Bitmine kept its weekly Ethereum buying streak alive this week, adding 7,391 ETH, but the pace is clearly cooling from the summer's bigger hauls. The company also repurchased 3 million shares, and Tom Lee, who remains bullish on Ethereum and the broader crypto market, weighed in on the Fed and a stalled Senate bill.
A slower week for ETH buys
Bitmine's latest purchase brings its total holdings to 5,805,238 ETH, just over 4.8% of Ethereum's 120.7 million-token supply. That's a whisker away from the 5% goal the company has been working toward. But the weekly cadence has changed. Earlier in the summer, Bitmine scooped up more than 42,000 ETH in early July and over 27,000 in another instance. This week's 7,391 is a fraction of that. The company has now bought ETH every week since June 30 last year, a streak that's held even as the pace has slowed.
Buybacks keep rolling
Bitmine also repurchased 3 million shares this week, pushing its total buybacks since July 1 to 19.1 million shares under the $4 billion repurchase program. The company hasn't said when it plans to stop, but the steady pace suggests it's comfortable with the current share price.
Tom Lee on the Fed and the CLARITY Act
Tom Lee said he was disappointed that the CLARITY Act won't see a Senate vote before the August recess. He also noted that the odds of a September Fed rate hike have fallen to 40% from 75% two weeks ago. Lee expects easing financial conditions to be a tailwind for crypto, a view that aligns with Bitmine's continued accumulation.
Closing in on 5%
Bitmine's steady buying has brought it to the edge of a symbolic threshold. Owning just over 4.8% of Ethereum's supply puts the company within striking distance of its stated 5% goal. The slower weekly purchases suggest Bitmine may be taking a more measured approach, but the streak hasn't broken. The Senate returns from recess in September, which could revive the CLARITY Act. Until then, Bitmine's weekly ETH purchases and share buybacks will keep the market watching.
