Lee has been clear: buybacks make sense when a stock trades below “intrinsic value,” reported MEXC.

The Math Behind The Move

And right now, BitMine’s balance sheet tells an interesting story—its Ethereum (CRYPTO: ETH) holdings are estimated at over $10 billion, while its market cap sits closer to the $9–10 billion range.

That gap matters.

Because if BitMine is effectively trading at—or below—the value of its ETH holdings, then buying back stock isn’t just financial engineering. It’s a cheaper way to gain exposure to Ethereum.

Stock Vs ETH: The Same Trade, Different Price

Here’s the trade-off investors are now looking at:

Buying ETH directly offers clean, 1:1 exposure.

Buying BitMine…

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