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 Trends - ETH and SOL mNAVs are converging around a declining BTC mNAV [1] - BTC mNAV is down 31.2% over the past 3 months [1] Potential Risks and Opportunities - Onchain and DeFi yield deployment may keep mNAVs above 1 [1] - The ETH treasury bid is growing [1] Investment Analysis - Premiums are compressing for ETH and SOL [1]

Strategy Shift - MicroStrategy's (MSTR) strategy has pivoted, now allowing the sale of MSTR shares to purchase more Bitcoin [1] - Previously, the strategy was to wait until MSTR's market value to net asset value (mNAV) ratio reached 2.5x before selling MSTR to buy Bitcoin [1] Market Interpretation - The change in strategy may be difficult for some market participants to understand [1]

Another layer of fuckery added to the treasury company fiasco that's ongoing:No one knows how many shares outstanding for Bitmine & different data sources are stating different numbers.Pratik Kala (@PratikKala):Shares outstanding for $BMNRBloomberg: 173.5MSeekingAlpha: 109.53MChatGPT: 121.7MmNAVs:Blockworks: 1.88xCryptoTreasuries: 1.03xETHStrategicReserve: 1.8xAnalyst estimated mNAV: 1.3xEstimates vary by ~80% at extremesReal answer: no one knowsUntil the FDSO (fully https://t.co/320u69E977 ...

Financial Metrics - SBET's market capitalization to net asset value (mNAV) ratio is at 1.32x after the latest disclosure [1] - SBET holds 438,190 ETH, valued at $1.68 billion [1] - SBET issued 10.8 million shares under ATM, raising $279 million last week [1] - SBET's staking rewards are approximately 150 ETH this week [1]