Bitmine (BMNR) is experiencing a significant rally, up 15% on the day, with its NAV around $38 and trading at 1.5x mNAV. The stock's performance is tied to Ethereum (ETH), with a potential base forming at $50 if ETH holds $4650. The long-term thesis for BMNR is its role in stablecoins and tokenization, benefiting from future rate cuts and increased capital allocation to risk-on assets.