Method and sources
What the score counts, what it leaves out, and where every number comes from.
Saylor −17.8% Lee −49.0%Saylor leads by 31.2 ptsLive scoreboard
How the winner is decided
The winner is whoever has the better return on cost: the current value of the coins divided by what the company paid for them. Dollar profit is shown too, but the treasuries are different sizes, so return is the fair comparison.
What the score leaves out
- Paper results only. Nothing here is realized. Both companies still hold the coins.
- No staking income. BitMine earns rewards on its staked ETH and Strategy's Bitcoin earns nothing. That favours Lee and is not in his return.
- No financing costs. Both raise money by selling new shares, and Strategy also carries debt and pays preferred dividends. Dilution and those payments are not counted.
- BitMine's cost is estimated. It publishes holdings but not a purchase price.
- Strategy has sold as well as bought. It reported selling 6,948 BTC across 4 filings in 2026. Its cost figure is the one it reports for the coins it still holds.
- Share prices are separate. mNAV shows how each stock trades against its coins, but it does not affect the score.
Shown, not scored
| Saylor Strategy, Bitcoin | Measure | Lee BitMine, Ethereum |
|---|---|---|
| 4.23%of BTC mined so far, 4.05% of the 21M cap | Share of supply | 4.97%of ETH in circulation, ETH has no cap |
| NoneBitcoin cannot be staked | Staking income | $237.0M a yearprojected: 86% of its ETH staked at 2.65%, as of Nov 8, 2026 |
| 1.04×stock at a 4% premium to its coins | Stock vs coins (mNAV) | 1.00×stock priced level with its coins |
Sources
- Holdings last reported
- Strategy: Nov 9, 2026 filing, purchase history, all 8-Ks on SEC EDGAR
- BitMine: Nov 9, 2026 release, company site, all 8-Ks on SEC EDGAR
- Prices as of
- Live. They stream from Coinbase and update every second, so they are newer than the holdings.
- Coin counts only change when a company publishes a new report, usually once a week.