I believe you are correct, but a lot of people see the share price as overvalued because it has gone up so far .1BTC -> 2.5 BTC.  But if one truly does the math valuing the company at 1 million BTC (2.5BTC * 400k shares).  They are earning ~300k BTC per year just from mining, and their sales more than likely double that on a yearly basis (atleast this year).  This gives them a P/E ratio of roughly 1.66.  Anyone who knows anything about P/E ratios especially in the tech market knows this is surprisingly low.  However, one of the reasons it is low is because of difficulty to trade shares and the high risk associated with holding them.  These reasons may outweigh the pros to outside observers and makes it difficult for newcomers to engage in trading the stock.