Let's talk about the financing plan announced by BMNR last night. BMNR submitted a supplemental prospectus to the SEC last night, announcing a significant expansion of its "at-the-market" (ATM) stock issuance plan. Key points of the financing document: The original ATM issuance limit was $2.5 billion (including the initial $2 billion plus $500 million from the first supplemental document); The new supplemental document will issue an additional $20 billion in common stock; The total financing cap will reach $24.5 billion. After the document was released, BMNR's stock price dipped slightly but quickly stabilized and rebounded, demonstrating the leading effect and market expectations. It's easy to understand the stock price drop after the financing announcement, as they are set to issue an additional $20 billion in stock, while the current market value is only over $6 billion, leading to concerns about a massive sell-off and the stock price being unable to hold. However, after carefully studying the ATM mechanism, many people may feel reassured. The ATM financing mechanism, short for "At-the-Market" offering, is a method for publicly traded companies to flexibly raise funds through stock issuance. It allows companies to sell shares directly in the secondary market at the current market price without going through traditional underwriters or fixed-price public offerings. This mechanism is particularly suitable for financing needs that require gradual adjustments based on market conditions and is often used to supplement company funds, acquire assets, or expand operations. The advantage of this financing mechanism is its flexibility; simply put, selling a little each day can significantly reduce the impact of large sell-offs on the market. Given the current attention and heat surrounding BMNR, and with daily trading volumes in the tens of billions of dollars, selling a little each day should be manageable for the market. More importantly, the U.S. stock market looks ahead. Currently, BMNR holds 1.15 million Ether, valued at $5.29 billion, while BMNR's market cap is $6.4 billion. If they successfully raise the additional $20 billion, they could buy over 4 million more Ether, bringing their total to over 5 million Ether, which would be valued at $20-30 billion (at the current Ether price). Therefore, BMNR's market cap should match the value of the Ether they hold at that time. Of course, it's important to note that the number of BMNR shares will also be several times higher by then. Overall, BMNR still has significant potential in the medium term.