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TOM LEE'S BITMINE, THE LARGEST ETHEREUM TREASURY, ANNOUNCES THEY WILL BE BUYING BACK UP TO $1B OF THEIR STOCK
does that mean selling ETH or how does an ETH treco buy back its shares? do they take commitments in USD that they can decide to buy ETH or their own stock with?
I'm not the only confused
29.7. klo 19.32
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... ?
OK my best guess is they are saying "even though we trade at a large premium to mNAV, we think our fair valuation is even higher, so we're a buyer"
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