Currently, the market capitalization of $SBET is $3.2 billion, with a stock price of $36. The market capitalization of holding ETH is $1 billion. If SBET achieves a holding of 1 million ETH (worth $3.6 billion) in the future, and if other parameters remain unchanged (mNAV, ETH price), the market capitalization of SBET could proportionally increase to $11.52 billion. If during this process, the average performance of mNAV exceeds the current 3.2 and the ETH price is better than $3600, it will also have a certain degree of positive impact on the market capitalization of SBET.
Many people use mNAV to calculate the limit of SBET and compare it with the peak period of MST R, which is actually incorrect because it is reflexive. You need to divide the maximum value of the money it can raise by the current market value and then divide by the proportion of the new issuance to get the proportion by which the current price can rise.
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