Tom Lee's involvement with $BNMR has raised the stock issuance limit (ATM) to $24.5 billion, with plans to raise an additional $20 billion, all to be used for purchasing $ETH. Currently, it holds the largest ETH position among publicly listed companies globally (1,150,263 coins), with a goal of owning 5% of the total ETH supply.

This is positive for ETH as it represents a significant potential buying demand, but it is somewhat unfriendly to BNMR shareholders. The pre-market stock price has already slightly declined. Referring to the experience of MSTR, after a large-scale ATM, stock prices often revert to the adjusted mNAV, diluting the premium.

If it can return to a reasonable valuation (premium) range, as a leading stock in ETH, it remains one of the most favored targets in the market for capital.

This article is sponsored by #Bitget ｜ @Bitget_zh

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