The biggest company that owns Ethereum has slowed down how much it’s buying each week, adding just 7,430 coins in the last seven days.
The company significantly decreased its purchases because it decided to use that money to buy back its own shares instead.
Bitmine Makes Small ETH Purchase
Over the past few weeks, the company led by Tom Lee bought over 42,000 ETH initially, followed by another 30,500 ETH within a week, with the goal of owning 5% of all ETH in circulation. However, their latest purchase was much smaller – only 7,430 ETH – because they need more funds to buy back their own stock.
Although Bitmine Immersion Technologies is accumulating Ethereum at a slower rate – down 76% from last week – they’ve still managed to increase their total holdings to 5,777,468 ETH as of July 19th. This stash is currently worth $10.85 billion, based on an ETH price of around $1,880 per coin. Their current Ethereum holdings represent about 4.8% of all ETH in circulation, bringing them closer to their goal of controlling 5%.
Tom Lee, the company’s chairman, expects they will keep buying Ethereum (ETH) weekly, continuing a practice started over a year ago with their current financial plan. He clarified that any recent decrease in purchases doesn’t mean they are losing faith in ETH.
The company spent a significant amount of money to buy back around 5.5 million of its own shares, averaging $15.61 per share. This buyback was part of a previously approved $4 billion program.
Lee explained that the decision would benefit shareholders, indicating that the company believed its stock was a good investment and a strong contender for funds, even when compared to Ethereum.
Strategy on the Sidelines
Bitmine’s recent, relatively small Ethereum purchase is part of a concerning pattern across the cryptocurrency market. While many companies that hold crypto as an investment haven’t made any new purchases for months, even the biggest players are now doing the same.
Saylor’s Strategy recently stopped buying Bitcoin after consistently purchasing it weekly and even sold some of its holdings. While they aren’t selling anymore right now, they are currently prioritizing building up their cash reserves instead, leaving the existing Bitcoin untouched.
2026-07-20 16:31