BitMine Slows Share Buyback for Third Week Amid Growing ETH Holdings

BitMine Immersion Technologies (BMNR) has seen its weekly share buyback slow down for the third consecutive week. The company repurchased 1.7 million common shares in the week ending August 16, a decline from previous weeks when it bought back 6.1 million and 4.5 million shares. This marks the smallest weekly buyback since the program began on July 1.

In other news, BitMine's Ethereum (ETH) treasury has grown to 5,815,164 tokens, representing about 4.8% of Ethereum's total supply of 120.7 million ETH. The company's holdings now equal $11.4 billion in value, down from $11.6 billion a week earlier.

BitMine Chairman Thomas 'Tom' Lee attributed the slowing buyback to the company's focus on tokenization and agentic-AI applications. He noted that the ETH/BTC ratio has been rising, reaching 0.02994 as of August 16.