Bitmine Snaps Up 7,391 ETH as Streak Continues
Bitmine, an Ethereum treasury firm founded by Tom Lee, has continued its streak of purchasing ETH every week since adopting an Ethereum treasury strategy last year. The company acquired 7,391 ETH in the past week, bringing its total holdings to nearly 4.8% of the total ETH supply and moving 96% closer to its goal of holding 5%. Bitmine now holds approximately $9.8 billion worth of staked ETH at current prices, representing 87% of its total Ethereum holdings.
The company's chairman, Tom Lee, expressed his bullish outlook for ETH and the broader crypto market in a statement. 'We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data,' he said.
In addition to its Ethereum purchases, Bitmine also continued its BMNR stock buyback program, repurchasing 3 million shares over the past week. This brings the total number of common shares repurchased under the $4 billion share repurchase program to 19.1 million since July.