BitMine Cuts Weekly Buyback to 1.7M Shares as ETH Treasury Hits 5.82 Million

BitMine's ETH treasury grew to 5.82 million ETH, or about 4.8% of Ethereum's total supply, while its weekly share buyback fell to 1.7 million shares, the third consecutive decline. BitMine Immersion Technologies (BMNR) has repurchased 1.7 million common shares in the week ending August 16. This is the smallest weekly buyback since the program began on July 1 and the third consecutive weekly decline, while the company’s Ethereum (ETH) treasury grew to 5,815,164 tokens. Total crypto, cash, and “moonshot” holdings came to $11.4 billion, down from $11.6 billion a week earlier, even though BitMine added 9,926 ETH over the period. The company marked its ETH at $1,893 per token on August 16, against $1,928 a week before. As reported, BitMine purchased a 7,391 ETH batch that took the treasury past 5.8 million tokens last week. “We are encouraged to see the ETH/BTC ratio at 0.02994 and rising,” stated Thomas “Tom” Lee, Chairman of BitMine, who linked the move to tokenization and agentic-AI applications. Buyback Slows for Third Week BitMine’s holdings equal 4.8% of the 120.7 million ETH supply, leaving it 96% of the way to its stated target of owning 5%. Lee said the company has bought ETH e...