Bitmine Buys Another 10,000 Ethereum

Bitmine Immersion Technologies (NYSE: $BMNR) purchased another 10,000 Ethereum (CRYPTO: $ETH) over the past week. 

Bitmine Chairman Tom Lee said on social media that despite the depressed price, Ethereum has been outperforming Bitcoin (CRYPTO: $BTC) lately, which is a bullish sign.  

He also said that there is mounting evidence that the crypto market is regaining momentum.

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Bitmine, which is the largest Ethereum treasury company, bought 9,946 ETH worth $19.4 million U.S. over the past week. 

That was up from 7,430 Ethereum acquired during the previous week. 

The latest purchase lifted Bitmine's total holdings of Ethereum to 5,787,414 tokens worth $11.2 billion U.S., or about 4.8% of the cryptocurrency's circulating supply.

Lee said Bitmine also increased its share repurchases, buying back 6.1 million shares of its common stock, compared with 5.5 million in buybacks the previous week.

The company currently has a $4 billion U.S. buyback authorization.

Bitmine has a stated goal to acquire 5% of Ethereum's circulating supply, putting it within reach of its target. 

Lee says he remains optimistic due to the recent strength of Ethereum relative to Bitcoin, a metric traders use to gauge risk appetite within cryptocurrency markets.

Ether has advanced 24% over the past month, outperforming Bitcoin's 8% gain. ETH's price recently hit a 10-week high, although it remains below the key level of $2,000 U.S. 

Ethereum is trading at $1,950 U.S. on July 27.