Tom Lee’s Bitmine Adds 7,391 ETH, Buys Back 3M BMNR Shares

Ethereum treasury firm Bitmine bought Ethereum again last week, maintaining its streak of weekly ETH purchases. The firm also continued its BMNR stock buyback, buying 3 million shares last week while the common stock is down despite this development.

Bitmine Acquires 7,391 ETH As Holdings Reach Almost 4.8% Of Total Supply

In a press release, the Ethereum treasury firm revealed that it acquired 7,391 ETH over the past week. It now holds approximately 4.8% of the total ETH supply and is 96% of the way to reaching its goal of holding 5% of the total supply.

Furthermore, Bitmine’s total staked ETH stands at 5,067,309, worth around $9.8 billion at current prices, and represents 87% of the company’s total Ethereum holdings. The ETH treasury firm projects its staking reward to be $194 million on an annualized basis and a 7-day BMNR yield of 2.63%, which its own staking operations generated.

This latest Ethereum purchase maintains the company’s streak of buying ETH every week since it adopted an Ethereum treasury strategy last year. As CoinGape reported, Bitmine bought 10,399 ETH two weeks ago while also maintaining its share buyback.

The company’s chairman, Tom Lee, reiterated their bullish outlook for ETH and the broader crypto market. “We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data,” he said.

The Bitmine Chairman further noted that the odds of a Fed rate hike have fallen and that they expect the easing financial conditions to be a tailwind for crypto. As CoinGape reported, the July nonfarm payrolls fell by 23,000, which eased fears that the Fed will hike rates as soon as September.

Another 3 Million BMNR Stock Buyback

The Ethereum treasury company also bought back 3 million shares of its common stock over the past week. It has now repurchased 19.1 million common shares under a $4 billion share repurchase program since the start of July.

Tom Lee noted that they continue to view the BMNR stock as undervalued. “Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs Bitcoin (monthly) has typically been followed by Bitmine’s shares outperforming ETH over the following month,” he said.

The BMNR stock is down less than 1% today, trading at almost $19, according to TradingView data. The stock has notably climbed over 31% in the last month, outperforming ETH, which is up just over 6% during this same period.

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