Tom Lee’s Bitmine favors share buybacks to ether purchases as crypto declines
The Ethereum treasury firm spent $46 million buying back shares as Chairman Tom Lee said crypto has held up better than AI stocks during the recent market pullback.
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Summary
- Bitmine Immersion Technologies (BMNR) resumed share buybacks after a roughly 10-week pause, purchasing 2.04 million shares for about $45.9 million last week.
- The Ethereum treasury firm has spent nearly $400 million buying 22.9 million shares for this year and said it would continue purchases when management considers the stock undervalued.
- Chairman Tom Lee said the recent crypto selloff presents an opportunity, arguing that cryptocurrencies have weathered the market pullback better than artificial intelligence-related stocks.
