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![eyestang38638 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1647961468028035073.png) eyestang [@eyestang38638](/creator/twitter/eyestang38638) on x XXX followers
Created: 2025-07-21 18:31:49 UTC

SBET Deep Dive: If $5B ATM passes on July XX & fully used to buy ETH (at ~$3,600/ETH), here’s projected market cap & stock price under different ETH targets. Assumes mNAV=3.2 & 350k ETH base holdings.
ETH @ $4k:
•Total ETH: ~1.74M
•ETH Value: $6.96B
•Market Cap: $22.27B
•Stock Price: $XXXXX
•Upside from $26: +193%
ETH @ $8k:
•ETH Value: $13.91B
•Market Cap: $44.51B
•Stock Price: $XXXXXX
•Upside: +486%
ETH @ $14k:
•ETH Value: $24.34B
•Market Cap: $77.89B
•Stock Price: $XXXXXX
•Upside: +925%
Using latest 281k ETH holdings: Slightly lower (e.g., $4k scenario: $73.10/share, +181%).
Risks: Dilution (~192% shares), mNAV flux (could drop to 2x), vote failure, ETH volatility, regs.
Watch July XX vote! Bullish on ETH? SBET could be a play, but high risk. #SBET #ETH #CryptoStocks
(Thread 1/2 - More details in full analysis)


XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947363904381980860/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[$4451b](/topic/$4451b)
[$1391b](/topic/$1391b)
[$8k](/topic/$8k)
[$2227b](/topic/$2227b)
[$696b](/topic/$696b)
[$3600eth](/topic/$3600eth)
[atm](/topic/atm)

[Post Link](https://x.com/eyestang38638/status/1947363904381980860)