Bitmine, an Ethereum treasury company that is getting closer to owning 5% of the entire ETH supply, completed another weekly purchase of ETH last week.
The Ethereum treasury company announced in a press statement that it purchased 9,946 ETH last week, continuing its weekly trend of purchasing ETH from the year’s beginning. As of right now, the corporation owns 5,787,414 ETH, or 4.8% of all Ethereum.
Bitmine has 4,917,189 staked ETH, or over $9.6 billion, or 85% of its entire assets. Compared to last week, when Bitmine purchased 7,430 ETH and repurchased 5.5 million shares, the company’s most recent transaction represents a gain.
Additionally, the corporation repurchased 6.1 million shares last week, an increase from the prior week. According to Bitmine Chairman Tom Lee, they boosted their equity buyback because they believe that the rising ETH/BTC ratio indicates a strengthening of cryptocurrency values.
He continued, “In fact, this ratio is now at a three-month high at 0.3000, which we believe bodes well for future strengthening of ETH prices.” As part of the $4 billion share repurchase program, the corporation has now repurchased 11.6 million shares.
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