Math doesn't add up on $BMNR BitMine NAV growth. $ETH holdings value far greater than disclosed holdings + offering proceeds + Ether appreciation. Here is how @fundstrat Tom Lee is doing the impossible... He is NOT doing offerings and just buying $ETH at market price afterwards. This is what I think he's doing: Step 1: Use offering proceeds to buy OTM calls. Step 2: After Ether appreciates, use the next offering's proceeds to convert what are now ITM calls into actual Ether holdings. Step 3: Rinse and repeat. He has mentioned in passing they're using options, but is pretty hush-hush on it. Probably doesn't want to discuss $BMNR secret strategy in-depth because then it won't work as well, plus others may rip it off or frontrun.