BitMine Soars on ETH Acquisition, Repurchases Amid Ethereum Rally

BitMine Immersion Technologies made significant moves in its Ethereum treasury and share buybacks last week. The company acquired 9,946 ETH, raising its total holdings to 5,787,414 ETH, equivalent to approximately 4.8% of Ethereum's total supply.

This acquisition brings BitMine close to its goal of owning 5% of all ETH in circulation and comes as Ethereum recovered above $1,900, reaching its highest price in ten weeks.

BitMine also repurchased 6.1 million BMNR shares, bringing cumulative purchases under its $4 billion repurchase program to 11.6 million shares.

Chairman Tom Lee linked the larger buyback to the recent improvement in the ETH-to-Bitcoin ratio and predicted that Ethereum's next notable price levels could be $2,000 and $2,500.