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buying back their stock at a premium instead of eth?
29.7. klo 19.26
[ ZOOMER ]
TOM LEE'S BITMINE, THE LARGEST ETHEREUM TREASURY, ANNOUNCES THEY WILL BE BUYING BACK UP TO $1B OF THEIR STOCK
usual flow here is:
mNAV premium: sell shares, accumulate treasury asset
mNAV discount: sell treasury asset, buy shares
BMNR is trading at a premium, so... ?
seems like they're going to use some of their $400m excess cash to buy their shares instead of eth.
pretty bad development. people buying their stock want them to keep plowing their cash into eth. this halts the momentum...
they must think this will lead to a bigger mNAV premium but their's is actually quite high already. it's > SBET and ~ in line with MSTR
they must think this will lead to a bigger mNAV premium but theirs is actually quite high already. it's > SBET and ~ in line with MSTR
have to imagine this is the most likely explanation, just getting the paperwork done for when the mNAV does compress a lot. doesn't make sense to buy back now.
29.7. klo 19.37
This does not mean : "We plan to buyback $1bn worth of shares"
It most likely means : "We now theoretically have the RIGHT to buy back up to $1bn worth of shares. But this is something we will do only if we trade at a large discount to NAV. Which is not our goal, ideally"
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