Let's discuss the financing plan announced by BMNR last night. BMNR submitted a supplementary prospectus to the SEC, announcing a significant expansion of its "at-the-market" (ATM) stock issuance plan. Here are the key points of the financing document: The original ATM issuance quota was $2.5 billion (including the initial $2 billion plus $500 million from the first supplementary document); The new supplementary document will additionally issue $20 billion in common stocks; The total financing cap reaches $24.5 billion. After the document was published, BMNR's stock price slightly dropped but quickly stabilized, demonstrating the market's expectations and the leading company's influence. The stock price drop after the financing announcement is understandable, as an additional $20 billion in stock issuance is significant compared to the current market value of around $6 billion. However, after carefully studying the ATM mechanism, many people might feel more at ease. The "At-the-Market" offering is a flexible method for listed companies to raise funds by selling stocks directly on the secondary market at current market prices, without traditional underwriters or fixed-price public offerings. This mechanism is particularly suitable for gradual financing needs that can be adjusted according to market conditions. The advantage of this financing mechanism is its flexibility. By selling a small amount daily, it can significantly reduce the market impact of large-scale selling. Given BMNR's current market attention and daily trading volume of billions of dollars, the market can likely absorb these sales. More importantly, U.S. stocks are forward-looking. Currently, BMNR holds 1.15 million Ethereum, with an Ethereum market value of $5.29 billion, and a market value of $6.4 billion. After raising an additional $20 billion, they could buy over 4 million more Ethereum, potentially accumulating over 5 million Ethereum with a market value of $200-300 billion. BMNR's market value should then align with its Ethereum holdings. However, it's important to note that the number of shares would also be several times the current amount. Overall, BMNR still has significant mid-term potential.

100 billion is already the upper limit of MicroStrategy, and it would be great if it can reach half of MicroStrategy.