Bitmine Surpasses 5.8 Million ETH in Holdings Amid Slowing Acquisition Pace

Bitmine Immersion Technologies has surpassed 5.8 million ETH in its Ethereum holdings, despite scaling back its acquisition pace. Over the past week, the company added another 7,391 ETH to its stash, bringing the total to 5,805,238 tokens. At a reported price of $1,928 per token, the value of Bitmine's Ethereum holdings is approximately $11.2 billion.

The acquisition pace has slowed down significantly from earlier in the summer, when Bitmine was buying tens of thousands of ETH in a single week. In July, for example, it acquired over 42,000 ETH and more than 27,000 ETH in separate purchases. However, its latest buy was much smaller, with 10,399 tokens purchased last week.

Bitmine Chairman Tom Lee explained that the company has redirected some of its capital towards repurchasing its own shares. Since July 1, Bitmine has bought back nearly 19.1 million shares under its $4 billion repurchase program.