Bitmine has slowed its Ethereum purchases, acquiring only 7,430 ETH last week, while allocating funds for a major stock buyback.
Bitmine, a significant player in Ethereum treasury management, has reported a modest increase in its ETH reserves, acquiring only 7,430 ETH last week, equivalent to about $14 million. This acquisition was overshadowed by the company's decision to redirect funding towards a stock buyback program.
This latest purchase brings Bitmine's total ETH holdings to approximately 5.78 million tokens, which constitutes nearly 4.8% of the total circulating supply of Ethereum. The firm is steadily moving towards its goal of acquiring 5% of Ethereum's supply. Currently, Bitmine, traded under the ticker BMNR, has seen its stock rise by nearly 6% to $16.61.
With its Ethereum assets valued at roughly $11 billion, Bitmine claims the title of the largest corporate holder of Ethereum worldwide, trailing only behind Michael Saylor’s Bitcoin strategy, which amounts to about $54 billion.
Notably, this recent acquisition marks one of the smallest increases in Bitmine's ETH holdings since the inception of its treasury strategy in June 2025. In contrast, the firm saw a significant uptick in May, acquiring over 111,000 ETH in a single week.
Tom Lee, Chairman of Bitmine, explained that the reduced pace of ETH purchases is a result of their stock repurchase program, revealing that the company has bought back around 5.5 million common shares at an average price of $15.62 as part of a larger $4 billion buyback initiative. Lee noted, "The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares," emphasizing the company's commitment to its ETH acquisition strategy since its launch just over a year ago.
Beyond Ethereum, Bitmine holds 207 Bitcoin, $385 million in cash and securities, a $180 million investment in Beast Industries, and a $58 million stake in Eightco Holdings. The company has also staked 4.92 million ETH, representing about 85% of its total holdings, with projected annualized revenue of around $247 million from its MAVAN validator platform.
