coindesk.com
Bitmine (BMNR), the largest Ethereum treasury firm, bought just 7,430 ether ($ETH) last week, dialing back its buying spree as it redirected capital to a stock buyback.
The latest purchase, worth about $14 million at ether's current price of $1,879, lifted BitMine's holdings to 5,78 million $ETH, or roughly 4.8% of Ethereum's circulating supply, according to a Monday company update.
BMNR was 2.4% higher in pre-market trading.
The purchase marks one of firm’s smallest weekly additions since launching its Ethereum treasury strategy in June 2025. By comparison, the firm bought more than 111,000 $ETH during one week in May and had regularly acquired tens of thousands of tokens throughout the first half of the year. The firm is nearing its goal to corner 5% of $ETH supply.
Chairman Thomas "Tom" Lee attributed the slowdown to the company's decision to repurchase approximately 5.5 million shares at an average price of $15.62 under its previously authorized $4 billion buyback program.
"The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares," Lee said. He added that the company has purchased $ETH every week since adopting its treasury strategy just over a year ago.
Bitmine's total holdings stood at $11.5 billion as of Sunday. Besides its $ETH treasury, the company held 207 bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries and a $58 million investment in Eightco Holdings.
The company continues to generate income from staking its $ETH. Bitmine said it has staked 4.92 million $ETH, about 85% of its holdings, with a projected annualized revenue of about $247 million through its MAVAN staking platform.