Sharpnink recently resumed buying ETH, which should have come from a previous equity financing (RDO) of $75 million. At that time, it issued 10.13 million new shares and warrants to institutional investors at a premium of 40%. There are probably two reasons why someone is willing to accept the offer: The first reason is that Sharpnink's mNAV is currently at around 70% underwater, and its stock price is lower than its ETH net asset value. If you are bullish on ETH, then the 40% premium can still be calculated. The second is that the stock warrant provides an additional upside, with an exercise price of $8.15. If the stock price rises in the future (such as ETH surging to drive the stock price), they can buy more stocks at a price of $8.15 to gain additional leverage returns. This is equivalent to a combination package of stocks and call options.