CumberlandChairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.
Bitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacks
Chairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.
Ethereum treasury firm Bitmine (BMNR) bought just 7,391 ether (ETH) last week, its smallest weekly haul in 2026. The firm shifted more capital toward its own stock, repurchasing 3 million shares worth an estimated $50 million-$58 million. Tom Lee pointed to softer inflation and jobs data as a potential tailwind for crypto, despite the latest delay to the CLARITY Act.
Bitmine Immersion (BMNR), the largest Ethereum treasury firm, bought another 7,391 ether ETH$1,896.71 last week.
The purchase, worth roughly $14.2 million at ether’s price as of writing of $1,915, lifted the company’s holdings to over 5.8 million ETH, or about 4.8% of Ethereum’s total supply.
The latest haul, which extends Bitmine’s ETH buying streak to 58 weeks, was the smallest weekly purchase through the year and remains a fraction of the 100,000-plus weekly acquisitions Bitmine made earlier this year.
Thomas Lee, chairman of Bitmine, noted earlier this year that the firm would slow the pace of crypto accumulation as it gets closer to its goal of owning 5% of ether’s supply.
Instead, the company has shifted towards buying back shares. It repurchased another 3 million shares last week, which would have cost roughly $50 million to $58 million based on the stock’s trading range during the period. Since July, the firm has bought back 19.1 million of its own shares.
Bitmine also holds 209 BTC, $104 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings.
Bitmine shares traded flat neat $18.80 in pre-market trading.
Clarity delay
Lee focused on the macro backdrop despite another setback for U.S. crypto legislation, with the CLARITY Act failing to secure a Senate vote before the August recess.
"We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data," Lee said.
Lee said the odds of the Federal Reserve hiking interest rates at the next meeting in September have fallen to 40% from 75% two weeks ago.
“We expect easing financial conditions to be a tailwind for crypto,” he added.
1Solana gets its first Strategy STRC product through Solstice Finance 48 min ago 2Strategy sells 1,690 bitcoin, raises $653 million from MSTR shares2 hrs ago 3Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack2 hrs ago 4Why the UK financial watchdog is drafting new rules for tokenized gold2 hrs ago 5Bitcoin's BIP-110 episode is free-market capitalism in purest form2 hrs ago 6Bitcoin steadies above $65,000 as Iran-Oman deal talk eases Hormuz concerns, lifts risk assets3 hrs ago 7Bitcoin volatility is in meltdown, but downside protection still commands a premium4 hrs ago 8A rare CME shift: Hedge funds abandon structural shorts to bet on a bitcoin rally5 hrs ago 9U.S. CPI inflation, Securitize, Gemini among earnings reports: Crypto Week Ahead5 hrs ago 10Inside stablecoin firm BVNK’s journey to a $1.8B acquisition by Mastercard6 hrs ago
Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Solana gets its first Strategy STRC product through Solstice Finance
Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack
Why the UK financial watchdog is drafting new rules for tokenized gold
Solana gets its first Strategy STRC product through Solstice Finance
Strategy sells 1,690 bitcoin, raises $653 million from MSTR shares
Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack