42,197 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.

On the latest update, $BMNR purchased 42,197 $ETH, about $69 million.

Only about $28 million came out of the cash pile. The rest, about $41 million, reads as an ATM.

That was well below 1.00 mNAV.

The raise added about 2.9 million shares. Estimated share count is 607.1 million.

Issuing stock under par to buy coins is the trade that needs a sentence from management. Cash was available. The share count still rose. Clarity on when the ATM is off is the ask.

Not financial advice.