Home / Business and Economy / Largest Crypto Buyback: Bitmine Buys 21M Shares
Largest Crypto Buyback: Bitmine Buys 21M Shares
1 Oct
Summary
- Bitmine executed a $350 million buyback of 21 million shares.
- The stock has doubled from June lows but remains 59% below its high.
- Bitmine's Ethereum holdings exceed 6 million tokens, valued at $17.2 billion.
Bitmine Immersion Technologies (BMNR) stock has signaled a potential upturn with the formation of a golden cross, a technical indicator where the 50-day moving average surpasses the 200-day average. This positive sign follows the company's strategic pivot towards Ethereum. The stock saw a significant rally, closing up approximately 109% from its June low of $22.15, though it remains 59% below its 52-week high of $65.60.
Chairman Tom Lee highlighted the company's substantial July stock repurchase, a $350 million buyback of 21 million shares, as the catalyst that "marked the bottom" for the stock. Since this buyback, Bitmine's production has reportedly seen substantial price increases. As of last week, the company's Ethereum holdings have surpassed 6 million tokens, accounting for roughly 4.9% of the total supply and valued at $17.2 billion.
