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![narrenschiffe2 Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1403909954143023107.png) Ray [@narrenschiffe2](/creator/twitter/narrenschiffe2) on x XXX followers
Created: 2025-07-22 12:47:48 UTC

$SBET mNAV = 2.11x 
with ETH $3700, Share Price $XXXX
(Sorry, I didn’t include Cash in my previous $SBET mNAV calculation)

ETH holding = XXXXXXX
ETH Concentration = 3.06x
Fully Diluted Shares = XXXXXXX * 1000 / XXXX = XXXXXXXXXXX
ETH NAV = XXXXXXX x $3700 = $XXXXXXXXXXXXX
Cash NAV : $96.6m
FD Market Cap = XXXXXXXXXXX x $XXXX = $XXXXXXXXXXXXX

mNAV = MC / NAV (ETH + Cash) = 2.11x

![](https://pbs.twimg.com/media/Gwdn8ElXQAErDpX.png)

XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947639716708241739/c:line.svg)

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[Post Link](https://x.com/narrenschiffe2/status/1947639716708241739)