According to @MilkRoadDaily, SBET is trading below mNAV 1, signaling the shares are priced under the market value of the ETH it holds (Source: @MilkRoadDaily, X, Sep 7, 2025). According to @MilkRoadDaily, the existing 1.5 billion share buyback authorization is most powerful in this setup, allowing the company to repurchase stock at a discount to its underlying ETH exposure (Source: @MilkRoadDaily, X, Sep 7, 2025).