Over the past week, both BTC and ETH experienced significant declines, but for BMNR, it was still a milestone week. The company finally expanded its financing toolbox beyond ATM - the preferred stock BMNP. BMNP has a total authorized issuance of 20 million shares. The first batch was planned to issue 3 million shares at a price of 100 with an interest rate of 9.5%, paying interest weekly. The actual issuance was 3.5 million shares at a discounted price of 80, with the interest rate and payment method unchanged. Considering the downturn in the crypto market, a certain degree of discount was within expectations...

Over the past half month, BTC has fallen quite a bit, mainly due to ETF net outflows. From the data, there were only four or five days of ETF net inflows in May, with outflows on all other days. In fact, there have been continuous net outflows for over ten days from May 15th until now. For liquidity-sensitive assets like crypto, ETF fund flows have a significant impact on daily price movements. Meanwhile, MSTR has also started selling coins to pay interest. Although they only sold 32, which is negligible compared to their total holdings, this breaks Saylor's previous promise of never selling coins. The essence of DAT's business model is to hold the underlying assets long-term, not to buy low and sell high for short-term trading...

Over the past week, there have been two noteworthy pieces of information regarding BMNR. First, Vitalik published a lengthy article about EF's positioning and the vision for ETH...

Last week, Tom Lee indicated that as the 5% target approaches, the pace of coin accumulation will slow down. Looking at the results, this Monday BMNR updated its coin holdings to 5.2 million, with a new addition of 26,000, and the cash position slightly increased to 775 million. At the same time, an additional 350,000 coins were staked, bringing the total staked amount to 4.7 million, accounting for 91% of the total holdings, with mNAV rebounding to 1.02. Since 2026, BMNR has cumulatively purchased 1 million coins, gradually increasing from a weekly fixed investment of around 40,000 to 100,000, and now it's back to around 30,000. Regarding the change in the accumulation speed, I believe it's partly due to the need for premium recovery...

This Monday, BMNR updated its holdings to 5.07 million coins, with an increase of 102,000 last week. Its cash position decreased from 1.12 billion to 940 million, used for coin accumulation, while mNAV continues to fluctuate around 0.98. Meanwhile, 360,000 new coins were staked last week, bringing the total staked amount to 3.7 million, accounting for 73% of total holdings. BMNR released an S-3 filing on April 23rd, detailing the acquisition specifics of pier two and also disclosed the total number of shares outstanding as of April 23rd as 568m...

The crypto market is still influenced by Middle East negotiations and the Clear Act, but the market is gradually becoming desensitized to the progress of the talks, focusing more on the upcoming statements from the new Fed Chairman, Wash. The roadmap for the Clear Act has been analyzed in detail in yesterday's post, so I won't repeat it here. Last week, BMNR experienced two frustrating rallies followed by pullbacks, but the company also disclosed the exact total number of shares in its earnings report. Combined with the updated coin accumulation progress on Monday, I'm trying to trace back what actions management has taken and how these actions might affect BMNR's update on holding 4.79 million coins this Monday...

This week, the core focus for tracking BMNR remains two main lines: one is the Middle East conflict. It doesn't affect BMNR itself, but rather global liquidity and risk appetite. Although ETH rebounded to 2.1k+ yesterday, the market is clearly still waiting to see if the situation will escalate further after the 48-hour deadline given by Trump tonight expires. The other line is the progress of the Clear Act. With Coinbase obtaining the OCC license, gaining the status of a federally recognized trust bank/custodian institution, Coinbase's negotiating stance on the issue of stablecoin interest may ease up somewhat...

Last week, the Middle East conflict continued to drag down the broader market, but ETH remained relatively resilient, still holding above 2k. The Clarity Act is expected to be reviewed by the banking committee in mid-April. If it fails to pass this time, with the midterm elections approaching, there will be no hope for it this year. Therefore, the regulatory agencies led by the White House are pushing forward with full force. The current deadlock is still on the regulations regarding interest-bearing stablecoins. Coinbase's CEO (referred to as "coin bald head" in the original) still refuses and has stated he will propose a counter-proposal for negotiation. There are still two to three weeks left, and it's uncertain whether the two sides can reach an agreement. BMNR's fundamentals actually saw a very important change this week...

BMNR disclosed more information after officially launching MAVAN. The company's updated SEC filing shows it acquired a blockchain staking company, PierTwo, to build MAVAN's core technology platform. Next, we'll analyze the impact on BMNR's valuation through the transaction details. The essence of the PierTwo deal is not just BMNR buying a staking business, but an attempt to move beyond the single ETH treasury narrative...

Last week, due to the Middle East crisis, ETH fell back after hitting resistance at 2.4k, and Trump also staged a dramatic scene. As analyzed yesterday, regarding Middle East risks, I think we just need to focus on the 10-year US Treasury yield. Once it breaks through 4.4%, there will inevitably be administrative intervention. This was proven during last year's tariff turmoil. The underlying logic is still that government spending relies on rolling over US debt. If interest rates are too high, government revenue will be unable to bear the interest cost. The Clear Act is still steadily advancing this week, and the market expects the banking committee to reach a consensus around Easter...