BMNR has staked 1.25 million ETH, equivalent to 30% of its total holdings. Recently, I've been thinking about how to reflect the incremental benefits from staking in the mNAV tracking model. This involves valuing the staking rewards—should they be treated as risk-free cash flow or SaaS revenue? Neither seems quite right.
I think this is also a challenge institutions will face. The market isn't ready to price staking rewards at this scale, which often leads to pricing mismatches—and that's where the opportunity for narrative divergence lies.
$BitMine Immersion Tech(BMNR.US)
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