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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: 2025-07-24 13:51:20 UTC

Looks like $BMNR may have acquired its 560k+ ETH entirely via $2B in ATM issuance, with no leverage.

If that's true, $BMNR mNAV = 2.17x 
(with ETH $3,640, Share Price $40)

Quick breakdown:

X. ATM Funding
- Today’s filing($4.5bn ATM) shows 112.3M shares outstanding

- As of July X (post-$250M PIPE), FD shares (incl. all warrants assumed fully converted to common stock) = 66.7M
- So ~45.6M (112.3-66.7) shares issued via ATM between Jul 9–23
- At avg $40/share, that’s ~$1.8B (45.6M x $40) raised via ATM
- Total Funding = PIPE $ 0.25B + ATM $1.8B  = $2.05B
- aligns with their 566k ETH holdings (now worth ~$2B)

X. mNAV Calculation
- FD Market Cap = 112.3M × $XX = $4.49B
- ETH NAV = XXXXXXX × $XXXXX = $2.06B
- mNAV = 2.17x
(Assumes no debt, no cash – just pure ETH)

* Not XXX% certain, but this seems like the most reasonable inference based on current disclosures. We should keep pushing $BMNR and $SBET to provide $MSTR-level 
 dashboards.


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948380482149687692/c:line.svg)

**Related Topics**
[bmnr](/topic/bmnr)
[just a](/topic/just-a)
[$1b](/topic/$1b)
[$250m](/topic/$250m)
[stocks](/topic/stocks)
[$45bn](/topic/$45bn)
[atm](/topic/atm)
[$2b](/topic/$2b)

[Post Link](https://x.com/narrenschiffe2/status/1948380482149687692)