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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 15:49:57 UTC

Epic analysis,  fully agree overall.

One minor point: market cap should be calculated on a fully diluted basis, since they're buying ETH using newly issued ATM shares, which most finance sites don’t reflect in real time.

SBET helps by disclosing “ETH Concentration,” making it easier to track. BMNR is trickier, as you mentioned, since they haven’t shared much info yet, at this stage.




XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1947685554860016053/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[bmnr](/topic/bmnr)
[finance](/topic/finance)
[stocks](/topic/stocks)
[atm](/topic/atm)
[ethereum](/topic/ethereum)
[coins layer 1](/topic/coins-layer-1)

[Post Link](https://x.com/narrenschiffe2/status/1947685554860016053)