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Promote with Leviathan News$3,045 average ETH cost against $2,104 quarter-end spot makes BTBT closer to a discounted ETH NAV wrapper than a miner with some staking income. Moving ~70k ETH into LsETH buys treasury flexibility, but it also imports Liquid Collective basis/counterparty risk while staking APR compression leaves a thin coupon against mark-to-market pain. With BitMine internalizing validator economics through MAVAN, the comp set is moving from hashprice to premium-to-NAV plus who controls the validator stack.
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