TomLee's brilliance has built a very robust financial structure for BMNR. Although there has been a lot of ridicule towards Tomlee in the market recently, many people feel that BMNR is going to explode, while others believe that BMNR also needs to pay interest. If you delve deeper into BMNR's balance sheet, you will find another scene. BMNR's latest quarterly financial report and debt ratio have dropped to 1.16%, 1) Total assets of $8.7 billion: There are nearly $8.3 billion in long-term assets here, including holding Ethereum (at that time, the amount held was not as much as it is now), and $512 million in cash and cash equivalents. 2) And the total liabilities are only 102 million US dollars, of which 92 million US dollars are deferred tax liabilities, which are not current cash taxes. The company does not need to immediately pay these 92.3 million US dollars. Only when ETH is actually sold and profits are realized, will it be converted into actual tax burden (and offset against this liability). The amount of Ethereum held by BMNR has increased significantly compared to three months ago, with a total value of $12 billion. It can be expected that BMNR's debt ratio will further decrease to around 0.8% in the next quarter's financial report. Regardless of Tom Lee's market predictions, there are mixed opinions. But the financial structure he built for BMNR is very robust: 1) The Ethereum held is in stock; 2) All the funds for hoarding coins come from issuing additional stocks for financing, and at the best of the market enthusiasm, a $20 billion ATM market price stock issuance financing plan was passed. There is still nearly $10 billion of the quota that has not been used up yet; 3) BMNR has almost no debt, no interest expenses, and no pressure to repay principal at maturity; Of course, many people have said that if the NAV is less than 1, there will be pressure on shareholders, but in fact, this is only moral pressure rather than legal pressure. Of course, it's not about recommending BMNR's stocks. It has been said for a long time that DAT Treasury's stocks are very unfriendly to shareholders. Because they will continue to issue more stocks, which is equivalent to an increasing number of circulating shares.