Started 0.96. Closed 1.00.

$ETH was essentially flat. mNAV still improved.

$BMNR started the week at a 0.96 mNAV and closed the week at 1.00 mNAV.

$ETH was flat and mNAV improved.

When $ETH rips, $BMNR rips. When $ETH is unchanged and the multiple still grinds from 0.96 to 1.00, that is not beta. That is the stock being treated as a claim on 5.9 million $ETH.

June showed the same shape in reverse. $BMNR was 0.93 mNAV on a Wednesday, closed Friday at 1.01, and even with $ETH down hard that week $BMNR held up better than $ETH. $BMNR finished that stretch in a better spot than three days earlier. This week is the same pattern, quieter.

Monday’s 8-K (the 53,501 $ETH week) had already shown they have the cash to finish Alchemy. This week’s tape showed the market is willing to pay par for that stack without a new $ETH moonshot. That is the setup into Q4. $ETH has been the best-performing asset so far in Q3.

Share count is marked every filing. Par does not mean the ATM is closed. It means issuance here does not destroy NAV, and buybacks here do not steal it. Discipline is still the job. The tape stopped treating the company as a penalty box.