Bitmine Immersion Technologies, chaired by Tom Lee, has increased its Ethereum holdings to 5,805,238 tokens after acquiring 7,391 ETH last week. The purchase, at an implied price of $1,928 per token, brings the total stash to approximately $11.2 billion. However, the pace of accumulation has slowed compared to earlier summer buys of over 42,000 and 27,000 ETH. The firm has redirected capital toward share buybacks, repurchasing 3 million shares under a $4 billion program. Tom Lee expressed disappointment over the delayed CLARITY Act vote but noted easing financial conditions as a tailwind for crypto.
Bitmine Immersion Technologies has officially pushed its Ethereum holdings beyond 5.8 million tokens, even as its accumulation pace slows. The company acquired 7,391 ETH over the past week, bringing the total to 5,805,238 tokens at a reported price of $1,928 per token.
The latest purchase is significantly smaller than earlier acquisitions in July, which included buys of over 42,000 tokens and more than 27,000 tokens. Recent weeks have seen a visible reduction, with a late-July purchase of fewer than 10,000 ETH and last week’s buy of 10,399 ETH.
Chairman Tom Lee explained during a mid-July acquisition of 7,430 ETH that Bitmine redirected capital toward repurchasing its own shares. The firm has now repurchased another 3 million shares, bringing total buybacks since July 1 to 19.1 million shares under its $4 billion repurchase program.
Lee remains bullish on Ethereum, stating that the long-term outlook has not deteriorated. Regarding two key topics, he commented: “We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data. The odds of a Sept. hike by the Federal Reserve have fallen to 40% from 75% two weeks ago.”
He added, “We expect easing financial conditions to be a tailwind for crypto,” as stated. Bitmine’s streak of consecutive weekly ETH purchases continues since June 30 last year. The company now owns just over 4.8% of Ethereum’s 120.7 million-token supply, inching closer to its goal of controlling 5%.
