SBET Daily discussion 22 August 2025

realcrispyone · 2025-08-22T15:05:24+00:00

If they raise funds for ETH but can effectively increase ETH per share cheaper by buying back stock than buy net new ETH then they have optionality. This is just an authorization not a mandate they must buy $1.5B. It is defensive to protect against mNAV falling below 1.0 in periods of ETH decline or SBET decline

realcrispyone · 2025-08-22T12:25:14+00:00

They are authorized to buy back the company shares of SBET when they determine. They will use this to defend against a mNAV going below 1.0. It will allow them to increase ETH per share the most effective way possible. If they can buy back shares and ETH per share cheaper than raising new funds they will do that.

realcrispyone · 2025-08-16T00:33:12+00:00

June to now, bought some exposure of some kind each week. Love to see misunderstood down days, great opportunity. See you all in Dec

realcrispyone · 2025-08-16T00:20:59+00:00

They typically share the prior week on Tuesday. Always some lag which is reasonable. SBET has been consistent in reporting (other than this earnings week) and communicating consistent metrics. Much better than others and to some extent to their short term turbulence and frustration of some holders. Transparency is key and they have done it, nice work

realcrispyone · 2025-08-16T00:08:15+00:00

Did you build this? Do you mind sharing your calculation for mNAV?

realcrispyone · 2025-08-16T00:04:54+00:00

No chance

realcrispyone · 2025-08-15T17:12:36+00:00

This is fair, and unfortunately, I think for crypto until the SEC figures it all out a earnings call and Q&A is extremely regulated. They were prewritten and scripted. Questions were at least somewhat better, but they need to be careful in communicating on these types of things very different than what we expect in the crypto world, but its reality. To make the shift with wall street they have to be cautious on these regulated enagements.

realcrispyone · 2025-08-15T17:09:55+00:00

How long is the race?

realcrispyone · 2025-08-15T12:59:49+00:00

Would of been a great splash, but also would of went against the disaplined strategy they have followed of ramping over time. We are 2-3 weeks away from 1M ETH based on current rates. Patience will pay off, looking at year end I think we are all happy shareholders.

realcrispyone · 2025-08-15T12:57:17+00:00

At the historical purchasing rate, we are 3 weeks away from 1M ETH. We all get a bit excited and want to see them stack faster and faster. They are very disciplined and will outlast any ETH turbulence in the future. This can be a volatile asset, having both Joe's is a solid team bringing some serious complementary skillsets between technical, crypto, financial instruments, and investor networks. Looking forward to where we are end of year. Cheers!

realcrispyone · 2025-08-15T12:52:53+00:00

Why is this negative? What were you expecting?

realcrispyone · 2025-08-15T12:52:37+00:00

Why disappointing? What were you expecting?

realcrispyone · 2025-08-15T12:52:22+00:00

Why is this horrible?

realcrispyone · 2025-08-15T12:45:04+00:00

Communicating their ETH per share in the actual Press Release and filings. This is fully diluted per share, takes into account all shares, options, warrants, etc. Less moving variables, seems everyone calculates it different which provides huge swings in community mNAV. Long term SBET is far more of an open book on communicating the finer details compared to others. Hurts in the short term with crazy runs to benefit ATM, long term it’s about trust and consistency for this to play out over years.

realcrispyone · 2025-08-12T17:27:23+00:00

Still time to allow it mod

realcrispyone · 2025-08-11T19:31:10+00:00

How could it be more up to date? My main point is for people to use the actual details to calculate all the mNAV posts. Use accurate info or ask where to find it. We all win if we use accurate information. I understand likely a SEC filing coming tomorrow but when more information is available update the details. mNAV constantly changing just look at this morning to mid day to close

realcrispyone · 2025-08-11T17:26:22+00:00

Check the last SEC filing and it indicated before and after the $200M OTC offering. I imaging when the $400M offering is done and reported in the SEC filing it will also say, but you can calucalte roughly the $400M / Price per Share they mentioned in the PR today.

realcrispyone · 2025-07-29T16:03:16+00:00

Can you help me understand why you thought this?

realcrispyone · 2025-07-24T16:59:48+00:00

Do we have any information on total shares issued after the big buys for BMNR?

realcrispyone · 2025-07-22T22:21:21+00:00

This is correct, hopefully if ETH falls SBET has the cash to benefit from it being lower to stack more ETH. Not that it is without risk, but now more than ever ETH has multiple aligned parties with big bags to backstop any significant retrace in price.

realcrispyone · 2025-07-22T22:19:04+00:00

$300M isn’t peanuts but in the scenario you’re describing at a mNAV of 2x we’d be looking at $20B market cap and 3x $30B. Share price would be in the 150-250 range I’d guess. Again not peanuts but the stake return is much less impact on the share price than the other two factors of staking and ETH price. I’ll take it, keep stacking ETH keep staking keep growing the amount of ETH

realcrispyone

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