Bitmine Slows ETH Purchases, Shifts Focus to Share Buybacks

Bitmine Immersion (BMNR), the world’s largest Ethereum treasury manager, bought 7,391 ETH last week, signaling a slowdown in its weekly acquisition pace.

Ethereum Treasury Momentum Stalls

The firm now holds over 5.8 million ETH, representing roughly 4.8% of Ethereum’s total supply, marking the smallest weekly purchase of the year compared with the 100,000+ ETH weeks earlier.

Share Repurchases Take Center Stage

Simultaneously, Bitmine repurchased 3 million shares, costing between $50‑$58 million, bringing its total buybacks since July to 19.1 million shares.

Macro Winds and Crypto Sentiment

Thomas Lee noted that the failure of the CLARITY Act to secure a Senate vote shifted market focus to softer inflation and jobs data, and that the odds of a Federal Reserve rate hike at the September meeting have fallen to 40%, which he expects to act as a tailwind for crypto.

Balance Sheet Snapshot

■209 BTC

■$104 million in cash and marketable securities

■Stakes in Beast Industries and Eightco Holdings

■Shares trading flat at $18.80 in pre‑market activity

The market views Bitmine’s pivot from aggressive ETH accumulation to share buybacks as a prudent risk‑adjusted strategy aligning with its 5% ownership target. Yet, with Ethereum’s supply tightening and Fed policy still in flux, the balance between long‑term crypto liquidity and price pressure will remain tightly contested.