BitMine Cuts Weekly Buybacks to 1.7M Shares as ETH Reserves Hit 5.8M

BitMine reduces weekly buyback volume to 1.7M shares, the lowest since July. ETH reserves rise to 5.8M, nearing the 5% supply target.

Woofun AI reports that BitMine Immersion Technologies executed a buyback of 1.7 million common shares during the week ending August 16. This volume represents the smallest weekly total since the program's inception on July 1 and marks the third consecutive week of decline. The company's ETH holdings increased to 5,815,164 tokens, bringing its share of the total ETH supply to 4.8%, which is 96% of the 5% target. Total crypto assets, cash, and 'Moonshot' holdings stood at approximately $11.4 billion, a decrease of $200 million from the prior week. Chairman Thomas 'Tom' Lee noted that the ETH/BTC ratio has risen to 0.02994, attributing this shift to tokenization and Agentic AI applications.