Looking at top 4 ETH treasury companies rn, mNAV is reasonable ~2x. This is close to MSTR's and thus fair.
It is odd that they're trading at fair multiple of BTC-backed treasuries despite more volatility and higher upside when ETH appreciates in the short-term. Remember, also, that as they accumulate, ETH will experience supply shocks which will reflexively "overshoot" their mNAV.
To me, this is an opportunity: as ETH shoots to $10K, mNAV collapses, and market reacts by playing catch up. This overshoots mNAV to a range of 5x-10x at which point, profit-taking makes sense.
If this happens, then SBET would be trading at $14B (14x from here). You can be more conservative w/ ETH (only $5K) and/or lower peak mNAV but the conclusion still the same: all four are under-valued.
Thinking 50% in SBET and then 50% across the other three, with a bias for BMNR and BTCS due to their low mNAV. Options with 3mo to 6mo expiry.
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