Bitmine buys more ETH, repurchases $46 million in shares as Tom Lee sees crypto holding up
Summary
Bitmine Immersion Technologies resumed share buybacks after a roughly 10-week pause, purchasing 2.04 million shares for about $45.9 million. Its repurchases this year now total 22.9 million shares, worth nearly $400 million. The company also bought 10,452 ETH, bringing its holdings to 6.05 million ETH, or about 4.95% of supply—roughly 58,000 ETH short of its 5% target. Chairman Tom Lee said ETH’s smaller decline than semiconductor stocks during the recent selloff supports his view that a crypto bull market is underway. Bitmine has staked about 86% of its ETH holdings and estimates annualized staking revenue of $318 million at current yields.
