TL;DR
Bitmine scaled back its weekly Ether purchases, signaling a shift in capital allocation as the company leans into an $86M stock buyback program. The firm acquired just 7,430 ETH last week, a notable slowdown for Bitmine, which has spent more than a year aggressively building the largest Ethereum treasury in the corporate sector.
The latest purchase, valued at about $14 million at an ETH price of $1,879, pushed Bitmine’s holdings to 5.78 million ETH. That position represents roughly 4.8% of Ethereum’s circulating supply, according to the company’s Monday update. The company’s shares traded 2.4% higher in pre‑market activity following the announcement. This marks one of Bitmine’s smallest weekly additions since it launched its treasury strategy in June 2025. Earlier this year, the firm bought more than 111,000 ETH in a single week and frequently added tens of thousands of tokens throughout the first half of 2026. The company is now approaching its long‑stated goal of cornering 5% of the ETH supply, a milestone that has shaped Bitmine’s accumulation strategy for more than a year.
Chairman Thomas “Tom” Lee said the slowdown reflects the firm’s decision to repurchase approximately 5.5 million shares at an average price of $15.62. The buyback falls under the firm’s previously authorized $4 billion program, which has become a central pillar of Bitmine’s capital strategy. Lee noted that Bitmine has purchased ETH every week since adopting its treasury approach, underscoring that the reduced pace is tactical rather than a reversal.
The company’s total holdings stood at $11.5 billion as of Sunday. In addition to its ETH position, the company held 207 Bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $58 million investment in Eightco Holdings. The firm also continues to generate substantial staking income, with 4.92 million ETH, about 85% of its holdings, locked through its MAVAN platform. The company projects annualized staking revenue of roughly $247 million.
