Crypto
BitMine Slams on Brakes with Record-Breaking Share Buybacks and ETH Hoard
BitMine Immersion Technologies (BMNR) has been buying back its common stock at an unprecedented rate, scooping up over 6 million shares last week to bring its total repurchased shares in July to 11.6 million.
The company's chairman, Thomas Lee, stated that the move reflects his outlook on a strengthening crypto market due to rising ETH/BTC ratio, which hit a 3-month high of 0.300.
BitMine also acquired 9,946 ETH last week, bringing its stash of the top altcoin to 5.787 million ETH, representing 4.8% of ETH's circulating supply.