Bitmine Purchases Nearly 10,000 Ethereum

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

The company led by Chairman Tom Lee bought 9,926 ETH last week, continuing its streak of weekly buys.

Bitmine now owns 5.815 million ETH tokens, equal to 4.8% of the circulating supply. The company's Ethereum holdings are worth about $11 billion U.S. based on the current price.

Bitmine Immersion Technologies also bought back 1.7 million shares of its own stock last week under a previously authorized $4 billion U.S. share repurchase program.

Lee said that the Ethereum-to-Bitcoin (CRYPTO: $BTC) ratio has broken above a down trend, which he sees as a sign that investors are starting to price in growing demand for ETH.

BMNR stock has declined 65% over the last 12 months to trade at $18.80 U.S. per share. 

Ethereum is trading at $1,905 U.S. on Aug. 17.