$BMNR operates as a treasury company, similar to how $MSTR functions. The key difference? While MicroStrategy built its strategy around Bitcoin—an energy-intensive proof-of-work asset—$BMNR takes a different approach. Their treasury is capitalized on assets that don't rely on energy-based mining. It's an interesting pivot in the corporate crypto playbook, showing how companies can diversify their treasury strategies beyond the traditional Bitcoin holdings model.