Bitmine Adds 10,399 ETH, Repurchases 4.5M Shares Amid Stock Decline

Bitmine Immersion Technologies has continued its Ethereum accumulation strategy, adding another 10,399 ETH to its treasury and lifting its total holdings to 5,797,813 ETH. This represents approximately 4.8% of Ethereum's circulating supply.

The company repurchased 4.5 million BMNR shares during the past week as part of its ongoing buyback program, bringing the total number of shares bought back to over 16 million.

Despite the recent addition to its treasury, BMNR stock has fallen towards $17 due to investors weighing in on the company's mounting unrealized losses. DropsTab estimates that Bitmine has an unrealized loss of approximately $8.8 billion on its Ethereum position.