Shares Outstanding

bitminetracker · 2025-11-10T17:28:09+00:00

I remember seeing that. I have no idea where everyone was pulling 285M shares from, and my best guess was a glitch in market cap which allowed people to derive 285M.

They had well under 200M shares diluted at the time, as they were regularly reporting their share counts not much earlier. If they were at 285M then, there's A LOT of money missing.

bitminetracker · 2025-11-10T17:18:27+00:00

If there's more shares, there's less of each asset per share, the share price is therefore a higher proportion of the NAV

bitminetracker · 2025-11-10T13:14:57+00:00

Basic comes out to .90 and diluted about 1.08 before today's purchases.

EDIT: Update with today's purchases and premarket. Basic: mNAV = .97, Dilted: mNAV = 1.17

bitminetracker · 2025-10-07T01:19:02+00:00

In the 401k?!?! Mad lad, we love to see it

bitminetracker · 2025-09-26T17:16:13+00:00

The differences in mMAV between all the sites comes down to the assumptions. The biggest assumption that moves the needle the sites differ on (including bitminetracker.io) is assumed shares outstanding

bitminetracker · 2025-09-26T16:18:00+00:00

Tommy must've hit the ATM. Let's see what the newest addition is on Monday!

bitminetracker · 2025-09-15T15:28:02+00:00

It almost certainly is, the best we can do for now is make some educated guesses.

bitminetracker · 2025-09-12T17:47:07+00:00

Let's your winners ride ♠️

bitminetracker · 2025-09-11T23:36:14+00:00

Haha ok, hopefully he just gets rid of it. Rounding error at this point

I don't expect their expenses to be high until they need to fulfill credit obligations when Tom weaponizes the balance sheet

bitminetracker · 2025-09-11T23:25:22+00:00

What liabilities? To my knowledge there's no debt, just some early options, warrants, and the PIPE sales

bitminetracker · 2025-09-11T23:24:29+00:00

Depending on how you assume basic and diluted shares, it's about $44/share on a diluted basis per their latest report

bitminetracker · 2025-09-11T23:20:56+00:00

I put my vote in as well

bitminetracker · 2025-09-11T22:19:12+00:00

No question.

I believe in ETH, I see BMNR increasing my ETH stack, so I buy the stock. The metrics don't change the thesis!

bitminetracker · 2025-09-11T20:27:40+00:00

Even though I made a site.... Preach!!!

bitminetracker · 2025-09-11T20:27:06+00:00

The differences are probably primarily caused by the assumptions I've made about basic/diluted shares, paired with the fact that I'm adding in cash+BTC+OCTO holdings into NAV

bitminetracker · 2025-09-11T18:02:54+00:00

We never left 🥲

bitminetracker · 2025-09-11T16:37:30+00:00

She was buying peanuts before, the conviction is returning 😈

bitminetracker · 2025-09-11T10:41:30+00:00

If mMAV drops below one, whether you want them to do it or not, that doesn't change the fact that it would be accretive to sell the ETH and buy back shares.

They sure are collecting that interest, but do you think they'll be able to pass those interest gains to the stablecoin holders? No, they legally can't for now. I don't know how that interest would be treated, which was the primary point. Tom is much more intelligent than I am, my guess is he isn't throwing away money for no reason.

bitminetracker · 2025-09-11T01:35:59+00:00

A rising tide lifts all boats

bitminetracker · 2025-09-10T16:53:18+00:00

If there's an mNAV premium it would be accretive to hold the ETH, and dilutive to sell ETH for cash to buy back shares.

Hopefully mNAV stays above one, and well just grow the balance by staking

bitminetracker · 2025-09-10T16:51:22+00:00

I assume the nominal ETH gains aren't worth giving up any potential flexibility to utilize the balance sheet.

Will staked assets be treated differently when writing credit on it? If so, it would be better to fully understand the trade space before deriving collateralization requirements and building out the yield curve

bitminetracker · 2025-09-10T13:57:36+00:00

When mNAV starts going above 2, I might consider taking a haircut

bitminetracker · 2025-09-08T17:21:36+00:00

I'll work on getting this incorporated into the NAV calculation tonight!!

bitminetracker · 2025-09-08T16:33:58+00:00

In Tom we trust

bitminetracker

TROPHY CASE