BitMine Immersion Technologies (BMNR) trying to do what MicroStrategy did, but with Ethereum (ETH). They're using equity to buy a ton of ETH, which makes stock price and market cap super volatile and dependent on how fast they can get financing. The core of this strategy is a "reflexive flywheel" based on the mNAV premium—if the stock price is higher than net asset value (NAV) per share, they can issue more stock to buy more ETH, which should increase the amount of ETH per share. But what if the price of ETH drops, what if mNAV premium shrinks and they can't get more financing, what if the capital market can't handle this, and what about regulatory uncertainty? In my view long-term success isn't about how much ETH I can get, but whether they understand the troubles of , the risks, have an actual use for ETH or can become a legitimate asset manager instead of just a shell company riding a valuation narrative. I don’t think ETH treasuries are a good idea. This will end badly ? What you reckon?