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![ec265 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::151981665.png) Etc. [@ec265](/creator/twitter/ec265) on x 2748 followers
Created: 2025-07-19 07:03:02 UTC

Don’t midcurve the $SBET $5b facility 

Yes, more shares will be issued

But, no, that doesn’t mean it isn’t accretive

Basic math:

(a) $5b/$30 (current share price) = 166M shares (153% increase)

(b) $5b/$100 (assumed share price) = 50M shares (46% increase)

$5b buys 1.4M $ETH at current prices

Total $ETH holdings become 1.8M

$ETH price increases to $10k and NAV is $18b

Based on new shares we have

(a) $8.2b market cap at $XX

(b) $15.8b market cap at $XXX

Assume 2x mNAV

(a) $8.2b to $36b is 4.4x and share price is $XXX

(b) $15.8b to $36b is 2.3x and share price is $XXX

So, today, you can spend $XX and either end up with $XXX or $XXX

Given the same end point, it should be clear that a higher share price is better for less dilution and therefore your bags

There are of course assumptions here, but the messaging is the same:

The only thing that really matters is accumulating as much $ETH as quickly possible 

Why? Because the price of $ETH is going much higher

$10k $ETH is FUD

TL;DR - this is bullish


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946465790821322993/c:line.svg)

**Related Topics**
[10k](/topic/10k)
[$18b](/topic/$18b)
[nav](/topic/nav)
[$10k](/topic/$10k)
[$eth](/topic/$eth)
[50m](/topic/50m)
[stocks](/topic/stocks)
[$5b](/topic/$5b)

[Post Link](https://x.com/ec265/status/1946465790821322993)