Bitmine, the largest corporate holder of Ethereum, dramatically slowed its weekly ETH purchases this month. The company added only 7,430 tokens in the past seven days — a 76% drop from its previous pace. Instead of stacking coins, Bitmine is funneling capital into a $4 billion share buyback program.
From 42,000 ETH to 7,430
In the weeks before this slowdown, Bitmine had been accumulating at a much faster clip: 42,000 ETH one week, then 30,500 ETH the next. As of July 19, the company's total Ethereum stash stood at 5,777,468 ETH, worth about $10.85 billion at roughly $1,880 per token. That hoard represents approximately 4.8% of Ethereum's circulating supply.
Why the buying stopped
The reduction isn't about souring on Ethereum. Tom Lee, Bitmine's head of research, said the company remains confident in the asset and will continue weekly purchases. The capital simply got redirected. Under a $4 billion buyback program, Bitmine repurchased roughly 5.5 million shares at an average price of just over $15.6. That's where the money went.
Not the only whale pulling back
Bitmine isn't alone in tapping the brakes. Strategy — the company formerly known as MicroStrategy — halted its bitcoin accumulation a few weeks ago and announced two bitcoin sales. Strategy is now focused on rebuilding its USD reserve. For Bitmine, the buyback may keep purchase volumes low for a while longer. The company hasn't said when the program will end.
