Bitmine Immersion Technologies reduces Ethereum purchases as it allocates capital to repurchase 5.5 million shares at $15.62 each.
Bitmine Immersion Technologies slowed its Ethereum acquisitions last week, purchasing 7,430 ETH worth $14 million. The move redirects capital toward its $4 billion stock buyback program, under which it repurchased 5.5 million shares at an average price of $15.62.
The company’s ETH holdings now total 5.78 million, or 4.8% of the circulating supply, nearing its 5% target. Bitmine has staked 4.92 million ETH, generating projected annualized revenue of $247 million. ETH traded at $1,872 on July 20, valuing holdings at $11.50 billion.
BMNR shares have declined 60% over the past year, trading at $15.69.