Shares of Tom Lee-backed Bitmine Immersion Technologies (BMNR) gained at the opening bell on Monday after the company announced it had further reduced the pace of its Ethereum (ETH) purchases and repurchased around 5.5 million common shares over the past week.
rose over 4% % in morning trade, with retail sentiment on Stocktwits trending in ‘bullish’ territory over the past day. Chatter increased by around 50% in the last 24 hours, according to platform data.
Meanwhile, traded flat in the last 24 hours at around $1,860. Retail sentiment around the leading altcoin on Stocktwits also trended in ‘bullish’ territory over the past day.
BitMine Slows Ethereum Purchases To Fund Buybacks
Chairman Lee said BitMine repurchased 5.5 million common shares during the past week at an average price of $15.6156, using capacity under its $4 billion share repurchase authorization.
The company also purchased 7,430 ETH during the week, a slower pace than recent buying. "The reduced pace of buys reflects that BitMine repurchased 5.5 million common shares," Lee said.
This shift in gears comes after Bitmine had the pace of Ethereum accumulation in May. “I think we’re deciding perhaps we want to accumulate at a somewhat slower pace, because there’s other things to be doing in crypto right now,” he said at the time.
Bitmine has purchased Ethereum every week since launching its ETH Treasury Strategy in June last year. Even so, BMNR stock has traded below the $20 level since May and remains down more than 80% from the highs reached after the company unveiled its Ethereum treasury strategy.
BitMine Remains The Largest Ethereum Treasury
BitMine's total crypto holdings stand at around 5.77 million ETH, representing around 4.8% of Ethereum’s total circulating supply. The company also holds around 207 Bitcoin, a $180 million stake in Beast Industries, and a $58 million stake in Eightco Holdings, plus $385 million in cash and marketable securities on its balance sheet.
BitMine's staking operation, run through its MAVAN platform, now covers 4.9 million ETH, or 85% of its total holdings, valued at $9.2 billion. BitMine remains the largest Ethereum treasury globally and the second-largest crypto treasury overall, trailing only Strategy's (MSTR) roughly $55 billion Bitcoin position.