---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38340465.md"
description: "ETH fell, BMNR fell, and the compression of mNAV premium is a fact, but whether the mNAV compression is caused by the management's unrestrained ATM, I will share my observations. Since I update the tracking model every day, I can estimate the ATM quantity based on daily stock price, trading volume, ETH price, weekly ETH purchases, and weekly cash changes. At the same time, the estimated data will be regularly verified with the fully diluted shares announced by the SEC. I have confidence in the credibility of my data.My conclusion is:- From August to the end of October, mNAV was between 1.2 and 1.5, and the ATM quantity was about 5% of the daily trading volume. At that time, liquidity was good, and sell orders of over a million could also be observed, which was also the time when BMNR purchased the most ETH;- From early November to mid-December, mNAV was between 1.1 and 1.2, and the ATM quantity was about 3% of the daily trading volume. ETH entered a downward trend, crypto liquidity declined, financing amounts decreased, and the progress of hoarding coins also slowed down during this period;- From mid-December to now, when mNAV is between 1 and 1.1, the ATM quantity is about 2-3% of the daily trading volume. At this time, the progress of hoarding coins has turned into a fixed investment of 30,000 to 40,000 per week. When mNAV <1, there is no ATM, and cash is used to hoard coins.DAT, as a new business model born with crypto, does not have a perfect business paradigm. BMNR is also following MSTR's lead. This model determines that ATM must be carried out under the condition of being able to raise funds without damaging the stock price momentum. But now the overall crypto market is falling. BMNR's holding cost is about 3.9k, and ETH's current price is 2.1k, with a floating loss of 46%. MSTR's cost is 77k, and BTC's current price is 75k, also falling below the cost line. Whether it is a problem with the DAT business model, corporate governance, or the overall market, everyone can judge for themselves.I just wrote down my own research and opinions. I didn't force you to read it, nor did I charge you a penny. In other words, even if every opinion I say is wrong, you have no right to ask me to be responsible for you. If the analysis is wrong, I will reflect, summarize, and continuously optimize the system to improve the win rate. If you only know how to complain and blame, then the next time you will still lose.$BitMine Immersion Tech(BMNR.US)$Strategy(MSTR.US)"
datetime: "2026-02-02T08:39:32.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38340465.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38340465.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38340465.md)
author: "[lyhalfway](https://longbridge.com/en/profiles/3372973.md)"
---

# ETH fell, BMNR fell, and the compression of mNAV p…


### Related Stocks

- [BMNR.US](https://longbridge.com/en/quote/BMNR.US.md)
- [BMNRD.US](https://longbridge.com/en/quote/BMNRD.US.md)
- [STRD.US](https://longbridge.com/en/quote/STRD.US.md)
- [STRK.US](https://longbridge.com/en/quote/STRK.US.md)
- [STRF.US](https://longbridge.com/en/quote/STRF.US.md)
- [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md)
- [STRC.US](https://longbridge.com/en/quote/STRC.US.md)

## Comments (71)

- **kelvinaaa · 2026-02-06T00:04:27.000Z**: Actually, there's no big problem with bmnr's business model, but the overall market is still not doing well. After venting my anger, I can only endure it.
- **Ryan- · 2026-02-03T17:27:38.000Z**: Agreed, there isn't a perfect crypto-stock company in the market right now, so what exactly is the right model for crypto-related companies? Looking forward to the emergence of a truly perfect crypto company 😀
- **新用户_YTSwZBwqq · 2026-02-03T06:00:08.000Z**: Brother, don't pay attention to them!
- **知了_1028 · 2026-02-02T14:38:52.000Z**: Actually, there's no need to be so conflicted. In the long run, cryptocurrency is an important part of Wall Street. Believing this is enough—just give it time.To put it bluntly, those with emotional reactions are mostly short-term traders... Just ignore them.
- **Luyouyou · 2026-02-02T12:32:51.000Z · 👍 5**: Supporting the noble, selfless, and respectable Uncle Yaren, his unique way of thinking has always been a focus of attention and learning, greatly benefiting us 🤝🤝🤝
  - **lyhalfway** (2026-02-02T13:06:17.000Z): The original intention is still to communicate and share, so as to inspire each other
- **Lemon路 · 2026-02-02T12:27:20.000Z · 👍 2**: Reasonable doubts and discussions are welcome, emotional remarks will be blocked
- **赵传 · 2026-02-02T12:21:12.000Z · 👍 2**: Block the trolls, giving them even a second more is disrespecting yourself. Hope the OP can continue sharing.
- **幸运币 · 2026-02-02T11:46:03.000Z · 👍 2**: 🤡Followed Uncle Yaren for half a year, to be honest, I still don't understand anything, I just like to watch
- **Devin丶 · 2026-02-02T11:30:09.000Z**: Support you!
- **在微软等半导体暴跌 · 2026-02-02T10:48:28.000Z**: Encryption is not something ordinary people can handle, it's very hard to control
- **慢慢变富滚雪球 · 2026-02-02T10:36:31.000Z · 👍 1**: Thanks for sharing
- **顺势而为.c. · 2026-02-02T10:07:10.000Z · 👍 2**: You can't discuss ice with a summer insect, I support you Uncle Yaren
- **不断学习，不断进步。 · 2026-02-02T09:59:04.000Z · 👍 1**: Uncle Yaren is under a lot of pressure. I've also been under a lot of pressure lately because I'm applying for a Ph.D. I feel like I'm not sleeping well.
  - **lyhalfway** (2026-02-02T10:05:02.000Z): Come on
  - **不断学习，不断进步。** (2026-02-02T10:47:09.000Z): Thank you
- **这是个好事啊 · 2026-02-02T09:55:49.000Z**: I'm panicking😨
- **李涵悦李博思的交易员 · 2026-02-02T09:50:35.000Z · 👍 1**: The most disappointing point about key bmnr now is that it did not achieve the buffer that dat should have achieved. I can understand selling stocks and hoarding coins when the market rises, but you should buy back when the market falls. Selling stocks when the market rises and falls, and unlimited 
- **藏马 · 2026-02-02T09:45:35.000Z · 👍 2**: Just block this kind of person directly.The block function is meant to be used at times like this.Why do those freeloaders think they can take others' opinions for free and then come back to mock them? 🙄
- **屹哥小迷弟 · 2026-02-02T09:38:35.000Z · 👍 5**: The issue of cultural attributes, Brother L still needs to keep sharing. A mix of joy and sorrow is the charm of the stock market.
- **爱吃酱炒饭的井上春明 · 2026-02-02T09:35:15.000Z**: It is estimated that the reversal will have to wait for Wash to play.
- **rechenhh · 2026-02-02T09:22:48.000Z · 👍 1**: Thank you
- **硬扛到底 · 2026-02-02T09:22:20.000Z**: Continue to top up the position, reserve funds to keep topping up, no one knows where the bottom is, but a sufficient safety cushion is enough