Bitmine, which holds the largest amount of Ethereum of any company, only purchased 7,430 ether last week. This is a significant decrease in their usual buying activity, as they’ve shifted funds towards repurchasing their own stock.
BitMine recently bought an additional $14 million worth of ether (currently priced at $1,879), bringing its total holdings to 5.78 million ETH. This represents about 4.8% of all Ethereum currently in circulation, the company announced on Monday.
BMNR was 2.4% higher in pre-market trading.
This purchase is one of the smallest the firm has made weekly since it began investing in Ethereum in June 2025. In May, they bought over 111,000 ETH in a single week and consistently purchased tens of thousands of tokens earlier in the year. The firm is getting close to its target of owning 5% of all ETH in circulation.
Company Chairman Tom Lee explained that a recent slowdown was due to their stock repurchase program, where they bought back around 5.5 million shares for an average of $15.62 each as part of a previously approved $4 billion plan.
As an analyst, I’ve observed a slowdown in share buybacks, which appears to be due to Bitmine having already repurchased 5.5 million of its common shares. On a more positive note, they’ve consistently added Ethereum to their holdings every week for the past year as part of their treasury strategy.
As of Sunday, Bitmine had total assets worth $11.5 billion. This included its Ethereum holdings, as well as 207 Bitcoin, $385 million in cash and investments, a $180 million investment in Beast Industries, and an $58 million stake in Eightco Holdings.
The company is still earning money by participating in Ethereum staking. Bitmine has staked 4.92 million ETH – roughly 85% of their total holdings – and expects to generate around $247 million in revenue per year through its MAVAN platform.
2026-07-20 16:12