$SBET $BMNR According to @fundstrat, a few drivers to treasury vehicles mNAV premiums are a function of:
1. P/E
2. Liquidity / Volumes
3. Velocity (rate at which ETH per share increases)
4. Sovereign Put (value to a large acquirer)
Let's take a look at each
$SBET P/E
Sharplink currently holds 521,939 ETH fully staked and will earn 3.25% or 17,000 ETH in annual rewards. Today, that's about $63M in annual *net income* less opex.
Tom points to the S&P 500, which trades at 29x earnings and would imply a $1.8bn valuation.
$BMRN P/E
Bitmine currently holds 833,137 ETH but has yet to begin staking.
We may also assume that these vehicles will continue to grow ETH holdings, venture further into yield generating opportunities (e.g., restaking, Linea, etc.), and ETH will appreciate.
Liquidity / Volume Premium
$SBET largely led $BMNR in daily nominal trading volume through July, which was notable given it traded at a smaller market cap since inception.

Liquidity / Volume Premium
On a cumulative basis, $SBET has traded more nominal volume than $BMNR. However, the two are nearly on par through August 5th with Bitmine experiencing higher volumes in August.

Velocity / ETH Concentration
Tom shares that treasury vehicles demand a premium to holding the underlying because they actively increase shareholders' ETH per share.
Since June 2nd, $SBET has increased ETH Concentration 83% to 3.66 ETH per 1,000 shares.
Staking accelerates this.
Velocity / ETH Concentration
$BMNR has not shared ETH Concentration metrics, but has reportedly increased underlying value per share to north of $20
Sovereign Put
Tom states that in a world where governments are seeking to acquire billions of dollars worth of Ethereum, the easiest path to doing so is through treasury vehicles as opposed to on the open market
And that demands a premium
Sovereign Put
$BMNR has started to run away from the pack as the largest ETH holder on the planet with ~$3 billion in ETH and a stated goal to acquire up to 5.0% of the total supply. $SBET is #2 with ~$2 billion.
Both $SBET and $BMNR trade at around 1.5x mNAV and if you believe that premiums are a function of PE + Liquidity + Velocity + Sovereign Puts...
That might be too low
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