Bitmine bought another 12,532 ETH last week, lifting its holdings to 6,028,946 ETH, or 4.9% of supply. Chairman Tom Lee says purchases end at 5%, 76,000 to 100,000 ETH away, so the position is close to its final size.
Perspective Coverage
5 publishers
- Builder
- Builder 5%
- Operator
- Operator 16%
- Investor
- Investor 79%
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+30
- Incentives70
- Confidence72
BitMine buys back $350 million of stock it says trades below its ether holdings
BitMine Immersion Technologies spent about $350 million retiring 21 million of its own shares between mid-July and August 17. A company built to accumulate ether put that cash into its own stock because management says the shares trade below its holdings.
Reality
- Evidence35
- Adoption
- Not scored
- Hype gap+30
- Incentives75
- Confidence40
Bitmine Immersion Technologies bought 15,112 ETH last week, lifting its treasury to 6,016,414 tokens, 4.9% of Ethereum's supply. With 84% of that staked at a 2.63% yield, the company's results now move with the ether price and the return on its validators.
Perspective Coverage
4 publishers
- Builder
- Builder 10%
- Operator
- Operator 21%
- Investor
- Investor 69%
Reality
- Evidence60
- Adoption45
- Hype gap+20
- Incentives80
- Confidence68
Bitmine holds 5,983,940 ETH, 4.9% of supply, and the 121,060 tokens still missing cost about $325m at its own reference price, a bill its cash balance covers twice over. Tom Lee expects institutions in the fourth quarter.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 17%
- Investor
- Investor 76%
Reality
- Evidence62
- Adoption45
- Hype gap+22
- Incentives80
- Confidence65
Bitmine concentrates 94% of its assets in the token Lee says will beat bitcoin
Bitmine's 5,929,198 ETH is worth about $14.79bn at $2,495 a token, against $15.7bn of total assets, and the $330m of staking revenue the company projects is the smaller half of that arithmetic.
Reality
- Evidence42
- Adoption38
- Hype gap+48
- Incentives90
- Confidence55