Bitmine Buys $14.3 Million Worth of Ethereum Amid Easing Fed Hike Odds

Bitmine Immersion Technologies (NYSE:BMNR) has continued its streak of buying Ethereum, purchasing 7,391 ETH last week. The purchase brings Bitmine's total holdings to 5,805,238 ETH, worth around $11.2 billion at the current price of $1,928 per coin. This represents about 4.8% of Ethereum's total circulating supply and puts the company 96% of the way towards its goal of owning 5%.

Bitmine Chairman Tom Lee explained that the reduced odds of a Federal Reserve rate hike in September contribute to easing financial conditions, which he believes will be beneficial for cryptocurrency. The drop in Fed rate hike odds from 75% to 40% over the past two weeks is largely driven by softer inflation and jobs data.

Bitmine has repurchased 3 million common shares last week under its $4 billion buyback program, bringing total buybacks to 19.1 million shares since July 1. Lee points out that this pattern of continued confidence in BMNR shares matches previous instances where the company's stock outperformed ETH and eventually led to a gain in the following two months.