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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 12:50:35 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/Gwdok36WIAAZbcU.png)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947640418515947613/c:line.svg)

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[Post Link](https://x.com/narrenschiffe2/status/1947640418515947613)