Bitmine Immersion Technologies, the largest corporate holder of Ethereum, significantly slowed its ETH accumulation over the past week, purchasing just 7,430 ETH as the company redirected capital toward repurchasing its own shares.
The reduced buying activity reflects a broader trend among corporate crypto treasury firms, many of which have scaled back digital asset acquisitions in recent weeks.
Bitmine Prioritizes Share Repurchases
Earlier this month, the Tom Lee chaired company aggressively expanded its Ethereum treasury, acquiring more than 42,000 ETH in one week and another 30,500 ETH the following week as it pursued its long term goal of holding 5 percent of Ethereum’s circulating supply.
However, the latest purchase represents a 76 percent decline from the previous week’s accumulation pace.
Even with the slowdown, Bitmine’s total Ethereum holdings have grown to 5,777,468 ETH as of July 19. Valued at approximately $10.85 billion based on an ETH price near $1,880, the position now accounts for roughly 4.8 percent of Ethereum’s circulating supply, leaving the company close to achieving its 5 percent ownership target.
Tom Lee said the company still intends to continue acquiring Ethereum on a weekly basis, as it has done since launching its treasury strategy more than a year ago. He stressed that the smaller purchase should not be viewed as a sign of weakening confidence in Ethereum.
Instead, Bitmine chose to allocate a significant amount of capital to repurchase approximately 5.5 million shares of its common stock at an average price of just over $15.60 per share. The transaction was completed under the company’s previously approved $4 billion share buyback program.
Lee described the repurchase as a move that enhances shareholder value, indicating management viewed the company’s stock as an attractive investment alongside Ethereum.
Corporate Crypto Buying Continues to Slow
Bitmine’s reduced Ethereum purchases reflect a broader slowdown in corporate cryptocurrency accumulation.
Several companies that previously made consistent digital asset purchases have stepped back in recent months, including Michael Saylor’s Strategy. After a lengthy streak of weekly Bitcoin acquisitions, Strategy paused its buying activity several weeks ago and also disclosed two Bitcoin sales.
While the company has since stopped selling, its current focus has shifted toward strengthening its U.S. dollar reserves, leaving its Bitcoin holdings unchanged as it prioritizes improving liquidity.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
