BitMine, where Tom Lee serves as chairman, did two things last week: it bought 10,399 Ether, worth about $19.1 million based on the price at the time; and it repurchased 4.5 million shares of its own stock, bringing its total recent share buybacks to about 16 million shares.
After making these purchases, BitMine’s holdings of Ether are now close to 5.8 million, or about 4.8% of the circulating supply.
Why does it dare to keep buying? Tom Lee said the reason was that in July, Ether rose by roughly 25 percentage points more than the Nasdaq 100 index—a standout relative performance, the strongest in the past year. He believes this shows that the underlying fundamentals of the crypto market are improving.
What’s truly noteworthy here is that BitMine isn’t just talking up Ether—it’s using money to buy Ether and to repurchase its own shares at the same time.
Buying Ether signals that it is bullish on the asset’s future value; repurchasing shares signals that management believes the company’s current stock price is also worth buying.
For ordinary investors, there’s a lesson in this: when judging a company’s true stance, don’t just listen to what management says—watch where it actually spends its money.
That said, steadily increasing positions also means the company’s performance and share price will become more and more influenced by the Ether price. When you’re right, the upside is bigger; when you’re wrong, the risks are magnified as well.
After making these purchases, BitMine’s holdings of Ether are now close to 5.8 million, or about 4.8% of the circulating supply.
Why does it dare to keep buying? Tom Lee said the reason was that in July, Ether rose by roughly 25 percentage points more than the Nasdaq 100 index—a standout relative performance, the strongest in the past year. He believes this shows that the underlying fundamentals of the crypto market are improving.
What’s truly noteworthy here is that BitMine isn’t just talking up Ether—it’s using money to buy Ether and to repurchase its own shares at the same time.
Buying Ether signals that it is bullish on the asset’s future value; repurchasing shares signals that management believes the company’s current stock price is also worth buying.
For ordinary investors, there’s a lesson in this: when judging a company’s true stance, don’t just listen to what management says—watch where it actually spends its money.
That said, steadily increasing positions also means the company’s performance and share price will become more and more influenced by the Ether price. When you’re right, the upside is bigger; when you’re wrong, the risks are magnified as well.