Bitmine Immersion Technologies increased its Ethereum holdings by 7,391 tokens over the past week, bringing its total ETH treasury to 5,805,238 tokens.
At the time of its press release, the stash was valued at approximately $11.2 billion, based on an Ethereum price of $1,928. Ethereum currently trades at $1,879.
The firm now controls just over 4.8 percent of Ethereum's 120.7 million-token supply. Bitmine's stated goal is to hold 5 percent of the asset.
The latest buy continues a slower accumulation pace that emerged in late July. Earlier in the summer, Bitmine completed significantly larger purchases — more than 42,000 ETH in early July and more than 27,000 ETH in a separate transaction. A sub-10,000-token purchase in late July broke that pattern, followed by 10,399 ETH the week prior to this latest acquisition. The current 7,391 ETH buy extends that trend.
Chairman Tom Lee said the company has redirected capital toward repurchasing its own shares. Bitmine repurchased another three million shares recently, bringing total buybacks since July 1 to 19.1 million shares under the firm's $4 billion repurchase program.
Lee said the company's outlook on Ethereum and the broader crypto market has not deteriorated. He said he was disappointed by the CLARITY Act but added that markets appear more focused on recent softer inflation and jobs data.
Lee pointed to a shift in Federal Reserve expectations, with odds of a September rate cut falling to 40 percent from 75 percent two weeks ago, and said easing financial conditions should provide a tailwind for crypto assets.
Bitmine has maintained consecutive weekly ETH purchases since launching its treasury strategy on June 30 last year.
