BMNR Surges on Record Share Buyback Amid Rising Ethereum Prices

Bitmine Immersion Technologies (BMNR) has accelerated its $4 billion share repurchase program, buying back 6.1 million shares over the past week. This brings the total number of shares repurchased to 11.6 million since July 1, with Chairman Tom Lee claiming it is the largest common stock buyback completed by any Ethereum or Bitcoin treasury company.

The firm also purchased an additional 9,946 ETH during the same period, bringing its holdings to nearly 5.8 million ETH, which accounts for approximately 4.8% of Ethereum's circulating supply.

Chairman Tom Lee believes that the rising ETH/BTC ratio is a sign that cryptocurrency prices are strengthening, despite delays surrounding the Clarity Act. He forecasts further appreciation in Ethereum prices, with the next important price levels set at $2,000 and $2,500.