1/ $SBET currently holds ETH valued at 1.73 billion USD, while its market capitalization is only 1.88 billion USD.

This is almost 1x MNav.

2/ As the price of ETH rises (or $SBET purchases more), their ETH holdings could reach 5 billion USD.

At that point, the $SBET trading price could be around 50 USD per share.

3/ Why this matters:

If the $SBET trading price is below 1 times the price-to-book ratio, institutions can scoop up shares, effectively buying $ETH at a price lower than the market rate.

This creates a natural bottom.

4/ It's like buying stocks at a price below their book value—eventually, the market will correct this.

So, what we really need to do is hold and let time work its magic.