Key facts
- Bitmine acquired 10,399 ETH, valued at approximately $19.5 million.
- Bitmine's total ETH holdings now stand at 5,797,813 ETH, representing 4.8% of the circulating supply.
- Bitmine repurchased 4.5 million shares of its common stock, continuing its buyback program.
- Chairman Tom Lee cited Ethereum's strong July outperformance against the Nasdaq 100 as a positive fundamental signal.
- Strategy (MSTR) sold 1,638 BTC, valued at approximately $105 million.
Ethereum treasury firm Bitmine Immersion announced it acquired 10,399 ETH last week, valued at approximately $19.5 million, bringing its total holdings to 5,797,813 ETH, or 4.8% of the circulating supply. Chairman Tom Lee cited Ethereum's strong July outperformance against the Nasdaq 100 as a signal of strengthening crypto fundamentals, continuing Bitmine's weekly ETH purchases since adopting its treasury strategy.
Bitmine also continued its stock repurchase program, buying back 4.5 million shares of common stock, bringing the total repurchased shares under the program to over 16 million. Lee noted historical patterns where significant ETH outperformance against the Nasdaq has preceded gains for both Ether and Bitmine's stock.
In a separate development, Strategy (MSTR), the largest corporate Bitcoin holder, disclosed selling 1,638 BTC, valued at approximately $105 million. Strategy also repurchased $81.2 million of its STRC preferred stock and raised $290 million through common share sales.