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Key Takeaways
- Bitmine’s weekly ether purchase slowed to 7,430 ETH, its smallest in months, lifting total holdings to 5.78 million ETH, about 4.8% of supply.
- Chairman Thomas Lee attributed the slowdown to a repurchase of 5.5 million common shares at an average price of $15.62 under the company’s $4 billion buyback authorization.
- Bitmine’s total holdings stood at $11.5 billion, including 207 bitcoin, cash, and equity stakes, with staked ETH projected to generate about $247 million annually.
Bitmine Immersion Technologies added just 7,430 ether last week, its smallest weekly purchase in several months, as the company redirected capital toward a stock buyback program.
Weekly Purchase Marks A Sharp Slowdown
The purchase, worth about $14 million at ether’s current price of $1,879, lifted Bitmine’s total holdings to 5.78 million ETH, or roughly 4.8% of Ethereum’s circulating supply, according to a Monday company update. Bitmine shares (BMNR) traded 2.4% higher in pre-market activity following the announcement.
The slowdown marks a sharp break from Bitmine’s buying pace earlier this year. The firm purchased more than 111,000 ETH in a single week in May and had regularly acquired tens of thousands of tokens weekly through the first half of 2026. The company has bought ether every week since adopting its treasury strategy in June 2025, and it is nearing its stated goal of holding 5% of Ethereum’s total supply.
Buyback Program Draws Capital Away From ETH Purchases
Chairman Thomas Lee attributed the slower pace to the company’s decision to repurchase shares rather than accelerate ether accumulation. Bitmine bought back approximately 5.5 million common shares at an average price of $15.62 under its previously authorized $4 billion buyback program.
“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said. He added that the company has purchased ETH every week since it adopted the treasury strategy just over a year ago.
Bitmine’s Monday update indicated the buyback took priority over new ETH purchases during the week. The buyback program is authorized for up to $4 billion in total repurchases.
Holdings Extend Beyond Ether
Bitmine’s total holdings, spanning crypto, cash, and equity stakes, stood at $11.5 billion as of Sunday. Beyond its ether treasury, 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 mix reflects a broader strategy of holding both a core ether position and smaller adjacent stakes rather than concentrating entirely in a single asset.
The company continues to generate income from staking its ether holdings. Bitmine said it has staked 4.92 million ETH, about 85% of its total holdings, through its MAVAN staking platform. The company projects annualized staking revenue of about $247 million from that position, a figure that depends on staking yields holding near current levels. That income stream is separate from the pace at which Bitmine adds new ether to its balance sheet.
Largest Corporate Ether Holder Faces An Open Question
Bitmine has positioned itself as the largest corporate holder of ether among publicly traded treasury companies. That category has expanded over the past year as firms adopt crypto-holding strategies modeled on Bitcoin-focused treasury companies. Bitmine’s stock performance has been closely tied to both ether’s price and investor demand for treasury-style corporate structures.
Bitmine did not indicate the slower pace reflects a change in its long-term accumulation target. The company’s Monday disclosure did not indicate whether it plans to resume larger weekly ETH purchases once the current buyback authorization is exhausted or paused.
