BMNR Bullz
@BMNRBullz
I track $BMNR: weekly holdings, staking, mNAV. ETH and DC only when they move the stock. I hold $BMNR $ETH. Not affiliated. NFA.
Joined March 2014
2K Following 19.1K Followers
Share count isn’t the whole dilution story.
If $BMNR issues common above NAV and buys ETH, ETH/share can rise. That’s accretion.
Issuing below NAV and buying ETH is what cuts ETH/share.
Today own tape is 96.5× mNAV. That’s the side of 1.0× where new common is the problem, not the feature.
Get back through 1.0× and the ATM can help ETH/share again.
$SBET vs $BMNR gets decided by ETH/share and the multiple they issue at, not who printed fewer shares.
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at this rate $SBET will start outperforming $BMNR due to all the dilution. They need to buyback 100m worth of shares back at minimum.
