize haters. The new frontier of finance is being built in America. So it's a positive statement. He said Trump will never let crypto down. But the fact remains that this is largely out of Trump's hands right now because the Senate has to vote this through. Patrick Whit here says, you know, it's time to pass the Clarity Act. So, we're going to see where exactly that lands. Now, there's one post here. Uh Jamie Diamond talked a little bit about the Clarity Act and uh stable coins, and this went a little bit viral this week. Uh basically, Jamie Diamond was interviewed on Fox Business and he said, "We're going to fight this as much as we can."

[00:08:39]that uh people shouldn't really be trusting Coinbase and and Brian Armstrong. I mean, he even mentioned SoFi in there as a competitor with their new stable coins. And largely, this brings us back to our whole debate around banks getting an outsized voice in the decision around legislation.

[00:08:55]Patrick Whit here says, "This is an odd clip. I find it hard to believe that the CEO of a major bank could be this uninformed about a major piece of financial legislation. The Clarity Act does not do anything for AML or BSA.

[00:09:07]really have you read titles two or three? It allows them to effectively pay interest on deposits. These are, by the way, direct quotes that JB Diamond was saying in that interview. Uh Patrick here says, "This is false. Section 404 explicitly prohibits digital asset companies from paying any form of interest or yield on a stable coin balance in a manner that is economically or functionally equivalent to the payment or interest."

[00:09:31]He ends his post here by saying, "It's becoming increasingly clear that the bank opposition to clarity is more about personality than about policy." So, take that as you will. I mean, there was a couple of pieces here from this Jaime Diamond interview that stood out to me.

[00:09:46]First and foremost, I mean, he acknowledged SoFi really as a competitor with regards to the SoFi USD stable coin. So, that was one thing. The second thing is he's very much, you know, personally invested in trying to stop this. uh he made it very clear that banks will not benefit from this even though somebody like Anthony was like yeah absolutely we're going to benefit from this latest version. Jaime Diamond is very clearly a proponent of wanting to hold this back. Per Patrick Wood's responses I mean there was a lot of pieces that Jaime Diamond highlighted that were just flatout uninformed. They might have been uh deliberately uninformed for him to sort of spread FUD or they might have been genuinely uninformed where he doesn't know the intricacies of what's inside this latest text of the Clarity Act. So either way with this administration, I think there's going to be something that passes that's good for the country and for the end consumer and maybe it's not good for the banks, but banks are going to try to fight it tooth and nail. And that's something that Jamie Diamond has made clear. And by the way, let me also mention that by saying all of these things, Jaime Diamond is really telegraphing a fear that banks would have against Clarity and against this innovation wave that's potentially getting ready to pass. Uh, and that is a really interesting position to be at, right? because JP Morgan is a massive bank and for them to signal fear I think is a really interesting stance relative to what we've had historically which is that you know crypto companies are largely seen with difference from lawmakers and from other established institutions last post here Mike Celig said in my first public remarks as CFTC chairman I made it clear that the agency would use the tools at its disposal to onshore crypto assets perpetuals today they delivered on the commitment He said this morning the CFTC took historic action to permit the listing of a true Bitcoin perpetual contract by a CFTC registered exchange charting the path for one of the most liquid segments of the crypto asset markets to exist within the US regulatory framework. Uh he goes on here to explain it all. Um but essentially I mean this is just another piece of news from the regulatory front. The big eyes right now are on what's going to happen with regards to the Clarity Act when that's going to be voted through in the Senate. Lawmakers have made it clear that they want to push this forward as quickly as possible so that we can have a vote in June. It's just a matter of getting a date on the docket because there's nothing that I know of that's on there right now. I mean, we've time boxed it to June, but there's nothing explicitly called out right now from a date perspective. Okay, let me spend a minute talking a little bit about why I sold some of my BMR. uh super transparently with you guys and then also sharing some thoughts around where I think this can go. So, okay. So, I did sell a portion of my BMR. I sold about a quarter or a third of my position. And this was just purely for me to put into other names uh that I feel more confident in over the next 12 months.

[00:12:44]And so, I bought some SoFi options with it. I bought a couple of other things as well. I was writing covered calls on this BMR, so I was collecting some premium along the way. uh which I've obviously given up because I sold the shares. I did book a loss on that principle. I think I booked like you know a 40% loss or 35% loss something like that not adjusted for the premiums collected. So I definitely don't want to mince words about that. The rest of my position is also sitting at a loss for BMR as well. The fact of the matter is, I think from a macro perspective, like I mentioned earlier in this video, I think the AI trade has sucked a lot of the risk on liquidity outside of crypto. And we're seeing even small AI companies really catch a bid right now with this euphoria in the market around AI. I think crypto in general has suffered. It hasn't participated in this rally.

[00:13:34]Bitcoin hasn't. Ethereum hasn't. And largely the momentum for crypto is seeming to slow down even further because really the momentum was around clarity and clarity seems to be delayed even though lawmakers are trying to pass it as fast as possible. You know clarity is it's not certain that this is going to pass in the summer and if it doesn't then I think that we're going to be in a longer crypto winter than other people are thinking. I mean, Tom Lee can put out these $12,000 or $24,000 price targets, but the reality is that most people who have BMR right now are sitting on a loss, and it doesn't really matter what price target you put on it.

[00:14:11]If the momentum is low, and there's no reasons to buy Ethereum, then obviously the price is not going to move. Last week or two weeks ago, I was saying, who is possibly selling here? you have 33% of the total value locked up in staking and yet you're still seeing the price of Ethereum dropping. And one of the comments I got was it's not necessarily who's selling that's the question, but it's who's buying and what is the reason for them to buy? And I think that's a very telling question to be asking yourself right now is where is the momentum? How are we looking? And what confidence does that give us for the future? So, I'm still holding my BMR.

[00:14:47]think that it can turn around for sure, but I did want to adjust my risk according to where my convictions are.

[00:14:53]And right now, BMR, I think, is going to be a longer term play that could potentially recover towards the second half of the year. But with my shares, I mean, I sat on a loss for months and months and months before I ended up selling those shares and and I just put them into stuff that I have more conviction. So, it's more of a portfolio exercise, but also just sharing my thoughts around the short-term price movement around Ethereum and crypto in general. You know, I think that once crypto is back in the zeitgeist, then of course Ethereum is going to catch a bid and BMR with it. But I don't know when that's going to be because right now, like I said, all of the risk on liquidity is going into AI. AI is the new crypto. That doesn't mean that there's nothing happening behind the scenes. There's a lot happening from an adoption perspective. The Sofa USD stable coin is going to help Ethereum.

[00:15:41]All of these tokenization initiatives are going to help Ethereum. It's just a matter of when does that get respected by the market to build up the anticipation and excitement for people to buy Ethereum so that the price can go up. But if you've been in crypto for a while like I have, you know that crypto is fairly cyclical. And so these cycles tend to turn around themselves. And that's the reason why I didn't sell out completely for my BMR position, but I did sell a portion just to adjust risk.

[00:16:09]Anyways, I hope you appreciate the transparency. My goal is just always to keep it transparent with you guys. This is why I say do your own homework. I mean, these videos are me trying to explain what's going on in the Ethereum ecosystem and and trying to form a thesis over the long term around where I think this can go. that doesn't mean that I'm not going to be trading in and out of that position every time that my risk significantly changes and I'm not comfortable holding as large or as small a position and I want to adjust it depending on the new information that we get in the market. Anyways, I'm rambling now. Thank you so much for listening. As a reminder, I do BMR weekly videos on this channel. So, definitely subscribe to the channel for more. Share this video out if you found value from it.

[00:16:50]And I will see you in the next one.