Bitmine Cuts Weekly Ethereum Buying Pace by 76 Percent

Bitmine Immersion Technologies has significantly slowed its accumulation of Ethereum. After purchasing tens of thousands of tokens each week earlier this month, the firm added only 7,430 ETH over the past seven days. This marks a 76 percent drop in its weekly buying pace.

The company is diverting capital to fund a massive share repurchase program. Management recently bought back 5.5 million shares of its own stock at an average price of $15.60 per share. Chairman Tom Lee stated that the firm views its own stock as an attractive investment that competes with Ethereum for capital allocation.

Despite the slowdown, the firm still holds over 5.7 million ETH worth roughly $10.85 billion. This position accounts for nearly 4.8 percent of the total circulating supply, keeping the company close to its goal of controlling 5 percent of all tokens. Tom Lee noted that the company intends to keep buying Ethereum as part of its long term treasury strategy.

This move comes as other major treasury firms have taken a step back from aggressive crypto buying. Many market players are now choosing to prioritize USD reserves over expanding their digital asset holdings. Traders should watch to see if this trend continues across the broader market in the coming weeks.