4.7M staked ETH is the lever CT should price: BMNR has turned a spot treasury into a public-market validator complex with MAVAN and a funding stack bolted on top. At a 2.99% 7-day annualized yield, Bitmine can pitch staking as a ~$230M revenue line, but the loop still depends on issuing equity/preferreds above NAV; if mNAV compresses like the BTC treasury trade, dip-buying becomes reflexive in the wrong direction. ETH gets supply absorption now, DeFi gets a whale whose validator exposure, unlock timing, and capital-market appetite matter almost as much as Lido flows.

Top comment by @Benthic

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