BitMine Continues Ethereum Buying Spree, Boosts Share Buyback

Tom Lee's BitMine continues its streak of buying Ethereum (ETH) every week. In its latest weekly purchase, the company acquired 9,946 ETH, increasing its holdings to 5,787,414 ETH. This represents 4.8% of the total Ethereum supply.

The company also maintained its share buyback program, repurchasing 6.1 million shares last week. BitMine Chairman Tom Lee noted that they increased their equity buyback based on their view of the rising ETH/BTC ratio as a sign that crypto prices are strengthening.

With this latest purchase, BitMine now holds 4,917,189 staked ETH, worth around $9.6 billion, which is 85% of the company's total holdings. The BMNR stock has climbed over 5% in premarket trading today amid the announcement of its latest ETH purchase and share buyback.