The Tom Lee-chaired former bitcoin miner turned ETH accumulator has officially pushed its Ethereum holdings beyond 5.8 million tokens, even if its accumulation pace has slowed down.

Bitmine Immersion Technologies acquired another 7,391 ETH over the past week, bringing the total to 5,805,238 tokens. At the reported price of $1,928 at the time of the PR publication, the stash was worth approximately $11.2 billion.

Another Purchase but Smaller

Earlier in the summer, Bitmine’s acquisition pace was significantly more impressive, with a few examples showing a purchase of over 42,000 in early July and more than 27,000 in another. However, the reduction started to become more visible over the past few weeks, as the one from late July was for fewer than 10,000 ETH and the one from last week was for 10,399 tokens.

During a modest acquisition of 7,430 ETH in mid-July, Chairman Tom Lee explained that Bitmine had redirected some of its capital toward repurchasing its own shares. The firm has done it again now, repurchasing another 3 million shares, taking the total buybacks since July 1 to 19.1 million shares under its $4 billion repurchase program.

Even though the latest ETH buy was rather identical to the aforementioned one, he remains bullish on the asset as its long-term outlook on Ethereum and the broader crypto market hasn’t deteriorated.

He also touched upon two of the hottest topics within the crypto market now – the delay in voting on the CLARITY Act in the US and the Fed’s expected next move:

“We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data. The odds of a Sept. hike by the Federal Reserve have fallen to 40% from 75% two weeks ago. “We expect easing financial conditions to be a tailwind for crypto,” he commented.

The Streak

Although Bitmine has seemingly reduced its ETH accumulation spree, its impressive streak of consecutive weekly purchases continues ever since it launched its treasury strategy on June 30 last year. Moreover, the company now owns just over 4.8% of the asset’s 120.7 million-token supply and has inched closer to its long-standing goal of controlling 5%.

Source: CryptoPotato