Diluting below mNAV? Maybe not…
There’s been a lot of discussion about the share issue activity over the last week which funded the 101,000 ETH purchase.
What has to be considered is that while the mNAV might be at <1 at the closing bell, there has been some fairly large intraday changes - on the 17th we hit $24.11 for example.
The purchases of ETH are almost certainly triggered by specific price being hit. With the price of ETH and the estimated share count considered the mNAV could have been above 1 for these larger purchases.
With an ETH price of $2300, estimated outstanding shares at more than 566.5M and a share price of $24.11 the mNAV would have been 1.11….
There’s plenty of room to hit an accretive ETH purchase with these numbers. The fact that opportunities for buying at >1 have been more prevalent this week due to a degree of price recovery also explains the increased quantity of ETH purchased.
Let the ‘yeah but’s commence…