Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock

Bitmine, the largest Ethereum treasury firm, significantly slowed its weekly purchases of ether last week, acquiring just 7,430 ETH worth about $14 million. This is one of its smallest weekly additions since starting its Ethereum treasury strategy in June 2025. The reduced buying pace comes as Bitmine shifted capital to a stock buyback program, repurchasing approximately 5.5 million shares at an average price of $15.62 as part of a previously authorized $4 billion buyback.

After this latest purchase, Bitmine's total ether holdings reached about 5.78 million ETH, representing roughly 4.8% of Ethereum’s circulating supply. The firm is close to achieving its stated goal of controlling 5% of the total ETH supply. Bitmine's chairman, Thomas "Tom" Lee, explained that the slowdown in ether accumulation reflects the company’s focus on the stock repurchase while continuing to acquire ETH each week since initiating the treasury strategy.

As of the latest update, Bitmine’s total holdings are valued at approximately $11.5 billion. Beyond its ETH treasury, the company owns 207 bitcoin, holds $385 million in cash and marketable securities, and has equity stakes valued at $180 million in Beast Industries and $58 million in Eightco Holdings. The firm also generates staking revenue, having staked 4.92 million ETH—about 85% of its ETH holdings—through its MAVAN staking platform, with projected annualized revenue around $247 million.

This development is significant because it illustrates Bitmine’s strategy of balancing direct cryptocurrency accumulation with shareholder value initiatives like stock buybacks. The company’s large stake in Ethereum and consistent ETH purchasing had previously marked it as a major player in the ecosystem, and the recent shift signals a strategic reallocation of capital while maintaining substantial exposure to ETH and staking income.