Tom Lee’s Bitmine did something unusual this week: it didn’t just buy ETH—it also bought back its own stock 🔥
📌 Bitmine (BMNR) resumed buybacks after a roughly 10-week pause, repurchasing 2.04 million shares last week for about $45.9 million, at an average price of $22.48
📌 It also added 10,452 ETH, worth about $24.5 million, though at a slower pace than the 12,535 ETH bought the week before
📌 Buybacks this year have totaled 22.9 million shares, nearly $400 million
Tom Lee’s reasoning: ETH has fallen 13% from its peak, while U.S. semiconductors ($SOXX) have dropped 20% over the same period. So, “crypto is holding up better than AI stocks, and the bull market is underway.”
⚠️ My take: Buybacks suggest management believes its stock is undervalued. Funds are starting to be split between “buying coins” and “buying stock,” so ETH buying is no longer an unlimited firepower. And holding up better doesn’t mean it can’t fall further. ETH is currently around $2,317, down 1.5% over 24 hours.
Key thing to watch: What the FOMC signals this week (10/27-28) about a December rate hike.
Do you think ETH treasury companies will keep buying coins, or shift toward buybacks? Let’s discuss in the comments 👇
$ETH $BTC
#以太坊 #加密市场 #TomLee
Sources: CoinDesk, CoinGecko. Personal opinion only; not investment advice
📌 Bitmine (BMNR) resumed buybacks after a roughly 10-week pause, repurchasing 2.04 million shares last week for about $45.9 million, at an average price of $22.48
📌 It also added 10,452 ETH, worth about $24.5 million, though at a slower pace than the 12,535 ETH bought the week before
📌 Buybacks this year have totaled 22.9 million shares, nearly $400 million
Tom Lee’s reasoning: ETH has fallen 13% from its peak, while U.S. semiconductors ($SOXX) have dropped 20% over the same period. So, “crypto is holding up better than AI stocks, and the bull market is underway.”
⚠️ My take: Buybacks suggest management believes its stock is undervalued. Funds are starting to be split between “buying coins” and “buying stock,” so ETH buying is no longer an unlimited firepower. And holding up better doesn’t mean it can’t fall further. ETH is currently around $2,317, down 1.5% over 24 hours.
Key thing to watch: What the FOMC signals this week (10/27-28) about a December rate hike.
Do you think ETH treasury companies will keep buying coins, or shift toward buybacks? Let’s discuss in the comments 👇
$ETH $BTC
#以太坊 #加密市场 #TomLee
Sources: CoinDesk, CoinGecko. Personal opinion only; not investment advice
