Over the past week, BMNR has two noteworthy pieces of information:

1. Vitalik published a long article about EF positioning and ETH vision, mentioning "supporting ETH the asset has necessary aspects outside the scope of EF. This is where we need other heroes. This is where we need other heroes, some of whom hold more ETH than the EF does." That is, the foundation is just one of the ordinary nodes in the ecosystem, and for ETH's market cap management and asset narrative, "other heroes" outside the foundation are needed. Tom Lee also chimed in, suggesting that as the largest ETH holder institution, continuously enriching the ETH ecosystem and asset narrative could be a key focus for BMNR to achieve the next stage after reaching 5%.
2. Russell index adjustment: BMNR has been included in the Russell 3000 and 1000 indices. The passive rebalancing of the fund will be executed after the close on June 26. This is BMNR's first inclusion in a mainstream index, which will also bring some institutional capital inflows.

Regarding BMNR's operations, last week they accumulated 110k coins (surprisingly high), entirely using cash positions, with cash reserves remaining at 440 million. The company views ETH's recent dip below 2.2k as a buying opportunity, thus increasing accumulation speed. I compiled a chart of BMNR's accumulation timing and ETH's historical trend, showing that BMNR's strategy is dollar-cost averaging rather than timing the market; purchase amounts depend on current financing capacity. This is similar to MSTR. Currently, mNAV is at 0.95. I think stock price movements between 0.9 and 1 for mNAV are quite normal, and the company won't initiate an ATM. However, in the coming period, since cash reserves are limited, if mNAV has a chance to break above 1 intraday, they will likely use the window for financing. So, if ETH surges in the next few days and BMNR also rises intraday, a hedging strategy could be considered.

The Clear Law is currently in the backend coordination stage with agriculture and banking sectors, but the Senate's agenda in June is crowded, competing for windows with budget allocations, geopolitical/national security issues, etc. A more realistic path is to release the consolidated text/ethics compromise in early June, aim for scheduling in mid to late June, and make July a more feasible Senate voting window. Therefore, June is likely to remain a "garbage time" for crypto. #Bitmine再次买入2.5万枚ETH $ETH