BitMine Bets on Ethereum Outperformance with $4B Share Repurchase

BitMine Immersion Technologies (BMNR) is steadily accumulating Ethereum (ETH), adding to its existing stash of approximately 5.815 million tokens, or about 87% of which are staked.

The company's latest purchase of ETH, amounting to 9,926 tokens last week, marked the continuation of a weekly buying streak that began in June this year.

BitMine has also been repurchasing its own shares under its approved $4 billion stock-buyback program, with 20.8 million shares bought back since July 1.

The firm's Chairman Thomas Lee believes Ethereum's growing role in tokenized finance and AI-driven commerce could help ETH gain ground against Bitcoin (BTC).