Bitmine Stock Surges on 1.7M Share Buyback

Bitmine (BMNR) stock surged today after the company announced it repurchased 1.7 million shares between August 10 and 14, adding to its total stock buybacks since July 1. This move brought the company's Ethereum holdings to 5.82 million, exceeding 4.8% of the total Ethereum supply.

The share buyback has driven gains for BMNR stock, with a price increase of 4% to $18 at the time of writing. CoinGape reported last week that Bitmine had repurchased another 3 million shares.

Bitmine's ETH staking also saw an addition of 9,926 ETH, which brings its total staked coins to 5 million, as per a SEC filing.

The recent share repurchase mirrors Strategy's buyback after selling $338 million in MSTR stock. Bitmine shares have increased by 50% since the June 30 low of $12.