$BitMine Immersion Tech(BMNR.US) Today, Tom Lee gave a speech at the Consensus conference, mentioning that as the company approaches its 5% target, it will slow down the pace of ETH accumulation.
I think this is a necessary move. The mNAV has been fluctuating around 1 for 5 months since December '25. Without a breakthrough in ETH, it's hard for the premium to expand significantly. Currently, the company has 700 million in cash on its books, still 800k ETH short of the target, requiring over 1 billion in additional financing. The current staking volume is sufficient, and staking yields are stable. Slowing down accumulation also means reduced financing pressure. We'll see if the mNAV can slowly recover in the future.
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