Many people are wondering how BMNR can still raise funds to keep accumulating Ethereum even though MNAV has been less than 1 recently. This shows a lack of understanding of BMNR's financing plan: BMNR announced a $20 billion ATM financing plan in mid-August, which was also filed with the SEC. This ATM financing plan allows BMNR to sell stocks in the secondary market at any time based on market conditions to raise funds. Combined with the $4.5 billion raised in June and July, BMNR's total financing amount is $24.5 billion. Currently, BMNR holds 3.86 million Ethereum at a cost of $3,900 each, with a total cost of over $15 billion. This means BMNR still has nearly $10 billion available to continue purchasing. Of course, this future available funding isn’t already raised and sitting in their account—it’s money BMNR can raise by continuously selling stocks. With the ATM financing plan approved, BMNR can sell stocks in the U.S. secondary market at any time to raise funds. Right now, BMNR’s daily stock trading volume is still around $1-2 billion, meaning Tom Lee can keep selling stocks to raise money until the remaining $10 billion is fully raised. Only after that will they need to announce a new financing plan. This is also where Tom Lee is smarter than other treasury companies: he secured a massive financing plan ahead of time during a market boom, ensuring that now, during a market downturn, he still has funds to keep buying. Don’t worry about Tom Lee—although his timing for purchases hasn’t been great (he bought a lot of Ethereum at high prices in August and September), you can’t beat someone with such deep pockets.