Tom Lee’s Bitmine Buys More Ethereum, Adds to Stock Buyback
Bitmine Immersion Technologies bought 10,399 more ETH last week, worth about $19.5 million, bringing its total to 5,797,813 ETH, or roughly $10.9 billion at a $1,880 price. Including other assets and cash, Bitmine said holdings total $11.3 billion. Its ETH stack equals about 4.8% of circulating supply, putting it close to its goal of owning 5% of all ETH. About 4.9 million ETH, or 85% of its holdings, is staked through its MAVAN platform, which Bitmine says could generate $247 million in annualized staking revenue. Chairman Tom Lee also said the company repurchased 4.5 million shares last week, citing Bitmine’s shares as undervalued and pointing to ETH’s recent outperformance. Bitmine has steadily expanded its Ethereum treasury over the past year, reflecting a broader shift among public companies toward ETH over Bitcoin treasuries.
