$BMNR What I'm seeing is a lot of $ETHA $ETHZ $ETHM type of companies (and even $SBET to a lesser extent) trade under NAV and in some cases severely under (probably good reasons for $ETHM, but $ETHZ is weird). You would think it makes more sense to go to undervalued plays, especially when value is largely tied to NAV, but that might actually be the wrong approach. The greatest differentiation of these is the ability to raise capital during times of overvaluation. My hunch is that institutions are going to prefer $BMNR due to several factors (NYSE listing, clear strategy, size, perceived risk) and retail (due to @fundstrat being the 🐐) will as well. What this does is create a scenario where $BMNR trades above (and sometimes well above) their NAV, giving the opportunity for more effective and more regular capital raises. That in turn gets them closer to the 5% goal MUCH faster than most of their peers. This is the largest advantage they have. Success breeds success, and more...
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