BMNR
Another week, another ETH shopping spree
Bitmine Immersion Technologies just added 9,946 ETH to its stack, spending about $19.4 million and pushing its total stash to a jaw-dropping 5.787 million ETH. That’s not a typo — the company says it now controls roughly 4.8% of Ethereum’s circulating supply, which is the kind of number that makes even seasoned crypto folks blink twice.
The buyback gets hotter
As if the ETH buying weren’t enough, Bitmine also cranked up its share repurchases, buying back 6.1 million shares last week versus 5.5 million the week before. Chairman Tom Lee called the 11.6 million shares repurchased since July 1 the largest common stock buyback ever done by an ETH or Bitcoin digital asset treasury. Translation: the company is basically saying, "we like our own stock, and we like ETH, and yes, we have a lot of conviction."
Why traders are watching ETH/BTC like hawks
Lee also pointed to the ETH/BTC ratio hitting a three-month high at 0.3000 as a sign crypto prices are strengthening. He’s dangling $2,000 and $2,500 as near-term ETH targets if momentum holds, while the stock itself jumped 11% Monday. For BMNR shareholders, that means the company is behaving less like a sleepy treasury and more like a turbocharged ETH proxy.
Big picture: Bitmine is turning its balance sheet into a loud, very public bet on Ethereum — and the market is clearly paying attention.