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@narrenschiffe2 "Based on @maxxTFSAs post I updated $SBETs mNAV: From Jul 1418 $SBET acquired 88823 ETH for $293.6m funded by: $257m cash on hand (per Jul XX disclosure) +$36m via additional ATM (@ $37.38/sh assumed) vs. Jul 13: ETH 88823 Shares 16.2m ETH Concentration: 2.83/1k shares (up from 2.46) mNAV: XXXX up from XXXX but still X Meanwhile $BMNR's Jul XX filing (ETH 163142) implies mNAV = XXXX. (which is now outdated) * Still waiting for $BMNR to share ATM details to update its mNAV (after acquiring ETH 300657) At current $XX $SBET looks relatively undervalued. PS. Please give us a $Strategy-style ETH"
@narrenschiffe2 on X 2025-07-19 04:42:58 UTC XXX followers, 9857 engagements

"Shoutout to @Th3Wlzard updated my $SBET mNAV after catching the double count. Excluded 15.29m shares (from the $257m cash) from FDV since they werent newly issued. mNAV now at XXXX turning more bullish"
@narrenschiffe2 on X 2025-07-19 09:21:55 UTC XXX followers, 4042 engagements

"@Th3Wlzard @maxxTFSA X. Yes. warrants/option should be counted. X. $257m is included to NAV(ETH+Cash) of Jul XX to avoid double counting. See the image"
@narrenschiffe2 on X 2025-07-19 08:16:22 UTC XXX followers, XXX engagements

"Quick breakdown of SharpLinks ($SBET) Forward Sales Agreement with AGP X. Deal Summary - Date signed: July XX 2025 - Counterparty: AGP (Alliance Global Partners) - Structure: AGP borrows $SBET shares (e.g. from brokers) sells them in the market now and settles later with SharpLink via physical shares (new issuance) cash or net-share settlement. - Key point: The sale price is fixed at the time AGP executes the short sale but SharpLink receives proceeds only upon settlementnot at the time of sale. No immediate capital raised. - Forward cap: $350M or XXXXX% of outstanding shares - Placement"
@narrenschiffe2 on X 2025-07-20 09:12:27 UTC XXX followers, 2492 engagements

"Spot ETF - BTC: outflow - ETH: inflow Maybe first time"
@narrenschiffe2 on X 2025-07-22 04:00:02 UTC XXX followers, 1680 engagements

"Great analysis to grasp the scale of $ETH supply and demand dynamics. $BTC since Jan 2024: ETF + institutional buys: 1.5M BTC Mined supply: 300K BTC 5x demand vs supply price +155% $ETH until May 2025: Network issuance: 543K ETH Demand supply price lagged Since mid-May 2025 ETF + ETH Treasury Corps (ETCs): 2.83M ETH New issuance: 88K ETH 32x demand vs supply Price + XX% in X month Next XX months (forecast): Expected demand: 5.33M ETH ($20B) Expected new issuance: 800K ETH 7x demand vs supply Price : Buckle Up"
@narrenschiffe2 on X 2025-07-23 06:36:35 UTC XXX followers, 1131 engagements

"@Th3Wlzard @maxxTFSA Using ETH concentration from the Jul XX filing: XXXX = 280706 ETH (Diluted Shares 1000)"
@narrenschiffe2 on X 2025-07-19 07:46:01 UTC XXX followers, XXX engagements

"Now that $MSTR has rolled out a new playbook with $STRC Im excited to see how $BMNR and $SBET will innovate next. Therell be trade-offs and varying investor demandbut as a TradFi professional its a joy to watch crypto-backed financing products evolve"
@narrenschiffe2 on X 2025-07-23 10:41:45 UTC XXX followers, 1557 engagements

"$SBET mNAV = 2.11x with ETH $3700 Share Price $XXXX (Sorry I didnt include Cash in my previous $SBET mNAV calculation) ETH holding = 360807 ETH Concentration = 3.06x Fully Diluted Shares = 360807 * 1000 / XXXX = 117910784 ETH NAV = 360807 x $3700 = $1334985900 Cash NAV : $96.6m FD Market Cap = 117910784 x $XXXX = $3018516078 mNAV = MC / NAV (ETH + Cash) = 2.11x"
@narrenschiffe2 on X 2025-07-22 12:50:35 UTC XXX followers, 12.3K engagements

