Bitmine Favors Share Buybacks Over Ether Purchases in Crypto Pullback
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Ethereum treasury firm Bitmine spent $46 million repurchasing shares as Chairman Tom Lee compared crypto’s recent performance with AI stocks.
Bitmine, an Ethereum treasury company, prioritized repurchasing its own shares over buying more ether as cryptocurrency prices declined, according to CoinDesk.
The firm spent $46 million on share buybacks, directing funds toward its stock rather than additional purchases of the token.
Chairman Tom Lee said cryptocurrencies had been more resilient than artificial intelligence stocks during the recent market pullback. His comments accompanied Bitmine’s shift in spending priorities.
Source: CoinDesk
