New all time high for BMNR daily volume
They raised $220m - $300m to buy more ETH today
Assuming they are tapping the ATM facility at the same rate as SBET (5-7% of daily volume). Volatility is king
context on SBET issuance rate
SBET has issued over 51m shares for $984m in proceeds over the last six weeks, equivalent to 58% of the current market cap
The proceeds were used to purchase what is now $1.6b of ETH
The ATM facility expanded from a $1b cap to $6b on July 24, enabling another $5b of share issuance. We can see Sharplink intends to drip shares onto the market each week at a rate of 3-10% of trading volume
SBET saw $3.7b in trading volume this week, so I'm estimating approx $110-$180m of shares were sold (3-5% of volume)
If you assume nothing breaks (!!), they are on pace to purchase another $3b of ETH this year
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