Core Insights - Bitmine Immersion Technologies (BMNR) stock has surged 800% this year, and it now controls nearly 2% of Ethereum's circulating supply, valued at $13.4 billion [2][15] - The company's enterprise value is $14.6 billion, resulting in a multiple of net asset value (mNAV) of 1.09, indicating it trades slightly above the value of its Ethereum holdings [2][3] Valuation Comparison - Compared to Strategy Inc. (MSTR), which has $13.3 billion in Bitcoin assets and an enterprise value of $92 billion, BMNR's mNAV is significantly lower at 1.09x versus MSTR's close to 7x [4][6] - MSTR's higher valuation is attributed to Bitcoin's status as a "digital gold" and its deeper institutional adoption, while Ethereum is perceived as riskier due to its technological complexity and competition [6][7] Ethereum's Position - Ethereum is the second most significant asset in the crypto ecosystem, underpinning DeFi, NFTs, and the Web3 economy, with a 93% price increase over the past year [9][10] - BMNR's current valuation at 1x mNAV suggests it is undervalued, especially considering its substantial Ethereum holdings [10] Upside Potential - If BMNR were to trade at 2x mNAV, the stock price could nearly double to over $120 per share, reflecting market recognition of its strategy and position [11] - A potential 50% increase in Ethereum's price could elevate BMNR's ETH holdings to over $20 billion, indicating significant upside potential [12] Market Sentiment - The market currently undervalues BMNR, implying that it is merely holding ETH without credit for its strategic execution [15] - A shift in sentiment could lead to a substantial increase in BMNR's stock price, making a move to $120+ achievable [15]

Market Performance - Opensea experienced a $100 million volume day, with 85% attributed to token trading [1] - Opensea views these figures as small relative to the broader market, but sees it as a beginning [1] Strategy & Vision - Opensea's early strategy for NFTs was to be the first in the market [1] - Opensea's current strategy for token trading is to be the best and reward loyal users [1] - Opensea aims to be the best place to trade everything onchain [1] Future Development - Opensea plans to ship a full suite of trading features on top of decentralized liquidity [2] - Opensea is launching a mobile experience for trading on the go [2] - Opensea is exploring bringing AI to trading [2]

#NFTs aren’t dead… They’re EVOLVING 🔥 ...

Read SnapShot Issue 226 now:🏆 BTC climbs from $109K to $118K🌍 Singapore and UAE are the most ‘crypto-obsessed’⚙️ Solana weighs scrapping block limits🐱 Hyperliquid’s Hypurr NFTs jump past $68K floor🟣 ETH exchange reserves drop to a 3-year low— and more https://t.co/eviSSxTp6l ...

Legal & Regulatory - A U S court has ruled that Bored Ape NFTs and ApeCoin are not securities under federal law [1]

Bored Ape NFTs Are Not Securities, Court Rules in Landmark Decision► https://t.co/Vr4QiDIJaQ https://t.co/Vr4QiDIJaQ ...

#NFTs aren’t dead… They’re EVOLVING 🔥🎨 ...

Core Insights - The crypto VC fundraising sector is experiencing significant consolidation, with fewer projects attracting larger amounts of capital [1][5] - Interest is shifting towards sectors like DeFi, AI, and blockchains, while RWAs, DePIN, NFTs, and GameFi are losing traction [1][6] Fundraising Trends - In Q2, institutional investment led to $10 billion in inflows, but the sector has since cooled, with token launches becoming more prominent than traditional VC routes [2] - In September 2025, the total number of VC fundraising rounds in crypto fell by 25.3% month-over-month and 37.4% year-over-year [3] - Despite the decline in the number of fundraising rounds, the total capital raised saw a 739.7% year-over-year increase, amounting to approximately $5.1 billion [4][5] Sector Performance - CeFi and DeFi accounted for nearly half of the total investment capital, with AI development and L1/L2 blockchains following closely behind [6] - The RWA market is underperforming, capturing only a 6.5% market share when combined with DePIN, indicating a lack of interest from major institutional investors [7]

NFT Market Dynamics - The NFT market is experiencing a flywheel effect where code generates art, and the art generates more code, creating a self-perpetuating cycle [1] - This cycle continuously generates more art [1]

dickstr burned 4% of supply in one week. punkstr sits at $150m with 19 cryptopunks backing it. birbstr proved the model burning 0.18% supply from one moonbird sale. these aren't reflection tokens. trading fees buy nfts, nft purchases trigger permanent burns. watch weekly burn rates above 0.5% for entry, below that for exit ...