BitMine Adds Thousands to Ethereum Holdings Amid Strengthening Momentum

BitMine Immersion Technologies (BMNR) continued to bolster its Ethereum holdings last week, purchasing 9,946 ETH and bringing its total to 5.787 million or approximately 4.8% of circulating supply.

The company's Chairman Thomas Lee noted that the ETH/BTC ratio reached a three-month high of 0.300, indicating strengthening momentum for Ethereum.

Ethereum itself saw significant gains, rising by about 2.4% over the past seven days while Bitcoin dropped roughly 0.7%, according to CoinGecko data.

BitMine also ramped up its share buyback program, repurchasing 6.1 million shares last week and bringing July's total to 11.6 million shares under a previously authorized $4 billion program.