BitMine Boosts Ether Holdings, Expands Share Buyback Program
BitMine has made its largest ether purchase to date, buying an additional 10,399 units last week and lifting its total holdings to 5,797,813. This move cements BitMine's position as the world's biggest corporate holder of ether, giving it about 4.8% of circulating supply.
The latest purchase was worth around $19.5 million, bringing the value of BitMine's ether holdings to approximately $10.9 billion at an ether price of $1,880 based on CoinGecko. The company's total holdings, including other cryptocurrencies, cash, and investment assets, are valued at $11.3 billion.
BitMine has set a goal of securing 5% of the total ETH supply, and its progress is now around 96%. The company continues to buy back its own shares alongside ether purchases, with Tom Lee stating that management views BitMine shares as attractively priced due to their past performance relative to Nasdaq 100.