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BTC 
ETH Ethereum's largest corporate holder has significantly scaled back its weekly holdings, a drop of 76%-the reason is that
Ethereum's largest corporate holder has slowed its weekly holdings, adding only 7,430 tokens in the past seven days. This number is a significant reduction from previous large-scale purchases, as the company diverted funds into large-scale share buybacks.
Bitmine purchases small amounts of ETH
As reported in the past few weeks, the company, chaired by Tom Lee, increased its holdings of more than 42,000 ETH units earlier this month and purchased another 30,500 tokens in the following seven days, continuing to move towards its goal of holding 5% of the asset's total supply. However, today the company has made only small purchases of 7,430 ETH units because it needs more capital to buy back its own shares.
Although the rate of holdings dropped by 76% compared with the previous week, as of July 19, Bitmine Immersion Technologies still increased its total holdings to 5,777,468 ETH units, valued at approximately US$10.85 billion at a price of approximately US$1,880 each. The position represents approximately 4.8% of Ethereum's circulating supply, so the company is still close to its long-term goal of controlling 5% of the asset.
Chairman Tom Lee still believes the company will continue to buy ETH weekly, as it has done since it launched its capital reserve strategy more than a year ago. He also stressed that a decrease in purchases does not necessarily mean a decrease in confidence in the asset.
The company used a large amount of money to repurchase approximately 5.5 million shares of its own common stock, at an average price of just over $15.6. The deal was executed under Bitmine's previously authorized $4 billion share repurchase program. Li described the move as an increase in shareholder value, implying that management believed the company's shares were attractive enough to compete with Ethereum for capital allocation over the weekend.
Strategies remain on the sidelines
Bitmine reduces ETH purchases, reflecting a worrying trend across the cryptocurrency market. Most other corporate capital reserves that have accumulated digital assets have stayed on the sidelines over the past few months, and the largest of them has recently joined the ranks.
After several weeks of purchases, Thaler's Strategies company stopped increasing its holdings in Bitcoin a few weeks ago and even announced two Bitcoin sales. Although it has at least stopped selling for now, Strategy is now focused on rebuilding its dollar reserves, while Bitcoin positions are on hold.
