Just to clarify what's happening with $BMNR for crypto or other ppl trading this that don't know what's going on and why it's in no man's land for now This has been a classic low float trade until now, where there's only been about 4.5M shares available to trade, these shares get bought up and volume sends it into orbit They sold 55.56M shares at $4.5 to private investors (PIPE) to raise $250M to buy $ETH, these shares are not unlocked yet, when they unlock (sometime in next week or two prob) these investors will start dumping since they are up 14x right now in 2 weeks, plus float will increase by 12x Today they filed an at the market (ATM) offering that allows them to sell up to $2B whenever they want, this will also increase float (but increase NAV which is a positive as it is used to buy ETH) Now that they have an ATM and can increase float this is going to be heavier as they will look to capitalize on the enormous NAV premium. Until the PIPE unlocks it's not good to trade since they can dump now and PIPE could unlock any day increasing float by 12x. Once PIPE unlocks it should provide good opportunity to buy in at a more reasonable premium. I will look to buy back in then but not trading either in the meantime.
People still buying $BMNR at 13x NAV when they’ve just filed a $2B ATM and the PIPE still isn’t registered
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