Altcoins News
By Bruce Buterin
1 / 15
Buybacks Are Now the Main Event. Last week alone, Bitmine repurchased 3 million shares.
2 / 15
Lee on the Fed, Inflation, and the CLARITY Act. Lee didn't stay quiet about the macro picture. He's watching the Fed closely, and he's got a…
3 / 15
What the 5% Target Actually Means. Getting to 5% of Ethereum's total supply would be a genuinely unusual position for any single…
4 / 15
Bitmine pulled back hard last week. The company bought 7,391 ether — worth roughly $14.2 million — its smallest weekly purchase of the year, even as it kept piling into share…
5 / 15
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.
6 / 15
Last week alone, Bitmine repurchased 3 million shares. The company estimates those buybacks cost somewhere between $50 million and $58 million — a wide range, and the exact…
7 / 15
Shares were holding around $18.80 in pre-market trading, steady enough given the size of the capital moves happening underneath.
8 / 15
Bitmine isn't sitting on just ETH, either. The company holds 209 BTC, $104 million in cash and marketable securities, and has stakes in Beast Industries and Eightco Holdings.
9 / 15
Lee didn't stay quiet about the macro picture. He's watching the Fed closely, and he's got a specific number he's flagging: the probability of the Federal Reserve raising…
10 / 15
See also: Bitmine Slows Ethereum Buys, Redirects Millions Into Share Buybacks
11 / 15
And on regulation — Lee said he was disappointed the CLARITY Act didn't get a Senate vote before the August recess. That's a real setback for the industry.
12 / 15
It's worth noting that the CLARITY Act delay doesn't change Bitmine's immediate strategy. The company keeps buying back shares. It keeps holding ETH.
13 / 15
Getting to 5% of Ethereum's total supply would be a genuinely unusual position for any single entity. Bitmine's already at 4.8% with 5.8 million ETH. The gap to close is small.
14 / 15
The share buyback pivot makes sense in that context. If you're not deploying $50 million a week into ETH anymore, you need somewhere to put the capital. Buying back shares at $18.
15 / 15
See also: Ethereum Whale Sells 7,323 ETH, Incurring $19 Million Loss After Three Years of Staking
The Currency Analytics
Want the full story?