Bitmine Buys 9,946 ETH, Nears 5% Target Amid ETH Price Surge

Bitmine has significantly boosted its holdings of ether (ETH) in recent weeks. According to data, the company purchased 9,946 ETH last week, increasing its total holdings to 5.79 million ETH. This represents approximately 4.8% of the circulating supply of ETH and is close to Bitmine's target of holding 5% of the total supply.

The move comes as ether has outperformed bitcoin in recent times, with its price gaining 24% in the past month compared to a gain of just 8% for bitcoin. This outperformance was highlighted by Tom Lee, Chairman of Bitmine, who noted that ether's recent performance against bitcoin and a three-month high in the ETH/BTC ratio are bullish signs for the crypto market.

Not only has Bitmine increased its ETH holdings, but it has also boosted its share buybacks. The company repurchased 6.1 million shares under a $4 billion authorization. This move reflects the company's confidence in its operations and financial position.