Bitmine Buys More ETH and Repurchases $46 Million in Shares
After ten weeks, Bitmine has resumed its buybacks and added 10,452 ETH to its balance sheet at the same time. The company is now close to its goal of owning 5% of Ethereum’s supply.
Key Takeaways
- Bitmine bought back 2.04 million shares last week for about $45.9 million, after a pause of around ten weeks.
- The company also bought 10,452 ETH, bringing total holdings to 6,051,933 ETH.
- Bitmine is still about 58,000 ETH short of its goal to own 5% of all ether.
Bitmine Immersion Technologies resumed share buybacks after a pause of about ten weeks and also added more ether to its balance sheet. The Ethereum treasury company bought back 2.04 million shares last week at an average price of $22.48 (€20) each, worth about $45.9 million (€41 million), while chairman Tom Lee said he sees opportunity in the recent crypto selloff.
Share Buybacks Resume
The buyback was the first since August 17, when Bitmine ended a five-week stretch with a total of about 21 million shares repurchased for $350 million (€313 million). With the new round, total buybacks this year now stand at 22.9 million shares, worth nearly $400 million (€358 million).
The company says it will keep buying back shares when management thinks the stock price is too low. That means Bitmine is once again choosing to split capital between its own shares and ETH, while it still remains close to its ether ownership target.
More ETH, But Slower
Alongside the buyback, Bitmine purchased another 10,452 ETH, worth about $24.5 million (€21.9 million). That is less than the 12,535 ETH it bought a week earlier. Total holdings came to 6,051,933 ETH, or about 4.95% of Ethereum’s total supply of 122.2 million tokens.
That leaves the company about 58,000 ETH short of its goal to own 5% of all ether. Bitmine has also staked about 5.23 million ETH, or 86% of its holdings, and is counting on an annual staking yield of about $318 million (€284 million) at current yields.
Why This Matters
For European crypto readers, this mix shows how a publicly traded crypto company is actively using its balance sheet during a weaker market. Lee’s comparison with AI stocks also fits into a broader debate about which risk sectors get hit hardest when investors pull back. With Ethereum trading around $2,320 (€2,070) while Bitmine keeps buying, the strategy becomes even more visible to the market.
Earlier, the same mix of ETH purchases and an upbeat Lee already showed how Bitmine ties its treasury strategy to expectations for crypto inflows.
