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

Bitmine Immersion Technologies BMNR $21.62 resumed share repurchases after a roughly 10-week pause, while adding ether ETH $2,490.55 as Chairman Tom Lee said he sees an opportunity in the recent crypto selloff. The Ethereum treasury firm bought 2.04 million shares last week at an average price of $22.48, spending about $45.9 million. It was Bitmine's first buyback since Aug. 17, when the company wrapped up a five-week stretch of repurchases totaling roughly 21 million shares for $350 million. The latest purchases bring Bitmine's total buybacks this year to 22.9 million shares, worth nearly $400 million. The company said it plans to keep buying back stock when management believes its shares are undervalued.

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