Bitmine Hits 5.8 Million ETH After Slowing Down Accumulation Pace
Bitmine Immersion Technologies has pushed its Ethereum holdings beyond 5.8 million tokens after acquiring another 7,391 ETH over the past week.
The company's latest ETH purchase was significantly smaller than many of the previous ones, with some earlier acquisitions reaching over 42,000 ETH in early July and more than 27,000 in another.
Chairman Tom Lee explained that Bitmine had redirected some of its capital toward repurchasing its own shares, with the company buying back another 3 million shares this time around, taking the total buybacks since July 1 to 19.1 million shares under its $4 billion repurchase program.
Despite slowing down its accumulation pace, Bitmine now owns just over 4.8% of Ethereum's 120.7 million-token supply and has inched closer to its long-standing goal of controlling 5%.