Tom Lee’s BitMine Adds 9,946 ETH, Buys Back 6.1M Shares as Stock Gains
Highlights
- Bitmine bought 9,946 ETH last week as holdings represent over 4.8% of the total Ethereum supply.
- The firm also bought back 6.1 million shares of its common stock BMNR, up from last week's share buyback.
- The BMNR stock is up over 5% today.
Ethereum treasury firm Bitmine made another weekly ETH purchase last week as it draws closer to holding 5% of the total ETH supply. The company also maintained its share buyback, with the BMNR stock climbing over 5% today.
Bitmine Buys 9,946 ETH In Latest Weekly Ethereum Purchase
In a press release, the Ethereum treasury firm revealed that it acquired 9,946 ETH last week, maintaining its streak of buying ETH every week since the start of the year. The company now holds 5,787,414 ETH, which represents 4.8% of the total Ethereum supply.
Bitmine has 4,917,189 staked ETH, worth around $9.6 billion, which is 85% of the company’s total holdings. The firm’s latest purchase is an increase from the previous week, when Bitmine bought 7,430 ETH while also buying back 5.5 million shares.
The company also made another share buyback last week, repurchasing 6.1 million shares, up from the previous week. Bitmine Chairman Tom Lee noted that they increased their equity buyback based on their view of the rising ETH/BTC ratio as a sign that crypto prices are strengthening.
“In fact, this ratio is now at a 3-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices,” he added. The company has now bought back 11.6 million shares under the $4 billion share repurchase program.
BMNR Stock Gains Over 5%
The BMNR stock has climbed over 5% in premarket trading today amid Bitmine’s announcement of its latest ETH purchase and share buyback. The stock is currently trading at around $16, according to TradingView data.
This also comes amid the latest rebound in the crypto market, with the Ethereum price rising above the psychological $1,900 level. It is worth noting that the BMNR stock typically mirrors ETH’s performance given Bitmine’s exposure.
Tom Lee noted that ETH prices are now reaching a 10-week high and that they believe the next key levels are $2,000 and $2,500, as many technical strategists have highlighted. “Our advisor, Tom DeMark of DeMark Analytics, sees these levels as near-term targets if the comparison of ETH to S&P 500 post-Oct 1987 continues to hold,” he said.
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