CumberlandThe company added just 7,430 ETH, worth about $14 million, last week as it nears its goal to corner 5% of Ethereum's supply.
Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock
The company added just 7,430 ETH, worth about $14 million, last week as it nears its goal to corner 5% of Ethereum's supply.
Bitmine sharply slowed its Ethereum purchases last week, adding 7,430 ether worth about $14 million as it shifted capital to a share buyback program. The firm now holds about 5.78 million ETH, or roughly 4.8% of Ethereum’s circulating supply, and is nearing its goal of controlling 5% of the token’s supply. Bitmine repurchased approximately 5.5 million shares at an average price of $15.62 and continues to generate projected annualized staking revenue of about $247 million from 4.92 million staked ETH.
Bitmine (BMNR), the largest Ethereum treasury firm, bought just 7,430 ether (ETH) last week, dialing back its buying spree as it redirected capital to a stock buyback.
The latest purchase, worth about $14 million at ether's current price of $1,879, lifted BitMine's holdings to 5,78 million ETH, or roughly 4.8% of Ethereum's circulating supply, according to a Monday company update.
BMNR was 2.4% higher in pre-market trading.
The purchase marks one of firm’s smallest weekly additions since launching its Ethereum treasury strategy in June 2025. By comparison, the firm bought more than 111,000 ETH during one week in May and had regularly acquired tens of thousands of tokens throughout the first half of the year. The firm is nearing its goal to corner 5% of ETH supply.
Chairman Thomas "Tom" Lee attributed the slowdown to the company's decision to repurchase approximately 5.5 million 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 adopting its treasury strategy just over a year ago.
Bitmine's total holdings stood at $11.5 billion as of Sunday. Besides its ETH 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 company continues to generate income from staking its ETH. Bitmine said it has staked 4.92 million ETH, about 85% of its holdings, with a projected annualized revenue of about $247 million through its MAVAN staking platform.
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CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Exodus to cut 25% of global workforce in payments shift
AI compute stocks bounce as Hut 8, IREN land billions in new contracts
Saylor's Strategy raises cash reserves to $3.2 billion, leaving bitcoin holdings unchanged