BitMine Slows Ethereum Buying After Purchasing 7,430 ETH, Focuses on Stock Buyback

BitMine Immersion Technologies, the world's largest Ethereum holder, purchased 7,430 ETH as of the 19th, bringing total holdings to 5,777,468 ETH. The company slowed its acquisition pace last week while conducting a stock buyback of approximately 5.5 million shares at an average price of $15.62. BitMine now holds 4.8% of Ethereum's circulating supply of approximately 120.7 million ETH, reaching 96% of its long-term goal to secure 5% of total ETH supply.

BitMine Holds 4.8% of Ethereum Circulating Supply

On the 20th (local time), BitMine announced its total holdings of 5,777,468 ETH as of the 19th. The company's total assets, including digital assets, cash, and securities, amount to $11.5 billion (approximately 16.99 trillion won). The current Ethereum holdings represent approximately 4.8% of the total circulating supply of about 120.7 million ETH. According to the company, this achievement brings it to approximately 96% completion of its long-term objective called "Alchemy of 5%" - securing 5% of Ethereum's total supply.

Stock Buyback Slows Ethereum Acquisition Pace

The acquisition volume decreased significantly compared to previous periods. BitMine Chairman Tom Lee explained that the Ethereum purchase pace slowed somewhat last week as the company bought back approximately 5.5 million shares of common stock at an average price of $15.62 (approximately 23,000 won) per share.

Company Purchased Over 111,000 ETH in Single Week in May

BitMine's recent purchase of 7,430 ETH marks a notable reduction from earlier acquisition rates. In May alone, the company purchased more than 111,000 ETH in a single week. Throughout the first half of this year, BitMine consistently acquired tens of thousands of ETH units.

FAQ

What did BitMine Immersion Technologies purchase as of the 19th?

BitMine Immersion Technologies purchased 7,430 ETH as of the 19th, bringing its total holdings to 5,777,468 ETH, which represents 4.8% of Ethereum's circulating supply.

Why did BitMine slow its Ethereum acquisition pace last week?

According to Chairman Tom Lee, the Ethereum purchase pace slowed because the company conducted a stock buyback of approximately 5.5 million shares at an average price of $15.62 per share last week.

How much Ethereum did BitMine purchase in May?

BitMine purchased more than 111,000 ETH in a single week in May, significantly higher than the 7,430 ETH purchased as of the 19th.