As you already know, in this cycle $ETH has drawn institutional attention. ETFs are buying, but what’s even more interesting is that companies are also adding ETH to their balance sheets. The most important metric for gauging growth potential is mNAV. As you can see in the screenshot, $BMNR has a high mNAV, which corresponds to significant ETH purchases for its treasury. If mNAV falls below 1, it means the company is forced to sell ETH and buy back its own shares, clearly a negative for ETH’s price. That’s why it’s crucial to track this metric and use it to assess the positioning of these companies. h/t: @Delphi_Digital