BitMine Slows Share Buyback for Third Week Amid Growing Ethereum Holdings

BitMine Immersion Technologies (BMNR) has slowed down its weekly share buyback for the third consecutive week, repurchasing 1.7 million common shares in the week ending August 16.

This is a decline from previous weeks and marks the smallest weekly buyback since the program began on July 1. The company's Ethereum (ETH) treasury continues to grow, reaching 5,815,164 tokens, or about 4.8% of Ethereum's total supply.

The value of BitMine's ETH holdings is approximately $11 billion, based on the marked price of $1,893 per token. This represents a decrease in the company's overall crypto and cash holdings, which stood at $11.6 billion a week earlier.

Thomas 'Tom' Lee, Chairman of BitMine, attributed the growth of ETH to tokenization and agentic-AI applications, citing the ETH/BTC ratio of 0.02994 and rising as a positive indicator.