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Bitmine Slows Ethereum Buying as It Expands $86 Million Buyback

Bitmine is keeping its ETH treasury near 5% of circulating supply, but it is now directing more capital toward a $4 billion buyback program.

By Mike Hesp
• 2 min read
Bitmine Slows Ethereum Buying as It Expands $86 Million Buyback

Key Takeaways

  • Bitmine bought 7,430 ether last week for about $14 million, marking a slower pace than its earlier ETH purchases.
  • The company’s ETH holdings climbed to 5.78 million ETH, or about 4.8% of circulating supply.
  • Bitmine is now directing more capital toward repurchasing about 5.5 million of its own shares under a $4 billion buyback program.

Bitmine added 7,430 ether last week, or roughly $14 million (€12.2 million), but the pace was noticeably slower than before. As the company’s Ethereum treasury moves closer to 5% of circulating supply, more capital is being funneled into a share buyback instead.

Less ETH, More Buybacks

In a Monday update, Bitmine said its holdings had increased to 5.78 million ETH, equal to about 4.8% of Ethereum’s circulating supply. That made it one of the company’s smallest weekly purchases since it launched its treasury strategy in June 2025. By comparison, Bitmine bought more than 111,000 ETH in a single week in May, and during the first half of this year it often accumulated tens of thousands of tokens each week.

Chairman Thomas "Tom" Lee said the slower buying reflects the company’s repurchase of about 5.5 million of its own shares at an average price of $15.62 (€14). That activity is part of an earlier approved $4 billion (€3.5 billion) buyback program. Lee also said Bitmine has continued buying ETH every week since the treasury strategy began.

Treasury Still Heavily Focused on ETH

Bitmine said its total holdings stood at $11.5 billion (€10.1 billion) on Sunday. In addition to its ETH position, the company reported 207 bitcoin, $385 million (€337 million) in cash and marketable securities, a $180 million (€157 million) stake in Beast Industries, and a $58 million (€50.7 million) investment in Eightco Holdings.

The company is also still generating income from staking. Bitmine said it has staked 4.92 million ETH, or about 85% of its own holdings, and expects annual yield of roughly $247 million (€216 million) through the MAVAN staking platform. That fits a broader pattern of public companies using crypto as a major balance sheet asset, much like MicroStrategy did with Bitcoin. BitMine previously said those staking revenues gave its income a major lift, as shown in this quarterly update.

Why This Matters

For European crypto readers, the main point is that a company of this size is locking up a huge amount of ETH while still adding to its position. When a large share of supply is staked, it can leave less ETH available for trading. At the same time, Bitmine is showing that treasury firms are not only making a bet on price, but also deciding how to split capital between crypto holdings and their own stock.

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