Tom Lee‘s BitMine Immersion Technologies, Inc. (NYSE:BMNR) just unveiled a massive $4 billion buyback—but the real story may not be capital return. It may be valuation.
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, …