Tom Lee's Bitmine favors share buybacks to ether purchases as crypto declines
Source: CoinDesk ·
From the source
The Ethereum treasury firm spent $46 million buying back shares as Chairman Tom Lee said crypto has held up better than AI stocks during the recent market pullback. Bitmine Immersion Technologies BMNR $21.55 resumed share repurchases after a roughly 10-week pause, while adding ether ETH $2,490.55 as Chairman Tom Lee said he sees an opportunity in the recent crypto selloff. The Ethereum treasury firm bought 2.04 million shares last week at an average price of $22.48, spending about $45.9 million. It was Bitmine's first buyback since Aug. 17, when the company wrapped up a five-week stretch of repurchases totaling roughly 21 million shares for $350 million. The latest purchases bring Bitmine's total buybacks this year to 22.9 million shares, worth nearly $400 million. The company said it plans to keep buying back stock when management believes its shares are undervalued. The shift comes as Lee argues that crypto has held up better than AI-related stocks during the recent market…