BMNR is tapped for now. I attribute a portion of ETF selling today to be mercenary $$ that likely came to the same conclusions as me below (as they are smart, and have been front-running TCo spend for about a month+ now & ever since SBET's first PIPE back in May/June). Note how ETFs behaved when SBET similarly signaled on 8/15 that they were out of cash! BMNR disclosed ~$560M of cash on their B/S today - and so why do I say they are tapped when there is clearly some juice behind? First - mentioning their cash allowance is a noticeable deviation from their weekly press releases where they (mostly) only discuss their crypto holdings. So why give precision around how much cash they hold? The last time they discussed how much cash they held was when they initiated the buy-back program and disclosed to the mkt they had $400M behind, and mNAV was thought to be ~1.1x. Did they disclose how much cash they had the following week? The answer is no. They do so when it is advantageous for them. It is rumored that BMNR unlocks are coming this week. Today's disclosure therefore was perhaps signaling to the market that they are going to try to defend share price (to help front-run expectations); also possible some of the ~$500M is backing existing options that have not yet settled So why is this relevant? Because they are likely trying to eat their cake and have it too - Tom's tweet today (and even last week) around expressing that ~$4300 is a "bottom" IN THE NEXT FEW HOURS It is clear to me they are trying to leverage their appearance of providing plunge protection (which they actually likely did a bit last week b/w $4075-4150); instead this time having others do their work for them. Will this work? Don't Know.