Bitmine Immersion Technologies has dramatically scaled back its Ethereum accumulation. The Bitcoin miner reduced its weekly ETH purchases from 120,000 coins to just 7,430 — a drop of nearly 94%. That weekly buy is now worth about $14 million. The company is also redirecting capital: it has pivoted $86 million that would have gone into ETH toward stock buybacks instead.
The new purchase rate
Bitmine had been buying 120,000 ETH per week for months. That pace made it one of the largest corporate holders of Ethereum. Now it's buying 7,430 ETH weekly. The shift comes as the company nears its stated target of holding 5% of the total Ethereum supply. Reaching that threshold would make Bitmine one of the biggest single entities in the ETH ecosystem.
Why the shift?
The company didn't give a reason in its announcement, but the math is straightforward. Bitmine is close to its 5% goal. Continuing to buy at the old rate would overshoot that target quickly. The $86 million redirected to buybacks suggests management sees its own stock as undervalued relative to further ETH accumulation. The timing isn't great for the broader market — ETH has been under pressure this month — but Bitmine's move is about its own balance sheet, not market timing.
Stock buyback details
Bitmine said it will use the $86 million to repurchase shares. That's a significant sum for a company that was spending heavily on ETH. The buyback program is already underway. It's a bet that buying back stock will deliver more value to shareholders than adding more ETH to the treasury. For a miner, that's a notable pivot — most miners hoard coins or sell them for operational costs.
Nearing the 5% target
Bitmine now holds roughly 4.8% of all Ethereum, according to its latest disclosures. At the reduced purchase rate, it will take a few more weeks to hit the 5% mark. Once it does, the company has said it will reassess its accumulation strategy. That could mean further cuts to ETH buys, or a complete halt. For now, the market is watching to see if other large holders follow Bitmine's lead — or if the miner's retreat from aggressive buying takes some pressure off ETH supply.
