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Tom Lee: BitMine's 9.5% Preferred Is a Cheap 3-Year ETH Call Option
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Why BitMine’s 9.5% Preferred Is Secretly a Cheap ETH Call Option A 9.5% preferred sounds expensive. It’s actually the opposite. “If you wanted to buy a three year call on Ethereum… your option premium would be close to a 100%.” BitMine isn’t issuing stock, they’re using BMNR preferred to buy ETH outright — structurally the same as owning that call option. “It’s costing us nine and a half percent a year. It’s a really cheap call option to acquire ETH.” 🎬
Claims and supporting context
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Market context for assets mentioned
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EthereumETHExplore the subjects discussed
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Analysis last updated August 26, 2026 · Read the methodologyRead the creator’s original video description
Why BitMine’s 9.5% Preferred Is Secretly a Cheap ETH Call Option A 9.5% preferred sounds expensive. It’s actually the opposite. “If you wanted to buy a three year call on Ethereum… your option premium would be close to a 100%.” BitMine isn’t issuing stock, they’re using BMNR preferred to buy ETH outright — structurally the same as owning that call option. “It’s costing us nine and a half percent a year. It’s a really cheap call option to acquire ETH.” 🎬