There is a high probability that BMNR will not explode, but the stock price has basically cooled down. Even if ETH rises, it will be diluted by issuing shares, making it a pure scapegoat for buying BMNR stocks. There is a reason why V God doesn't strive. The old man who collapsed is too happy to eat for a lifetime. The project was directly given to BMNR, and this round also caused the Ethereum Foundation to sell about 500 million US dollars in coins. I am extremely happy, but only those who hold ETH suffer the most. 1. At present, Bitmine (BMNR) has 5.41 million ETH, accounting for 4.49% of the total supply. Calculated based on the ETH price of $1670, it has incurred a floating loss of nearly $10 billion 2. For every $100 drop in ETH, the floating loss increases by $540 million. 3. Cash on hand is 446 million (as of May 31), total assets are estimated to be around 97.8 billion, company market value is 9.7 billion, and total liabilities are 300 million US dollars. The company's market value is only slightly higher than the market value of holding ETH 4. Pledge income: 4.71 million pieces have been pledged, with an annualized value of approximately $219 million at current prices. Other business income is almost zero. 5. Preferred stock annual interest of 28.5 million+operating loss~$65 million/year. The coverage ratio of pledge income to rigid total expenditure is about 2.5x, and the safety margin is not sufficient. If ETH drops by more than half, the pledge income cannot cover interest and company operations. 6. There is a risk of stock price collapse, and the company has almost no profit, relying solely on ATM equity issuance financing to buy ETH. Large scale dilution may occur at any time. 7. Due in March 2027, there is currently no repayment pressure 8. Low probability of thunderstorms, Ethereum staking income can cover interest expenses The essence of BMNR's model is: issuing shares to buy ETH → pledging to earn interest → proving the feasibility of the strategy → continuing to issue shares. This is a cycle that requires ETH to continue rising in order to sustain. The most likely form of thunderstorm is not sudden death, but through rounds of dilution, allowing the original shareholders' equity to be slowly cooked.