Bitmine Immersion Technologies Limits Ethereum Purchases, Reaching 4.8% of Supply

Bitmine Immersion Technologies, the largest buyer of Ethereum, is approaching its goal of 5% of the total ETH supply, currently controlling about 4.8%. The pace of purchases has dropped dramatically, with the company acquiring only 7,391 ETH worth approximately $14.2 million in the last week, marking the smallest weekly purchase in 2026. Previously, Bitmine was buying over 100,000 ETH weekly. Tom Lee, co-founder of Fundstrat, suggested in May that the company plans to slow down its accumulation pace, leading to a reduction in weekly purchases by over 75%. Bitmine is allocating more capital to share buybacks, having repurchased 19.1 million shares since July, significantly exceeding its expenditures on ETH. Arkham Intelligence indicates that Bitmine may soon reach 96% of its target, raising questions about the future of its purchases. Potential scenarios include continued buying, limiting purchases, or a complete halt, which could negatively impact the ETH market. Bitmine is also staking over 5 million ETH, generating an estimated annual staking revenue of $257 million, meaning that ETH reserves could grow without new purchases.

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