Just now, Bitmine announced a preferred stock issuance application, offering a 9.5% yield. This suggests that BMNR is trying to follow MicroStrategy's model of issuing STRC to support its token price. But here's the issue: we know Tom Lee's ETH cost is $3,500, and Saylor's cost is $75,699. Yet, Tom Lee has lost $1B (1 billion USD) more than Saylor. After issuing STRC, Saylor's next step was to sell BTC to show his commitment to repaying interest. So, does this mean ETH might also... become the next ticking time bomb? (Even the 9.5% interest on BMNR's preferred stock is lower than STRC's.) This feels like a sign of running out of steam. The most critical issue is that even the STRC playbook isn't working anymore. Issuing preferred stock at this point, even if it’s a short-term boost, could be interpreted by the market as an even worse signal. If we see continued new lows here, it could be a very ominous sign.