The market hates uncertainty. As the progress of the crypto bill review continues to be disclosed, the consensus and differences between the two parties on the bill are gradually becoming clear, and BTC and ETH have also made breakthroughs.
The same goes for BMNR. I believe the limited increase is not due to ATM. Last night, one ATM was identified at 300,000 shares, with a total daily trading volume of 40 million shares, less than 1%. For comparison, in September, when BMNR's mNAV was at 1.4+, the ATM volume was about 3~5% of the daily trading volume. The current liquidity can fully absorb it. The biggest uncertainty is the shareholder meeting on the 15th. If the resolution to issue additional shares is not passed, the company's growth space will be locked. This uncertainty is what the market hates.
But this is also an opportunity for pricing mismatch. I believe the possibility of it passing is very high.
$BitMine Immersion Tech(BMNR.US)
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