Bitmine Immersion Technologies (NYSE: $BMNR) slowed its purchases of Ethereum (CRYPTO: $ETH) over the past week as it moved to buyback its own stock.
The company led by Chairman Tom Lee bought 7,430 Ethereum over the last week, slowing its buying as it redirected capital to share repurchases.
The latest ETH purchase, worth $14 million U.S., lifted BitMine's holdings to 5.78 million Ethereum, or roughly 4.8% of the cryptocurrency's total circulating supply.
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The latest buying activity marked one of Bitmine's smallest weekly purchases since launching its Ethereum treasury strategy in June 2025.
The slowdown comes as the company approaches its stated goal of owning 5% of Ethereum's circulating supply.
At the same time, Bitmine repurchased 5.5 million of its own shares at an average price of $15.62 U.S. under its previously authorized $4 billion U.S. stock buyback program.
Bitmine's total Ethereum holdings currently stand at $11.50 billion U.S. with ETH trading at $1,872 U.S. on July 20.
The company added in its latest disclosure that it has staked 4.92 million Ethereum, or about 85% of its holdings, giving it projected annualized revenue of $247 million U.S.
BMNR stock has fallen 60% over the past 12 months to trade at $15.69 U.S. per share.