Reduced Acquisitions Amid Buyback Initiative
Last week, Bitmine acquired 7,430 ETH, approximately valued at $14 million, as it shifts focus towards repurchasing its own shares. This marks a significant reduction in its purchasing activity, as the company approaches its goal of holding 5% of Ethereum's total supply.
With this latest acquisition, Bitmine's total ETH holdings now stand at about 5.78 million, which equates to roughly 4.8% of the circulating Ethereum supply. The company had previously bought more than 111,000 ETH in a single week in May and routinely added tens of thousands of tokens earlier this year.
The stock buyback will see Bitmine repurchase around 5.5 million shares at an average price of $15.62, part of an approved $4 billion buyback program. Lee stated, “The slower rate of purchases reflects our commitment to the share repurchase.”
