Chairman Tom Lee indicated that more favorable financial conditions could benefit cryptocurrencies, despite the CLARITY Act missing a Senate vote before the August break.
By Krisztian Sandor|Edited by Jamie Crawley9 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitmine chairman and Fundstrat co-founder Tom Lee speaking at Consensus Hong Kong 2026 (CoinDesk)SummaryShow- Bitmine (BMNR) acquired only 7,391 ether (ETH) last week, marking its lowest weekly purchase of 2026.
- The firm redirected more funds towards stock repurchases, buying back 3 million shares valued at approximately $50 million to $58 million.
- Lee pointed to declining inflation and job numbers as potential supportive factors for the crypto market, despite the setback with the CLARITY Act.
Bitmine Immersion (BMNR), recognized as the largest Ethereum treasury firm, added 7,391 ether ETH$1,895.42 to its holdings last week.
This purchase, which amounted to about $14.2 million at the current ether price of $1,915, increased the firm’s total ETH holdings to over 5.8 million, equating to roughly 4.8% of the overall Ethereum supply.
Despite extending its ETH acquisition streak to 58 weeks, this latest purchase represents the smallest weekly total this year, significantly lower than the more than 100,000 ETH acquired weekly earlier in the year.
Earlier this year, Thomas Lee, chairman of Bitmine, mentioned that the firm would reduce its crypto purchases as it approached its target of owning 5% of the ether supply.
Instead, the company has pivoted towards stock buybacks, having repurchased another 3 million shares last week, which could have cost between $50 million and $58 million based on the stock's price range during that time. Since July, the firm has bought back a total of 19.1 million shares.
Additionally, Bitmine holds 209 BTC, $104 million in cash and marketable securities, along with stakes in Beast Industries and Eightco Holdings.
Bitmine's shares remained stable around $18.80 in pre-market trading.
Delay of CLARITY Act
Lee addressed the broader economic context, noting another delay for U.S. crypto legislation as the CLARITY Act did not advance to a Senate vote before the August recess.
"While we are disappointed that the CLARITY Act will not be voted on before the August recess, the financial markets appear to be more focused on the recent softer inflation and employment data," Lee stated.
He also observed that the likelihood of the Federal Reserve raising interest rates at its September meeting has decreased to 40%, down from 75% two weeks prior.
“We anticipate that easing financial conditions will serve as a positive factor for crypto,” he added.