BitMine Immersion Technologies · Ethereum · Bitcoin · Decrypt
Tom Lee's Bitmine Taps the Brakes on ETH Picks up, Pivots $86 million Into Stock Buyback
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Ethereum treasury company Bitmine barely moved the needle on its ETH stack last week, adding 7,430 ETH—about $14 million—as it steered capital toward buying back its own shares instead.
Key facts
- Apart from its ETH holdings, the company also today reported a stash of 207 Bitcoin, $385 million in cash and securities, a $180 million stake in Beast Industries and a $58 million position
- Bitmine Chairman Tom Lee pinned the slowdown on a share repurchase, telling shareholders the firm bought back roughly 5.5 million common shares at an average price of $15.62 under its $4 billion buyback authorization
- The company also said it has staked 4.92 million ETH—about 85% of its holdings—for projected annualized revenue near $247 million via its MAVAN validator platform
- Bitmine, which trades as BMNR, is currently trading for $16.61, up almost 6% on the day
Summary
This week’s buy pushed Bitmine's holdings to about 5.78 million ETH tokens, or nearly 4.8% of Ethereum's circulating supply, according to the company. Bitmine now holds roughly $11 billion worth of Ethereum, making it the largest corporate holder of ETH in the world. Still, for Bitmine, this latest purchase marks one of the company's thinnest weekly additions since it kicked off its Ethereum treasury strategy in June 2025. Bitmine Chairman Tom Lee pinned the slowdown on a share repurchase, telling shareholders the firm bought back roughly 5.5 million common shares at an average price of $15.62 under its $4 billion buyback authorization. ()