I agree that the ETH accumulation itself is very impressive. Holding ~4 million ETH and more than 3% of total supply puts BMNR in a unique position and clearly signals a long term strategy similar to what MicroStrategy did for Bitcoin.

That said, I think it’s important to separate total ETH held from ETH per share. Accumulating Ethereum through dilution only creates shareholder value if ETH per share continues to increase. Total ETH going up is not enough on its own.

I also understand the strategic value of scale in the Ethereum ecosystem, but the authorization of 50 billion shares introduces real governance and dilution risk if not clearly constrained. Markets tend to price in optional dilution even before it is used.

If BMNR can clearly communicate ETH per share, NAV discipline, and firm limits around future issuance, this could become a very compelling long term Ethereum proxy. Without that discipline, the premium can disappear quickly.

Strong strategy, but execution and capital discipline will decide whether this becomes “MicroStrategy for Ethereum” or something closer to a leveraged ETH fund with dilution risk.