I think $BMNR actually managed the PIPE unlock pretty good tbh, at one point their NAV was $4 and their stock was $160, an absurd 40x. Now on unlock the stock is $29 and their NAV is $23 for a 1.26x. If they had not raised NAV by 6x it would’ve been the original scenario I shared with a massive drop on PIPE unlock to below $10. They also managed to become the largest ETH treasury co and likely lead SBET for a while now because $SBET only sold $79M before PIPE unlock while BMNR played it a lot more aggressive selling over $2B before unlock. These sales are big because they are at a massive premium which helps significantly increase NAV. Now the 2 are on a level playing field and BMNR has quite a head start size wise (will see exactly tmrw when SBET PRs but probably a billion $ lead for BMNR). Now we get to see what other tricks both have up their sleeves going forward.

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