Aug. 19 at 5:44 PM
$BMNR exactly right. And we saw this coming as it had traded under 1.00 mNAV for well over 2 months.
Their next option was to raise capital through preferred shares using
$BMNP. That is a last resort if they run out of cash and mNAV is still well below 1.00. However, they can only raise so much in preferred while ETH is still low - they need
$150M a year to for management and can’t pay out more than they earn from staking.
