Bitmain Continues Share Buyback of 19.1 Million Shares and ETH Purchases

Bitmain has accumulated a buyback of 19.1 million common shares since July 1 and continues its weekly purchases of Ethereum (ETH). Thomas Tom Lee, chairman of Bitmain Immersion Technologies, stated that easing financial conditions will have a positive impact on cryptocurrencies. He noted that the recent financial market has been focused on slowing inflation and employment indicators, and explained that the likelihood of a rate hike by the Federal Reserve in September has decreased from 75% to 40%. Chairman Lee mentioned that since Bitmain transitioned to an Ethereum financial strategy on June 30 last year, ETH's performance has outperformed Bitcoin, with ETH's performance in July being 1100 basis points higher than Bitcoin. Last week, Bitmain repurchased 3 million shares, increasing the total buyback to over 19 million shares, and this buyback was conducted under a $4 billion share repurchase program. As of August 9, Bitmain's ETH holdings amounted to 5,805,238, accounting for 4.8% of the total ETH supply, with staked ETH at 5,067,309, valued at $9.8 billion.

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