BMNR extreme value derivation 1.21
Over the past week, the market has been highly volatile due to Trump, and cryptocurrencies have also crashed severely, with BTC falling below 90k and ETH below 3k in just 2 days. Under such shocks, it's difficult for individual stocks to have independent trends, but last week BMNR still achieved many positive developments for the company's fundamentals, the most important being the passage of the shareholder vote resolution. I think it's still necessary to review the voting process, which will also help in understanding the operations of Wall Street's capital markets.
BMNR uploaded an 8-k file, disclosing the voting results of 4 proposals. As previously analyzed, except for Proposal 2, which was a routine matter, Proposals 1/3/4 were non-routine matters, meaning brokers could not vote on behalf of shareholders. Thus, we see 88 million BROKER NON-VOTES for 1/3/4, indicating that 88 million shares held by retail investors did not participate in the vote. Since Proposal 2 was a routine matter, brokers could vote on behalf, so BROKER NON-VOTES were empty, and these 88 million silent votes were recorded as VOTES FOR by brokers, pushing the affirmative votes to 220 million, exceeding 50% of the total outstanding shares of 425 million, thus passing the resolution.
So everything was carefully designed by management to ensure the passage of the most important authorized share capital proposal. Here, I want to emphasize that BMNR's management has strong execution capabilities in capital operations and is not a makeshift team. Next, we will continue to track mNAV for extreme value projections, with the next coin accumulation update due by 1.26.
Core assumptions: This Monday, BMNR updated its coin accumulation progress, holding 4.2 million coins, with 35k added last week. The cash position is 979 million (Mr Beast's 200 million investment has not been completed and is not yet reflected in the balance sheet). The staking progress has rapidly increased to 1.83 million (staking rate of 44%), with 580k newly staked last week. mNAV has fallen to 0.95, also meaning the financing window has closed. I've added staking yield tracking to the model and included this income in the mNAV calculation. The biggest issue now is the low sentiment in the crypto market, with tariff shocks and the delayed review of the GENIUS Act bill continuing to suppress mNAV premiums. However, the fundamentals of ETH and BMNR remain unchanged, and I will continue to hold.
Conclusion: If ETH rebounds to 3.2k, mNAV will recover to 1, corresponding to a stock price of 32; if ETH falls to 2.8k, mNAV will drop to 0.92, corresponding to a stock price of 26. The extreme range is thus 26～32.
Not investment advice.
$BitMine Immersion Tech(BMNR.US)
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
