Business Model & Strategy - BitMine (BMNR) is adopting a MicroStrategy-style strategy by issuing stock to acquire ETH, establishing an "ETH treasury" [1] - The model's success relies on maintaining a high market NAV (mNAV) premium to continuously fund ETH accumulation [1] Risks & Challenges - The strategy is vulnerable to ETH price declines, which could erode the value of the treasury [1] - Shrinking market premiums pose a significant risk to the model's ability to fund further ETH purchases [1] - Weak liquidity and the absence of substantial real business revenue create additional challenges for long-term sustainability [1] - The company's survival is contingent on sustained market trust and confidence in its approach [1]