Notes
Weekly reads
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Weekly Highlight · Oct 2, 2026
6 minStarted 1.00. Closed 0.96. Don't move the goal to 10%.
mNAV slipped through the week. The 5% target is the one that was funded. 10% is a different stock.
Weekly Highlight · Sep 28, 2026
6 min17,362 ETH from cash. Share count stays 626.4M.
They bought the coins and did not print new stock. Six million ETH. Alchemy is the finish line, not a new one.
Weekly Highlight · Sep 21, 2026
6 min27,562 ETH and a $234M raise. 626.4M shares.
The buy was $69 million. Cash rose $165 million on top. Share count up 9.4 million.
Weekly Highlight · Sep 14, 2026
5 min27,801 ETH. $23M raised. 616.99M shares.
Most of the buy came out of cash. A small raise still moved the share count.
Weekly Highlight · Sep 8, 2026
8 min28,086 ETH, $52M more cash, 616.1M shares
ETH purchased, cash added, share count higher. Alchemy remains in reach.
Weekly Highlight · Sep 5, 2026
5 minStarted 0.96. Closed 1.00.
$ETH was essentially flat. mNAV still improved.
Weekly Highlight · Aug 31, 2026
8 min53,501 ETH, $363M raise, 611.3M shares
Sixty-five weeks of buying. Enough cash to finish Alchemy. The company still raised. Full print below.
Weekly Highlight · Aug 24, 2026
7 minETH +29% in a week. mNAV almost didn’t notice.
$ETH rose 29%. $BMNR followed. The multiple stayed near par.
Weekly Highlight · Aug 17, 2026
5 min9,926 ETH and another 1.7M shares retired. 582.4M.
Buybacks since July 1 are 20.8 million shares. The coin buy was small. The share count fell.
Weekly Highlight · Aug 10, 2026
5 min3.0M shares retired. 7,391 ETH. 584.1M left.
About $70 million spent. $104 million still in cash. Buybacks since July 1: 19.1 million shares.
Weekly Highlight · Aug 3, 2026
4 min4.5M shares bought back. 10,799 ETH. 587.1M.
Another week of retiring stock while adding a small number of coins.
Weekly Highlight · Jul 27, 2026
4 min6.1M shares retired. 9,946 ETH. 591.6M.
More than 11 million shares bought back in two weeks.
Weekly Highlight · Jul 20, 2026
4 min5.5M shares retired. 7,430 ETH. 597.7M.
Share count down. A small coin buy. Good news for holders.
Weekly Highlight · Jul 13, 2026
4 min27,801 ETH from cash. Share count stays 607M.
About $50 million of coins. No new shares on this print.
Weekly Highlight · Jul 6, 2026
5 min42,197 ETH under 1.00 mNAV. Share count to 607.1M.
A $69 million buy. Only $28 million came from cash. The rest looks like an ATM.
Archive · Jun 29, 2026
5 minThe 0.85× week nobody wanted
NAV $16.21. Stock $13.80. The print that keeps 1.00× honest.
Weekly Highlight · Jun 22, 2026
5 min52,203 ETH and $99M more cash. 604M shares.
About $188 million raised. Share count up about 11.6 million.
Weekly Highlight · Jun 15, 2026
5 min76,881 ETH. Preferred raise. Share count 592.5M.
$273.8 million from the preferred. Common share count still rose about 6.3 million.