CoinDesk·2 min read·medium
Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock.
K
Krisztian Sandor
✦AI Summary
BitMine has slowed its weekly Ethereum acquisition rate as it prioritizes an $86 million stock buyback program. Despite the reduced pace, the company continues to hold a significant portion of the circulating ETH supply and generates revenue through its staking platform.
The latest purchase, worth about $14 million at ether's current price of $1,879, lifted BitMine's holdings to 5,78 million ETH, or roughly 4.8% of Ethereum's circulating supply, according to a Monday company update.
businesscryptoeconomy
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