BitMine Expands Ethereum Holdings Amid Share Buyback Spree

BitMine Immersion Technologies (BMNR) continued its share buyback program last week by repurchasing 4.5 million shares of common stock. This purchase brings the total stock buyback since July 1 to 16.1 million shares, part of a $4 billion repurchase plan authorized in the past.

Since pivoting to an Ethereum Treasury strategy on June 30 last year, BitMine Chairman Thomas Lee notes that sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine's shares outperforming ETH over the following month.

BitMine also acquired 10,399 ETH last week, lifting its total holdings to 5.797 million ETH. This represents 4.8% of ETH's circulating supply, bringing the company closer to its goal of holding 5% of the top altcoin.