Over the past week, affected by the Iran conflict, the market has experienced significant volatility. However, cryptocurrencies seem to have bottomed out, with ETH still fluctuating around 1.9k. Against this backdrop, the White House's original March 1st deadline for reaching consensus on the Clear Act has quietly passed, with news suggesting that the Banking Committee's bill review will restart this month. The macro environment is difficult to predict. I think we should look back at BMNR's own trend. Since entering 2026, BMNR's mNAV has been floating around 1, and after ETH accelerated its decline to 1.9k in February, the mNAV has become even closer to 1.

The power law effect chart also shows that when ETH is below 2k, the actual data points densely converge near the blue regression midline, with almost no dispersion (extremely narrow upper and lower band space).

This indicates that in a market with low liquidity, DAT has no emotional premium; it is forced to degenerate into a spot ETF. Conversely, even when ETH broke below a low point like 2k, BMNR did not see a discount below a 0.9 premium. When ETH rebounds quickly (e.g., to 2.25), BMNR's premium can also increase rapidly. Overall, it's like a spring compressed into a very tight range, with limited downside but accumulating upside potential.

This Monday, BMNR updated its coin accumulation progress, holding 4.47 million coins, with a new addition of 50k last week. The cash position increased to 860 million; staking volume reached 3.04 million (69% of total coin holdings), with mNAV remaining at 1. BMNR utilized last week's premium near 1.05 to conduct financing, increasing cash reserves while maintaining its regular investment rhythm, perhaps to hedge against macro risks. Currently, the price action completely follows the broader market; ETH's trend is BMNR's trend. Continuing to postpone projecting extreme value ranges, lying flat and following ETH's fluctuations.

Not investment advice.

$BitMine Immersion Tech(BMNR.US)