7/28/25 - $bmnr - mNav more reasonable now (1.3x at ~$30/shr)
7/28/25 :: VROCKSTAR :: 
BMNR
mNav more reasonable now (1.3x at ~$30/shr)
- i'd link the docs but tradingview wants you to do the digging and doesn't want me to "promote" doing your own DD. ironic.
- so here's how you get there
- go the sec dot gov website search edgar in google
- type in the ticker
- check out the latest 8K
- click presentation
- slide 30 shows "BMNR NAV Detail"
- about 23 bucks per share NAV on fully diluted shares
- AH this thing trading at $30 ish... so 1.3x mnav
- considering view that ETH becoming a captured/ "knighted" winner by the tradfi gremlins, $10k/eth or higher not unlikely this cycle
- this type of "ROE" on a Kc of probably 10-15% means a 3..4...5x mNAV at cycle top not unreasonabl
- so if ETH declines here 50% (also reasonable to expect the worst, you're at $10-15/shr assuming mnav toward 1)... and then a say 2x mnav on $10k/eth would mean shares (considering no additional moves/ accretion from here - also unlikely and conservative) would mean a 4x on the current share px so conservatively that's $100 again.
- does it get to ATH?
- honestly the way that euphoria trades if we make a run for $100... probably yeah moar ATH, but that's unlikely to happen ST unless ETH has a monster run (and it already has)
- nevertheless... i'm finally (VERY) slowly adding this to my exposure, which for me means 50 bps at the AH px of $30.
V
BMNRmNav more reasonable now (1.3x at ~$30/shr)
- i'd link the docs but tradingview wants you to do the digging and doesn't want me to "promote" doing your own DD. ironic.
- so here's how you get there
- go the sec dot gov website search edgar in google
- type in the ticker
- check out the latest 8K
- click presentation
- slide 30 shows "BMNR NAV Detail"
- about 23 bucks per share NAV on fully diluted shares
- AH this thing trading at $30 ish... so 1.3x mnav
- considering view that ETH becoming a captured/ "knighted" winner by the tradfi gremlins, $10k/eth or higher not unlikely this cycle
- this type of "ROE" on a Kc of probably 10-15% means a 3..4...5x mNAV at cycle top not unreasonabl
- so if ETH declines here 50% (also reasonable to expect the worst, you're at $10-15/shr assuming mnav toward 1)... and then a say 2x mnav on $10k/eth would mean shares (considering no additional moves/ accretion from here - also unlikely and conservative) would mean a 4x on the current share px so conservatively that's $100 again.
- does it get to ATH?
- honestly the way that euphoria trades if we make a run for $100... probably yeah moar ATH, but that's unlikely to happen ST unless ETH has a monster run (and it already has)
- nevertheless... i'm finally (VERY) slowly adding this to my exposure, which for me means 50 bps at the AH px of $30.
V
Note
Took this to a 1.5% position. Figured... what's the point of 50 bps given the "news"
So the PIPE shares are not dilution. Honestly, i'm not surprised this is lost on the ppl who own/trade these shares (probably on leverage/ borrowed). Ultimately, this dip likely gets bought all else equal.
My plan
Is that the 1.5% gets taken to 2.5% should we be down 20% or more by the open tmr. Now that options are also available on these shares, I can get creative in terms of milking IV/ upside to lower my basis and collect "rent" (like I'm doing on
SES).
SBET also getting attractive, yet again... but at this stage it's no longer a/ the largest eth treasury and b/ tom lee holds the microphone a whole lot better than joseph - which in the game of treasury - is what matters... just look at saylor vs. the others. ps - if you notice... i was v critical on the way up when they owned a LOT less eth and the implied px of eth within each share got to a point where you'd unlikely even see eth there this cycle, even on a 5x mnav! but now... 1.3x mnav in the AH tape? the R/R is directionally positive. risk/ size mgmt will matter a lot here.
V
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.