Bitmine Immersion Technologies, chaired by Tom Lee, dramatically reduced its weekly Ethereum (ETH) acquisitions by 76%, adding just 7,430 ETH over the past seven days. This marks a significant slowdown from the more than 30,500 ETH purchased the previous week and the 42,000 ETH acquired at the start of the month. The firm now holds 5,777,468 ETH, worth approximately $10.85 billion at around $1,880 per token, representing 4.78% of Ethereum’s circulatory supply.
The sharp decline in accumulation is not due to waning confidence in Ethereum, according to Chairman Tom Lee. Instead, the company redirected capital to repurchase approximately 5.5 million shares of its own common stock at an average price of over $15.60. This buyback was executed under Bitmine’s previously authorized $4 billion share repurchase program. Lee described the move as accretive to shareholder value, suggesting the stock was attractive enough to compete with ETH for capital allocation.
Despite the reduced buying pace, Bitmine remains committed to its long-term treasury strategy of holding 5% of all ETH. The firm’s position gives it substantial influence over market liquidity, and analysts note that such concentrated holdings could pose centralization risks. However, Bitmine has historically been a long-term holder, rarely selling.
The news comes amid a broader trend of corporate treasury firms pausing or reducing digital asset purchases. Strategy (formerly MicroStrategy) recently halted its consecutive weekly Bitcoin buys and even announced two BTC sales, though it has since stopped selling and is focusing on rebuilding its USD reserves.
