Bitmine-linked wallet pulls 13,000 ETH from BitGo as buying slows

A wallet linked to Bitmine Immersion Technologies received 13,000 ether, worth about $24.36 million, from BitGo's custody infrastructure within hours on Tuesday, according to on-chain data.

The inflow landed about a day after the company told investors its weekly ether buying had slowed to its smallest pace in recent weeks. Chairman Tom Lee had previously said the firm would ease accumulation as it approached its goal of owning 5 percent of ether's supply.

Bitmine bought 7,391 ETH last week, worth roughly $14.2 million at ether's price of $1,915, lifting total holdings to 5,805,238 tokens — about 4.8 percent of Ethereum's 120.7 million-token supply. The purchase extended a 58-week buying streak but was the smallest weekly haul of the year, a fraction of the 100,000-plus weekly acquisitions made earlier in 2026.

The BitGo withdrawal suggests continued accumulation or repositioning by a known institutional buyer even as the firm shifts capital toward share repurchases. Bitmine bought back 3 million shares last week, estimated at $50 million to $58 million, bringing total buybacks since July to 19.1 million shares under its $4 billion repurchase program.

Buybacks Become the Primary Capital Channel

The buyback program has become the firm's main capital deployment route. Shares traded near $18.80 in pre-market trading. Bitmine also holds 209 BTC, $104 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

The shift mirrors a broader trend among corporate treasuries. Metaplanet, the Tokyo-listed Bitcoin treasury firm, also slowed its buying pace in the second quarter, adding 2,823 BTC at an average of $78,608 per coin, while its 43,000 BTC stack now sits just behind Twenty One Capital among the largest corporate holders.

Macro Backdrop and the CLARITY Act

Lee focused on the macro picture despite another setback for U.S. crypto legislation, with the CLARITY Act failing to secure a Senate vote before the August recess.

"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," Lee said.

Lee said the odds of the Federal Reserve hiking rates at the next meeting in September have fallen to 40 percent from 75 percent two weeks ago. "We expect easing financial conditions to be a tailwind for crypto," he added.

The 13,000 ETH withdrawal from BitGo comes as Bitmine's treasury approaches its 5 percent supply target. The gap to close is roughly 240,000 ETH, but Lee has said the pace will slow as the target nears — partly by design and partly because large buys become harder to execute without moving the market.

This article is for informational purposes only and does not constitute investment advice.