27,801 ETH. $23M raised. 616.99M shares.

Most of the buy came out of cash. A small raise still moved the share count.

On the latest update, $BMNR purchased 27,801 $ETH for an estimated $67 million.

They used $44 million from the cash pile and raised another $23 million.

Estimated share count increased by 907,239 shares, to 616.99 million.

This is a small raise next to the weeks that added millions of shares. It is still a raise. Share count only stays put when the buy is funded entirely from cash already on the balance sheet.

The stack is near the Alchemy of 5%. With hundreds of millions still in cash, they can finish it without the ATM. A 900,000-share print is not a blow-up. It is also not a buyback.

Not financial advice.