Bitmine Adds $140M in Ethereum Holdings with Latest Purchase
Bitmine, an Ethereum treasury firm founded by Tom Lee, has continued its streak of buying Ethereum (ETH) every week. The company acquired 7,391 ETH over the past week, bringing its total holdings to nearly 4.8% of the total supply.
This purchase maintains Bitmine's goal of holding 5% of the total ETH supply, and it is now 96% of the way there. According to a press release, the firm's total staked ETH stands at 5,067,309, worth around $9.8 billion at current prices.
In addition to its Ethereum purchases, Bitmine also bought back 3 million shares of its common stock BMNR over the past week. The company has now repurchased 19.1 million common shares under a $4 billion share repurchase program since July.
Tom Lee, chairman of Bitmine, reiterated his bullish outlook for ETH and the broader crypto market. He noted that the odds of a Fed rate hike have fallen, and easing financial conditions are expected to be a tailwind for crypto.