Bitmine Immersion Technologies has taken its foot off the Ethereum gas pedal. The NYSE-listed company purchased just 7,430 ETH last week, worth roughly $14M, a dramatic cooldown from the six-figure weekly buys it had been making in prior months.
The reason is straightforward: the company is closing in on its stated goal of owning 5% of Ethereum’s total circulating supply. And with that milestone nearly in hand, Bitmine is redirecting capital toward buying back its own stock instead of more ether.
From accumulation mode to capital reallocation
To appreciate how sharp this deceleration is, consider the numbers. Bitmine had previously been purchasing upwards of 120,000 ETH in a single week. Last week’s 7,430 ETH represents a decline of more than 93% from that pace.
The company currently holds between 5.5 and 5.78 million ETH, which constitutes approximately 4.5% to 4.8% of Ethereum’s circulating supply.
