Bitmine Buys $14 Million in ETH After CLARITY Act Delay
Bitmine is still adding to its ETH stack and now holds more than 5.8 million ether, even as it shifts more capital toward share buybacks. The delay of the CLARITY Act has also pushed U.S. crypto legislation back into limbo.
Key Takeaways
- Bitmine bought 7,391 ETH last week for about $14.2 million and now holds more than 5.8 million ether.
- The company made its smallest weekly purchase in months and is shifting more capital into share buybacks.
- Thomas Lee pointed to weaker macro data and said the CLARITY Act did not get a Senate vote before the summer recess.
Bitmine Immersion added to its ETH holdings again last week, reinforcing its position as the largest Ethereum treasury company. The company purchased 7,391 ether for roughly $14.2 million (€12.3 million) at about $1,915 (€1,660) per token, lifting its total holdings to more than 5.8 million ETH, or around 4.8% of Ethereum’s total supply.
Smallest Purchase in Months
The latest buy stretches Bitmine’s streak to 58 straight weeks, but it was also the smallest weekly purchase the company has made this year. Earlier in 2025, Bitmine was still adding more than 100,000 ETH a week, so the slowdown in accumulation is now hard to miss.
Chairman Thomas Lee had already said Bitmine would ease off as it moved closer to its target of owning 5% of ether’s supply. Instead, the company has been directing more cash toward share repurchases. Last week, Bitmine bought back another 3 million of its own shares, equal to roughly $50 million (€43.3 million) to $58 million (€50.3 million) based on the stock’s trading range during that period. Since July, the company has repurchased 19.1 million shares.
More Than Just ETH
Beyond ETH, Bitmine also holds 209 BTC and $104 million (€90.2 million) in cash and marketable securities. That makes it one of the more prominent public-market ways to gain crypto exposure in the U.S., with a balance sheet that reaches well beyond Ethereum alone. The approach also lines up with Bitmine’s effort to earn returns from its Ethereum position through staking.
Recent company data showed Bitmine holding about 5,777,468 ETH as of July 20, valued at roughly $10.8 billion (€9.4 billion). Founded in 2019 and based in Las Vegas, the company is now one of the world’s largest corporate holders of Ethereum. Trading in the stock is also extremely active: the same data shows about $2.8 billion (€2.4 billion) changing hands on average each day, which makes it one of the most liquid U.S. stocks.
Lee Looks at Macro and Legislation
In his remarks, Lee spent more time on the macro backdrop than on the latest setback for U.S. crypto legislation. The CLARITY Act did not reach a Senate vote before the summer recess, but Lee said markets are now paying more attention to softer inflation and labor data than to the political delay.
He also said the odds of a rate hike by the Federal Reserve in September have fallen to 40%, down from 75% two weeks ago. That could matter for crypto, since easier financial conditions are usually seen as a better setup for risk assets, even though the final outcome still depends on the broader rate path and policy decisions in Washington.
