Bitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacks
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Summary
Ethereum treasury firm Bitmine (BMNR) slowed its weekly ETH purchases, acquiring just 7,391 ether last week—the smallest weekly amount in 2026. Instead, Bitmine shifted capital toward repurchasing its own shares, buying back 3 million shares worth an estimated $50 million to $58 million. Tom Lee, chairman of Bitmine and Fundstrat co-founder, cited softer inflation and jobs data as potential positive factors for crypto despite a delay in the CLARITY Act’s Senate vote.
Why it matters
The shift in Bitmine’s capital allocation from aggressive ETH purchases to share buybacks signals a strategic change as the firm approaches its target of owning 5% of ether’s total supply. Tom Lee’s comments on economic indicators highlight the broader macroeconomic backdrop impacting crypto markets, suggesting financial easing could benefit the sector even amid legislative delays.
Key context
Bitmine has maintained a consistent ETH buying streak for 58 weeks, currently holding over 5.8 million ETH, roughly 4.8% of Ethereum’s total supply. Earlier in the year, the firm was acquiring more than 100,000 ETH weekly, but slowed purchases aligned with stated goals. The CLARITY Act, important U.S. crypto legislation, has been delayed beyond the Senate’s August recess. Bitmine also holds 209 BTC, $104 million in cash and marketable securities, and stakes in other companies.
Key numbers and entities
Entities include Bitmine (BMNR), Tom Lee (chairman and Fundstrat co-founder), and the CLARITY Act. Bitmine bought 7,391 ETH last week, lifting holdings to over 5.8 million ETH. The company repurchased 3 million shares last week, spending between $50 million and $58 million; total share buybacks since July equal 19.1 million shares. Bitmine’s shares traded near $18.80 pre-market. Ether price was approximately $1,915 during the reported purchase.
What remains unclear
The source does not flag open questions or uncertainties regarding Bitmine’s future capital allocation plans or the timing and outcome of the CLARITY Act beyond the current delay.