Bitmine reduced Ethereum purchases to 7,430 ETH last week while repurchasing $86 million in stock, nearing its 5% supply target.
Bitmine scaled back its Ethereum acquisitions last week, adding only 7,430 ETH valued at $14 million as it allocated capital to a $86 million share buyback. The move marks a sharp decline from prior weeks, where purchases often exceeded 100,000 ETH.
The firm now holds 5.78 million ETH, roughly 4.8% of Ethereum’s circulating supply, inching closer to its 5% ownership goal. Bitmine’s staking revenue remains steady at an annualized $247 million from 4.92 million staked ETH.
BMNR shares rose 2.4% in pre-market trading following the announcement. The buyback program repurchased 5.5 million shares at an average price of $15.62.