"Similar speculation here maybe the BTC OGs wanted to sell BTC and scoop up ETH cheap based on Galaxy Digitals advice. Thats why Galaxy dumped most BTC on the open market (not fully OTC) pushing prices down then quietly rotated into ETH. X. On the same day Novo appeared on CNBC saying ETH will likely outperform BTC over the next XX months. X. ETH treasury names ( $SBET +$5B $BMNR +$2.5B $BTBT +$1B) maxed out their ATMs this week and are raising limits. Big ETH buying likely starts next week. Galaxy is an anchor investor in $BMNR its possible they gave this OG a heads-up. If so today mightve"
@narrenschiffe2 on X 2025-07-25 23:20:12 UTC XXX followers, 2516 engagements

"Thanks to @ec265 for the helpful correction. Ive updated the $SBET mNAV calculation to include the $257M cash on hand disclosed as of July XX. Heres the revised breakdown below Updated mNAV (based on 7/13 filing only ETH price & Share price updated to as of 7/17) ETH holdings: 280706 ETH price: $3440 ETH NAV = $965.6M Cash on hand: $257M Total ETH NAV + Cash = $1.22B Shares outstanding: 114.1M Share price: $XXXXX Market Cap = $4.70B mNAV (MC / Total NAV) = 3.85x"
@narrenschiffe2 on X 2025-07-17 11:18:06 UTC XXX followers, XXX engagements

"Another $ETH Day Spot ETF - BTC : -$68.0m - ETH: +$533.8m"
@narrenschiffe2 on X 2025-07-23 03:54:25 UTC XXX followers, 1491 engagements

"Wait the $BTC dumping OG is actually buying $ETH now 🤣 At least make it more than XX $ETH next time"
@narrenschiffe2 on X 2025-07-25 10:06:29 UTC XXX followers, XXX engagements

"$SBET Some might mistake the +$5B ATM for a shareholder-approved item but the actual vote on 7/24 was to increase the authorized shares (from 100M to 500M) not the ATM itself. The ATM was already amended by the Board and filed with the SEC on 7/17 subject to shareholder approval (7/24) of the authorized share increase. Effective 7/24 at 5:10pm ET once the vote took effect full ATM issuance became legally possible. This suggests $SBET may have started issuing ATM shares on 7/25 which aligns with the $145M USDC load found in Arkham. Buckle Up Source:"
@narrenschiffe2 on X 2025-07-26 15:18:33 UTC XXX followers, 12.4K engagements

"Outstanding work. Sharp clear and comprehensive"
@narrenschiffe2 on X 2025-07-22 03:23:14 UTC XXX followers, XXX engagements

"Looks like $BMNR may have acquired its 560k+ ETH entirely via $2B in ATM issuance with no leverage. If that's true $BMNR mNAV = 2.17x (with ETH $3640 Share Price $40) Quick breakdown: X. ATM Funding - Todays filing($4.5bn ATM) shows 112.3M shares outstanding - As of July X (post-$250M PIPE) FD shares (incl. all warrants assumed fully converted to common stock) = 66.7M - So 45.6M (112.3-66.7) shares issued via ATM between Jul XXX - At avg $40/share thats $1.8B (45.6M x $40) raised via ATM - Total Funding = PIPE $ 0.25B + ATM $1.8B = $2.05B - aligns with their 566k ETH holdings (now worth $2B)"
@narrenschiffe2 on X 2025-07-24 13:51:20 UTC XXX followers, 38.2K engagements

"There seems to be growing confusion around how to calculate the mNAV (market cap to ETH NAV multiple) of recent $ETH Treasury Companies. Using two of the leading names$SBET and $BMNRas examples heres a breakdown of how I approached it. The confusion mostly arises because many investors rely on outdated figures from stock sites like Yahoo Finance to determine total shares outstanding. These sources often lag behind actual issuance especially when it comes to PIPE and ATM structures. Both SBET and BMNR followed a similar playbook: at the time of announcing their Digital Asset Treasury (DAT)"
@narrenschiffe2 on X 2025-07-17 09:48:44 UTC XXX followers, 5265 engagements