Executing on the Ethereum Infrastructure Thesis: BMNR Files 3Q26 Results

Research evidence excerpt

Executing on the Ethereum Infrastructure Thesis: BMNR Files 3Q26 Results

July 15, 2026

shares carry approximately $33.3m of annual preferred dividend obligations. BMNR’s

latest reported $242m annualized staking-revenue run rate covers that obligation

approximately 7.27x, increasing to approximately 8.53x based on the company’s

projected $284m of staking revenue if all its ETH were staked.

BMNR is also actively supporting an expanding constellation of ETH-centric

institutions, providing anchor funding for Ethlabs on June 22 (our note HERE),

Ethereum Institutional on July 1 and EthSystems on July 14. The organizations are

respectively focused on Ethereum core-protocol R&D, institutional engagement and

go-to-market efforts, and privacy and compliance infrastructure for institutional

Ethereum use. BMNR's growing hand in organizing Ethereum's broader initiatives

supports our thesis that as a leading ETH DAT treasury, it will increasingly play a role

in bridging corporate-style governance with decentralized, open source blockchain

development.

Takeaway: The quarter showed a meaningful increase in productive ETH deployment

and staking revenue, although earnings remain dominated by fair-value movements

in the underlying assets. As discussed in our recent thematic report, Digital Assets:

Investing in the Onchain Economy, our BMNR thesis rests not only on the company’s

scale as the leading public ETH treasury, but also on its evolution into an Ethereum-

native financial and infrastructure platform through MAVAN, treasury optimization,

preferred equity and selective ecosystem investments. Continued ETH accumulation,

expanded staking operations and the recent backing of Ethlabs, Ethereum Institutional

and EthSystems reinforce that broader strategy.