Bitmine Buys Another 10,000 Ethereum

Bitmine Immersion Technologies (NYSE: $BMNR) purchased different 10,000 Ethereum (CRYPTO: $ETH) implicit the past week. 

Bitmine Chairman Tom Lee said connected societal media that contempt the depressed price, Ethereum has been outperforming Bitcoin (CRYPTO: $BTC) lately, which is simply a bullish sign.  

He besides said that determination is mounting grounds that the crypto marketplace is regaining momentum.

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Bitmine, which is the largest Ethereum treasury company, bought 9,946 ETH worthy $19.4 cardinal U.S. implicit the past week. 

That was up from 7,430 Ethereum acquired during the erstwhile week. 

The latest acquisition lifted Bitmine's full holdings of Ethereum to 5,787,414 tokens worthy $11.2 cardinal U.S., oregon astir 4.8% of the cryptocurrency's circulating supply.

Lee said Bitmine besides accrued its stock repurchases, buying backmost 6.1 cardinal shares of its communal stock, compared with 5.5 cardinal successful buybacks the erstwhile week.

The institution presently has a $4 cardinal U.S. buyback authorization.

Bitmine has a stated extremity to get 5% of Ethereum's circulating supply, putting it wrong scope of its target. 

Lee says helium remains optimistic owed to the caller spot of Ethereum comparative to Bitcoin, a metric traders usage to gauge hazard appetite wrong cryptocurrency markets.

Ether has precocious 24% implicit the past month, outperforming Bitcoin's 8% gain. ETH's terms precocious deed a 10-week high, though it remains beneath the cardinal level of $2,000 U.S. 

Ethereum is trading astatine $1,950 U.S. connected July 27.