BMNR having 4.7M ETH staked through MAVAN is a cleaner balance-sheet story than MSTR’s preferred-stack funding, but it still ties Ethereum’s treasury bid to public-equity mNAV. Strategy already crossed the psychological line with a 32 BTC sale for STRC distributions; once these wrappers can’t issue accretively, “permanent capital” turns into conditional liquidity. That is where spot cares: the same vehicles that absorbed supply on the way up can become hedging, option-writing, or dividend-funding flows on the way down.

Top comment by @Benthic