Since Michael Saylor first purchased Bitcoin for MicroStrategy’s treasury on Sept. 14, 2020, the stock became one of one. 

Nearly five years later, there are imitators. Much smaller imitators. But roughly once a quarter, Saylor acquires another wad of BTC. The treasury is now worth $66.37B, or 597,325 BTC.

One week before the initial purchase, MSTR  closed at 14.11 (Sept. 7, 2020). By the end of Sept. 14, it was 15.96. With each new addition to the treasury, MSTR stock became more volatile (or virulent, depending on the shareholder’s tolerance).

The peak was 473.83 on Election Day, Nov. 20, 2024. Since then, turbulence is a nice way of putting it. The ride has been wild and chaotic to the downside, hitting a low of 237.95 on Apr. 8, roughly the bottom of Trump’s tariff troubles. 

As of today, July 9, MSTR (now Strategy) closed the session at 415.41. Trump’s new bill passed last week, ushering in a new era that fully embraces crypto. 

Ethereum’s titanic run in the past two weeks still doesn’t come close to its 2024 rise. Is it silver to untouchable gold? Is Ethereum a second- or third-string player to Bitcoin? Whether there are enough believers in Eth and new BMNR Chairman Tom Lee, the price has been languishing for months and years. Underneath all the touting of Ethereum truthers, the chart would not lie. 

Since the announcement of Lee as BMNR’s chairman on June 30, shares erupted from 6.00 to 161.00 in three days. Trump’s bill enters a world where institutions across the board have not only stopped chastising crypto, but have embraced it. 

In September of 2020, ETH was 357. It peaked at 4,620 in early November of 2021, tanked through 2022 and most of 2023. The low was 1,073 in late June of 2022. 

The double-top rally of 2024 and the recent low of 1,576 in late March are the prelude to Tom Lee, Trump’s bill and a global audience — RobinHood’s tokenization and crypto opportunities for retail are ground-breaking — now have ETH at 2,767. 

BTC hitting a ceiling just below 110,000 is another factor. The churn from retail holders to institutions and world banks is fascinating to some, boring to others. How closely will Ethereum duplicate the Bitcoin rush? How will closely will ETH replicate the BTC ride? How will ETHU compare with BITX, and BMNR with MSTR? 

MSTR’s rough rides were nauseating for longs, a path punctured by huge highs and lows. There was one from 79 in 2021 to 16 in 2022. Of course, there was the massive run in 2024, then a drop from 421 to 255 in late February. 

The one certainty is that Ethereum and its brethren will have faster, probably more explosive price runs in all directions than anything we have seen. All the AI and tech in the world have no relief for humans and their barf bags. The simplest approach might be the best: set it and forget it, Forrest Gump style. 



Logic or belief? Is Ethereum poised for supernova explosion? Or is it too good to be true?