Crypto
BitMine Holdings Slide 6% Amid Fresh ETH Acquisition
BitMine Immersion Technologies acquired an additional 10,399 ETH, boosting its overall holdings to $11.3 billion as of August 2nd. This marks a decline from the previous week's total of $11.8 billion, despite the new purchase.
The drop in value is due to the lower market price used by BitMine to value its ETH position. The company now holds 5,797,813 ETH at $1,880 per token, compared to 5,787,414 ETH marked at $1,948 a week ago.
BitMine's Chairman Tom Lee emphasized that the shares are 'attractively valued' and that the company has repurchased 16.1 million common shares under its authorized $4 billion buyback program since July 1st.