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[@narrenschiffe2](/creator/twitter/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 (which is now outdated) * Still waiting for $BMNR to share ATM details to update its mNAV (after acquiring ETH 300657) At current $XX $SBET looks relatively undervalued.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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1946430540015378592) 2025-07-19 04:42:58 UTC XXX followers, 9750 engagements


"Spot ETF - BTC: outflow - ETH: inflow Maybe first time"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947506898212725071) 2025-07-22 04:00:02 UTC XXX followers, 1642 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947908683209331057) 2025-07-23 06:36:35 UTC XXX followers, 1056 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947970383233126896) 2025-07-23 10:41:45 UTC XXX followers, 1344 engagements


"@Cointelegraph $SBET mNAV = 2.11x at ETH $3700 Share $XXXX It's bargain now"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947646675759022386) 2025-07-22 13:15:27 UTC XXX followers, XXX engagements


"Epic analysis fully agree overall. One minor point: market cap should be calculated on a fully diluted basis since they're buying ETH using newly issued ATM shares which most finance sites dont reflect in real time. SBET helps by disclosing ETH Concentration making it easier to track. BMNR is trickier as you mentioned since they havent shared much info yet at this stage"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947685554860016053) 2025-07-22 15:49:57 UTC XXX followers, XXX engagements


"@EthereanVibin think this might be from 2021"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947602721948696630) 2025-07-22 10:20:48 UTC XXX followers, XX 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947639716708241739) 2025-07-22 12:47:48 UTC XXX followers, 3277 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947640418515947613) 2025-07-22 12:50:35 UTC XXX followers, 7914 engagements


"Congrats $ETH @ethereumJoseph Love the torch relay idea Go @SharpLinkGaming ($SBET)"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947146154455486868) 2025-07-21 04:06:34 UTC XXX followers, 1288 engagements


"Another $ETH Day Spot ETF - BTC : -$68.0m - ETH: +$533.8m"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947867875945156703) 2025-07-23 03:54:25 UTC XXX followers, 1444 engagements


"Outstanding work. Sharp clear and comprehensive"  
![@narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1947497639219478808) 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 Avatar](https://lunarcrush.com/gi/w:16/cr:twitter::1403909954143023107.png) [@narrenschiffe2](/creator/x/narrenschiffe2) on [X](/post/tweet/1948380482149687692) 2025-07-24 13:51:20 UTC XXX followers, 15.4K engagements