Tom Lee Says BitMine’s Buybacks and ETH Purchases Serve the Same Goal

Tom Lee says BitMine started aggressively buying back its own stock when shares fell below $15.
The company has since repurchased more than 20 million shares under its $4 billion buyback authorization.
At the same time, BitMine has continued buying ETH every week.
The logic behind both moves is similar.
When management believes BitMine shares are trading below the value of the underlying assets, repurchasing stock reduces the share count and can increase the amount of ETH backing each remaining share.
When the stock is more appropriately valued, capital can instead be directed toward buying additional Ethereum.
Both strategies are ultimately designed around the same metric:
Grow ETH per share.
That makes the buyback more than a traditional attempt to support the stock price.
It is another lever in BitMine’s Ethereum treasury strategy.