COINDESK · 2026-10-26 16:06 UTC

Tom Lee's Bitmine favors share buybacks to ether purchases as crypto declines

Bitmine resumed share buybacks after a 10-week pause, repurchasing 2.04 million shares for $45.9 million at an average price of $22.48. The company also added 10,452 ETH worth $24.5 million, bringing total holdings to 6,051,933 ETH (4.95% of Ethereum supply), while slowing ETH purchases as it nears its 5% accumulation target. Chairman Tom Lee argues crypto has outperformed AI stocks during the recent selloff, with ETH down 13% versus semiconductors down 20%, signaling a crypto bull market is underway.

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