usual flow here is:
mNAV premium: sell shares, accumulate treasury asset
mNAV discount: sell treasury asset, buy shares
BMNR is trading at a premium, so... ?
seems like they're going to use some of their $400m excess cash to buy their shares instead of eth.
pretty bad development. people buying their stock want them to keep plowing their cash into eth. this halts the momentum...

they must think this will lead to a bigger mNAV premium but theirs is actually quite high already. it's > SBET and ~ in line with MSTR

they must think this will lead to a bigger mNAV premium but theirs is actually quite high already. it's > SBET and ~ in line with MSTR

have to imagine this is the most likely explanation, just getting the paperwork done for when the mNAV does compress a lot. doesn't make sense to buy back now.
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