[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1403909954143023107.png) Ray [@narrenschiffe2](/creator/twitter/narrenschiffe2) on x XXX followers
Created: 2025-07-19 04:42:58 UTC

Based on @maxxTFSA’s post, I updated $SBET’s mNAV:

From Jul 14–18, $SBET acquired XXXXXX 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 ↑ XXXXXX
Shares ↑ 16.2m

→ ETH Concentration: 2.83/1k shares (up from 2.46)
→ mNAV: 2.87, up from 2.50, but still < X

Meanwhile, $BMNR's Jul XX filing (ETH  163,142) implies mNAV = XXXX. (which is now outdated)
* Still waiting for $BMNR to share ATM details to update its mNAV (after acquiring ETH 300,657)

At current $29, $SBET looks relatively undervalued.

PS. Please give us a $Strategy-style ETH dashboard!
$SBET (@SharpLinkGaming, @ethereumJoseph), $BMNR (@BitMNR, @fundstrat)

Refs:
- Jul XX disclosure:
- @maxxTFSA post:

![](https://pbs.twimg.com/media/GwMbGYHXYAA104v.png)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946430540015378592/c:line.svg)

**Related Topics**
[$bmnrs](/topic/$bmnrs)
[stocks](/topic/stocks)
[$3738sh](/topic/$3738sh)
[atm](/topic/atm)
[$36m](/topic/$36m)
[$257m](/topic/$257m)
[$2936m](/topic/$2936m)
[$sbets](/topic/$sbets)

[Post Link](https://x.com/narrenschiffe2/status/1946430540015378592)