Ethereum Whale Bitmine Taps Brakes on Buying Amid Inefficient Share Price

Bitmine Immersion Technologies, the world's largest corporate Ethereum whale, has disclosed its massive treasury reserves worth $11.5 billion.

The company's financial reserve holds a staggering 5,777,468 ETH, accounting for nearly 4.8% of Ethereum's total global supply of 120.7 million ETH.

In just one year, Bitmine has come close to achieving its ambitious 'Alchemy of 5%' target, which trails only Strategy Inc.'s $55 billion Bitcoin portfolio in the global ranking of publicly traded crypto treasuries.

However, investors were caught off guard when it was revealed that at the peak of the market downturn, Bitmine unexpectedly reduced its cryptocurrency purchases by sixfold over three weeks.

The company's Chairman, Thomas 'Tom' Lee, explained that the company is still buying ETH every week but has temporarily shifted its focus to repurchasing its own shares due to the inefficiency in its stock price compared to Ethereum.

Bitmine spent approximately $86 million repurchasing its own shares at an average price of $15.61, six times more than it allocated to Ethereum over the same period.