Tom Lee's participation in $BNMR raised the stock issuance cap (ATM) to $24.5 billion, with plans to raise an additional $20 billion all to be used to buy $ETH. Currently, it is already the world's largest ETH publicly traded company holding (1,150,263 coins), with a goal of holding 5% of all ETH in circulation.

This is positive for ETH as it equates to a huge potential buying demand, but it is somewhat unfriendly for BNMR shareholders. The pre-market stock price has already slightly retreated. Referring to the experience of MSTR, stock prices often return to the adjusted mNAV after large-scale ATMs, diluting premiums.

If it can return to a reasonable valuation (premium) range, as a leading ETH stock, it remains one of the most favored targets in the market for capital.