1️⃣ Overview & Core Deal A Paradigm Shift for @BitMNR . A thread on its $250M pivot to an #Ethereum treasury, backed by a powerhouse syndicate. $BMNR We break down the core deal data, the ~92% dilution of legacy shareholders, and the strategic endgame for its original mining business.

2️⃣ The Architects & Equity Analysis Meet the architects behind the $BMNR transformation. A deep dive into the all-star syndicate ft. @PanteraCapital, @foundersfund, & lead investor MOZAYYX (advised by Cantor Fitzgerald). Plus, a detailed breakdown of the equity transactions that fueled the pivot.

3️⃣ The DAT Playbook Understanding the Digital Asset Treasury (DAT) model. We explore @PanteraCapital's thesis on DATs as public market vehicles for crypto exposure and break down the mechanics of the two potential outcomes: the virtuous 'Accretive Loop' vs. the dreaded 'Death Spiral'.

4️⃣ Market Landscape Sizing up the competition. A comparative dashboard of the key players in the Digital Asset Treasury (DAT) space. See how $BMNR stacks up against $MSTR, $SBET, $DFDV and other on Market Cap vs. NAV and the crucial mNAV premium.

5️⃣ Final Conclusion The Final Verdict on $BMNR. Is it a valuation bubble fueled by a low-float squeeze, or a high-risk, high-reward bet on the future of #Ethereum? Our concluding thoughts on this complex, three-tiered leverage play.

5️⃣ Final Conclusion The Final Verdict on $BMNR. Is it a valuation bubble fueled by a low-float squeeze, or a high-risk, high-reward bet on the future of #Ethereum led by @fundstrat? Our concluding thoughts on this complex, three-tiered leverage play. #CryptoStrategy #mNAV #DATs