The comparison follows weeks of pressure on AI-related stocks amid concerns about spending on data centers and the returns those investments might bring. Lee pointed to crypto’s smaller decline as a sign of strength, though it doesn’t rule out further losses.
Bitmine keeps buying $ETH, but slowing
Alongside the share buybacks, Bitmine picked up another 10,452 $ETH worth roughly $24.5 million, slowing from 12,535 $ETH the previous week.
That brought its holdings to 6,051,933 $ETH, or about 4.95% of Ethereum’s 122.2 million token supply. The company is now roughly 58,000 $ETH short of its goal of owning 5% of all ether.
The two purchases show how Bitmine is splitting its capital between adding more $ETH and buying back its own stock, favoring the latter as the company nears its accumulation target.
Bitmine has also staked about 5.23 million $ETH, or 86% of its holdings, and projects roughly $318 million in annualized staking revenue at current yields.
Leave a Reply