Bitmine Hits 5.8 Million ETH Milestone

Bitmine Immersion Technologies has officially pushed its Ethereum holdings past the 5.8 million token mark. The company added 7,391 ETH over the past week, bringing its total stash to 5,805,238 tokens. At a price of $1,928 per coin, this treasury is now valued at approximately $11.2 billion.

While the company continues to add to its holdings, the pace of these acquisitions has slowed. Earlier this summer, Bitmine regularly purchased tens of thousands of tokens each week. The firm is now splitting its focus by prioritizing a $4 billion share repurchase program. Since early July, the company has bought back 19.1 million of its own shares.

Chairman Tom Lee stated that the shift in capital allocation does not signal a change in outlook. He remains positive on Ethereum and the wider crypto market. Lee noted that easing inflation and potential shifts in Federal Reserve policy should provide support for the crypto sector in the coming months.

Bitmine has maintained a streak of weekly Ethereum purchases since June 30 of last year. The company now controls roughly 4.8 percent of the total circulating supply of ETH, moving closer to its stated goal of holding 5 percent of all tokens.