$NODE will vote our shares WITH management on $BMNR's share authorization increase and encourages other holders to do the same. Digital Asset Treasuries (DATs) are a novel business model where outcomes depend heavily on management judgment, timing, and capital flexibility. Given ETH’s possible upside and lessons learned from MSTR, we see this one-time authorization to preserve flexibility as reasonable. Glass Lewis objects to scale. We disagree: $BMNR has so far avoided issuing common stock below mNAV and has differentiated itself with a buyback and a dividend: concrete, shareholder-aligned actions. Our support reflects confidence in management’s strategy and track record, and comes with expectations of continued NAV discipline, clear disclosure, and no anti-takeover use. @fundstrat

disclosure for fund mention