Bitmine Boosts Ethereum Holdings with $28M Purchase, Repurchases $30M Stock

Bitmine, an Ethereum treasury firm, has continued its streak of buying ETH every week this year by acquiring 9,946 ETH last week. This brings their total holdings to 5,787,414 ETH, representing 4.8% of the total Ethereum supply.

The company's latest purchase is an increase from the previous week, when Bitmine bought 7,430 ETH while also buying back 5.5 million shares. The firm has now staked 4,917,189 ETH, worth around $9.6 billion, which accounts for 85% of its total holdings.

Bitmine Chairman Tom Lee noted that the company increased its equity buyback based on their view of the rising ETH/BTC ratio as a sign that crypto prices are strengthening. In fact, this ratio is now at a 3-month high at 0.3000, which they believe bodes well for future strengthening of ETH prices.

The BMNR stock has climbed over 5% in premarket trading today amid Bitmine's announcement of its latest ETH purchase and share buyback. The company also repurchased 6.1 million shares last week, up from the previous week, under the $4 billion share repurchase program.