Tom Lee's Bitmine bought more ether, added to stock buyback last week
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitmine Immersion (BMNR), an Ethereum treasury company chaired by Tom Lee, purchased 10,399 ether (ETH) last week, worth approximately $19.1 million at current prices. This continued Bitmine’s weekly ether buying streak since June 2025, lifting its Ethereum holdings to nearly 5.8 million ETH. The company also repurchased 4.5 million shares of its stock last week, bringing total recent share buybacks to 16 million. Lee attributed the buys to ether's strong performance relative to the Nasdaq.
Why it matters
Tom Lee framed ether’s outperformance in July as the strongest against the Nasdaq in a year, signaling improving fundamentals in the crypto market. This relative strength has historically preceded gains in Bitmine’s stock since their pivot to an Ethereum treasury strategy. The company’s continued purchases and stock buybacks demonstrate confidence in ether and Bitmine’s business approach in a competitive market environment.
Key context
Bitmine adopted its Ethereum treasury strategy in June 2025 and has been buying ether weekly since then. Currently, Bitmine holds about 4.8% of Ethereum’s circulating supply, with about 85% of its ETH staked through the MAVAN platform, projecting $247 million in annualized staking revenue. The company’s portfolio also includes bitcoin, cash, marketable securities, and equity stakes in other firms. By contrast, Strategy (MSTR), the largest corporate bitcoin holder, recently sold bitcoin and repurchased preferred stock.
Key numbers and entities
Bitmine Immersion (BMNR) bought 10,399 ETH (~$19.1 million) last week, totaling about 5.8 million ETH held (4.8% of supply). The ETH price is $1,840. Bitmine repurchased 4.5 million shares last week, totaling 16 million share buybacks recently. Bitmine holds 209 BTC and $173 million in cash and securities. Annualized staking revenue is projected at $247 million. Strategy (MSTR) sold 1,638 BTC (~$105 million) and repurchased $81.2 million of STRC preferred stock.
What remains unclear
The source does not flag open questions or limitations regarding Bitmine’s purchases or future strategy beyond the information provided.