ETH +29% in a week. mNAV almost didn’t notice.

On the latest update, $BMNR purchased 32,447 $ETH for an estimated $74 million.

They also added $230 million to cash, bringing the total to $308 million.

Estimated share count increased by 13.8 million shares.

Estimated share count is 596.3 million shares outstanding.

$ETH went from $1,893 to $2,440 in seven days. Weekly performance that week: $BTC 23.1%, $ETH 29.3%, $MSTR 23.9%, $BMNR 25.8%, $SBET 25.2%.

The previous two times $ETH posted +30% weekly moves, those weeks opened +160% runs that led to all-time highs. History is not a forecast. It is context.

mNAV touched 1.00 and did not break through it. For this stock, that is the correct reaction. $BMNR is a claim on the coins. When the coins rise 29% and the multiple stays put, there is no bubble on top of the move.

They still bought 32,447 $ETH into that move. When the token runs and they keep buying, either prior cash is being put to work or the ATM is still open. The cash line distinguishes the two. Cash went to $308 million. That is a raise. Share count +13.8 million.

$BMNR closed that week at a 0.92 mNAV the Saturday before the move finished settling. $BMNR is heavily correlated to $ETH, and also to the momentum trade that has been AI and datacenters. $ETH ran hard while AI stocks and the major indexes were down. $NVDA and Jackson Hole were the next catalysts. If momentum returned and crypto continued to run, a print above 1.00 mNAV was the base case, along with $3,000 $ETH.

A 1% $ETH move now swings this treasury over $140 million. That is the beta. Unlevered $ETH is just $ETH. The stub — cash, staking, the 5% race, the chairman — is supposed to be worth something on top of NAV. That week the market priced that stub at about zero. Zero is a better entry than 1.4×.