Bitmine slows Ethereum purchases, allocates $86M to buyback

Bitmine Immersion Technologies has slowed its aggressive accumulation of Ethereum, one of the world's largest corporate crypto treasuries, redirecting tens of millions of dollars toward a share repurchase program. According to company updates, Bitmine added only 7,430 ETH, worth approximately $14 million, in the past week. This marks one of its smallest weekly purchases since launching a dedicated Ethereum treasury strategy in June 2025.

Simultaneously, the company repurchased 5.5 million of its own common shares at an average price of $15.62, spending about $86 million under a previously authorized $4 billion buyback program. Company Chairman Tom Lee directly attributed the reduced pace of Ethereum acquisitions to this capital allocation, stating that share repurchases are viewed as accretive to shareholder value. Lee noted Bitmine has purchased Ethereum every week since its strategy began.

Despite the slowdown, Bitmine's Ethereum holdings have grown significantly, now standing at approximately 5.78 million tokens. This represents about 4.8% of Ethereum's circulating supply, placing the company 96% of the way toward its publicly stated goal of owning 5% of the cryptocurrency....