Started 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.

mNAV started the week at 1.00 and finished at 0.96. Weaker as the week went on.

Friday's print: mNAV 0.96, NAV per share $27.14, $BMNR $26.19, $ETH $2,669.

$ETH needs a move toward $3,000 for this multiple to stop leaking. The stock is still the claim on the coins. A 0.96 close is a discount, not a new thesis.

Talk of moving the target from 5% of $ETH to 10% is a material change. $BMNR used last year's premium to fund the path to 5%. The stock has traded below 1.05 mNAV for ten months.

Holders cannot fund a second Alchemy to 10% without giving up the upside that shows up if mNAV gets back above 1.50. Stay at 5%. That was the job.

$SBET has outperformed $BMNR on the timelines that matter this year because SharpLink did not ATM every week right at 1.00. Going to 10% does nothing for holders except cut the gain if the multiple finally rerates.

Conviction in the stack is intact. A stated move to 10% would not be. That is a different company.

Not financial advice.