BitMine Slows Ethereum Purchases Amid Share Repurchase

BitMine Immersion Technologies has made significant moves in its treasury strategy by repurchasing approximately 5.5 million common shares over the past week, a move Chairman Tom Lee calls accretive to shareholder value.

The shares were acquired at an average price of $15.6156, implying a total outlay of roughly $85.9 million. This purchase was made under BitMine's previously authorized $4 billion share-repurchase program.

The company has been shifting capital away from its usual pace of Ethereum accumulation and instead buying back shares it considers more attractive than additional ether. This contrasts with other crypto treasury companies that use an equity-funded accumulation model.

In related news, BitMine's ETH purchases slowed down significantly, dropping 73% to approximately 7,430 ETH during the week. The latest addition was valued at around $14 million using the company's July 19 reference price of $1,879 per ETH.