Is BMNR Actually a Levered Bet on ETH? Indeed, BMNR has outperformed ETH in sprints over specific windows of time - but how and to what extent could that be sustained? And to what extent is value creation from issuance vs other sources? Below I show 2 charts illustrating some precision around the business model (share dilution to acquire ETH) on a month-over-month basis: 1) Value creation in market-cap terms - showing that market cap expansion has indeed materially been thru issuance (est. 54M shares O/S on 7/14) 2) A side-by-side comparison showing that BMNR returns has actually lagged behind ETH's, with BMNR's market-cap inflation outpacing that of its share price performance by a very rich ~10x