Bitmine (BMNR) Stock Slows ETH Buys as It Spends $86M Buying Back Stock

TLDR

• Bitmine bought just 7,430 ETH (~$14M) last week, one of its smallest weekly purchases since launching its Ethereum treasury strategy
• The slowdown came as the company repurchased 5.5 million common stock at an average price of $15.62 under its $4B buyback program
• Total ETH holdings now sit at 5.78 million ETH, worth ~$10.9B, representing 4.8% of the total circulating supply
• Bitmine’s total assets hit $11.5B as of July 19, including Bitcoin, cash, and two equity stakes
• BMNR was up 2.4% in pre-market trading on Monday

Bitmine (BMNR) slowed its Ethereum buying last week, picking up just 7,430 ETH worth about $14 million — a sharp pullback from the pace it had been running all year. BMNR was trading 2.4% higher in pre-market on Monday.

Bitmine Immersion Technologies, Inc., BMNR

The latest addition brings Bitmine’s total ETH holdings to 5.78 million, worth roughly $10.9 billion at current prices around $1,879 per ETH. That puts the company at approximately 4.8% of Ethereum’s total circulating supply of 120.7 million tokens.

For context on how different this week was: back in May, Bitmine bought more than 111,000 ETH in a single week. Throughout the first half of 2026, it regularly acquired tens of thousands of tokens weekly.

Chairman Tom Lee pointed squarely at the buyback as the reason for the slower pace. The company deployed capital toward repurchasing 5.5 million common stock at an average price of $15.62 under its existing $4 billion buyback program — totalling roughly $86 million.

“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said in the company update.

Lee was also quick to note that Bitmine has now bought ETH every single week since adopting its treasury strategy just over a year ago in June 2025.

ETH Holdings and Staking Revenue

Total assets across the firm reached $11.5 billion as of July 19. Alongside the ETH stack, Bitmine holds 207 Bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $58 million investment in Eightco Holdings.

Staking remains a key part of the operation. Bitmine has staked 4.92 million Ethereum — about 85% of its total holdings — through its MAVAN staking platform, with projected annualized revenue of around $247 million.

Closing In on the 5% Target

The company’s stated goal is to hold 5% of all circulating ETH. At 4.8%, it’s close — but the buyback week shows Bitmine is willing to pump the brakes on accumulation when other capital priorities arise.

Whether the buyback pace continues or ETH purchases resume at full speed will likely be one of the more watched data points for BMNR investors in the weeks ahead.

As of the Monday update, the company’s ETH holdings stood at 5.78 million tokens, with 4.92 million of those actively staked.

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