17,362 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.

On the latest update, $BMNR purchased 17,362 $ETH directly from the cash pile.

Estimated share count did not move. It remains 626.4 million shares outstanding.

They did not issue stock last week even with mNAV over 1.00 for the stretch. That is the print shareholders have been asking for: coins from cash, not from a new ATM.

Holdings as of September 27: 6,001,302 $ETH, 213 BTC, $672 million in cash and marketable securities, Beast $180 million, Eightco $115 million. Staked $ETH is still 5,067,309. The 7-day yield is 2.62%.

That stack is 4.9% of the 122.1 million $ETH supply. About 104,000 coins remain to 5%. Cash can finish it. It does not have to be finished with new shares.

Share count is the scoreboard. This week the scoreboard was flat and the coin count still rose. That is the pattern to keep.

Not financial advice.