BitMine Immersion Technologies repurchased just 1.7 million common shares in the week ending Aug. 16, the smallest weekly total since its buyback program began July 1 and the third consecutive decline. The slowdown comes even as the company's Ethereum treasury grew to 5.8 million tokens, putting it 96% of the way to its goal of owning 5% of the total supply.
The buyback taper
Weekly repurchases peaked at 6.1 million shares in the week to July 26, then slid to 4.5 million, 3 million, and finally 1.7 million in the latest week. That's a steep drop from the start of the program, when BitMine was buying back shares at a pace Chairman Thomas Lee described as the largest ever executed by any crypto digital asset treasury.
Since July 1, the company has repurchased 20.8 million common shares under a $4 billion authorization. Lee has called the stock undervalued or attractively valued in each of the last three weekly releases, even as the buyback pace fades.
Ethereum stack keeps climbing
BitMine added 9,926 ETH during the week, including a 7,391 ETH batch that pushed the treasury past 5.8 million tokens. Total holdings now stand at 5,815,164 ETH, or 4.8% of the entire 120.7 million ETH supply. The company is 96% of the way to its stated target of owning 5%.
The weekly ETH buying has been consistent since the treasury strategy began on June 30, 2025, but it's not what it used to be. In July, BitMine cut its weekly purchases to 7,430 tokens from more than 30,500, with Lee attributing the slowdown to capital redirected toward share repurchases.
Lee's case for the strategy
Lee tied the ETH accumulation to a rising ETH/BTC ratio, which he said reflects growing interest in tokenization and agentic-AI applications. He didn't provide a specific price target, but the company's own marks show Ethereum was valued lower last week than the week before. That didn't stop the buying.
The chairman has also been vocal about the share buyback, calling the stock undervalued or attractively valued in each of the last three weekly releases. The program's size, he said, is unmatched in the crypto treasury space.
Cash, other holdings and dividends
BitMine's cash and marketable securities fell to $78 million on Aug. 16, down from $527 million on June 28. The decline tracks the aggressive spending on both buybacks and ETH, with intermediate readings of $482 million, $385 million, $268 million, $173 million, and $104 million along the way.
Beyond Ethereum, the company holds 210 BTC, a $180 million stake in Beast Industries, and a $73 million stake in Eightco Holdings (ORBS). On Aug. 14, the board declared seventeen weekly cash dividends on its 9.50% Series A Perpetual Preferred Stock, which trades on NYSE as BMNP. Most dividends are set at $0.1847 per share, payable from Sept. 4 through Dec. 28.
With the buyback pace now at its lowest level since the program launched, the next weekly release will show whether the taper is a deliberate pause or the start of a wind-down.
