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Bitmine Cuts Ethereum Buys to 7,391 ETH as Share Buybacks Hit $58 Million
['Bruce Buterin']
The Currency analytics
That 7,391 ETH buy pushed Bitmine’s total Ethereum stack past 5.8 million ETH, which works out to about 4.8% of the entire Ethereum supply.
The company estimates those buybacks cost somewhere between $50 million and $58 million — a wide range, and the exact figure isn’t clear yet.
What’s confirmed: 5.8 million ETH, 19.1 million shares repurchased since July, $104 million in cash, and a Fed rate hike probability that just fell 35 percentage points in two weeks.
Bitmine holds over 5.8 million ETH, which is approximately 4.8% of the total Ethereum supply, after purchasing 7,391 ETH last week for roughly $14.2 million.
Bitmine has repurchased 19.1 million shares since July, with last week’s 3 million share buyback estimated to have cost between $50 million and $58 million.