Bitmine added 7,391 ETH to its treasury last week and bought back 3 million of its own shares, yet the company's common stock still ended the week lower. The purchase extends a weekly ETH buying streak that has pushed Bitmine's holdings to nearly 4.8% of the total supply. Tom Lee is associated with the company.
A Growing ETH Treasury
The latest ETH purchase is part of a pattern. Bitmine has been buying ether every week, and the streak shows no sign of stopping. With this week's addition, the company now holds almost 4.8% of all ether in circulation. That's a significant stake for a single company. The purchases come as ether's price has been volatile, but Bitmine hasn't said whether it plans to slow down.
Buyback Fails to Lift the Stock
Alongside the ETH purchase, Bitmine bought back 3 million BMNR shares. The buyback was meant to support the share price, but it didn't. The stock fell anyway. The decline came despite the company spending money on both ETH and its own shares. Investors may be looking at other factors, but the company hasn't commented on the drop.
Tom Lee's Association
Tom Lee is associated with Bitmine. Lee is a well-known figure in the crypto space, though his exact role with the company hasn't been detailed. His association hasn't been enough to move the stock. The shares are down even with Lee's name attached.
Bitmine's weekly ETH purchases have become a routine, and the company hasn't announced any change to that approach. Whether the market will eventually reward the growing ETH treasury is an open question. The stock's decline this week suggests it hasn't yet.
