Bitmine Slowed ETH Buys to Smallest Weekly Pace Since June 2025

Bitmine Immersion Technologies (NYSE: BMNR) acquired 7,430 ether ($ETH) over the past week, its smallest weekly purchase since launching its treasury strategy, as the company shifted capital toward buying back its own stock, according to a company press release issued July 20.

The purchase lifted Bitmine's holdings to 5,777,468 $ETH, worth roughly $10.9 billion at the $1,879 price cited in the release. That stake represents 4.8% of the 120.7 million $ETH supply, leaving the company, in its own words, "96% of the way" to its goal of controlling 5% of all ether — the target it markets as the "Alchemy of 5%."

Buyback Explains the Slower Pace

Bitmine repurchased approximately 5.5 million common shares over the past week at an average price of $15.6156, executed under a previously authorized $4 billion share repurchase program.

"We view the purchase of our common shares as accretive to shareholder value," Chairman Thomas "Tom" Lee said in the release. Explaining the reduced $ETH buying, Lee added: "The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares. Bitmine has bought $ETH every week since the inception of the $ETH Treasury Strategy on June 30, 2025."

$11.5 Billion Across Crypto, Cash and "Moonshots"

Bitmine reported total holdings of $11.5 billion as of July 19, spanning its $ETH position, 207 bitcoin ($BTC), $385 million in cash and marketable securities, and stakes it describes as "moonshots," including $180 million in Beast Industries and $58 million in Eightco Holdings (NASDAQ: ORBS).

The company said 4,917,189 $ETH — about 85% of its stack — is staked, largely through MAVAN, its in-house validator network, generating projected annualized staking revenue of roughly $247 million at a 2.67% seven-day yield.

Bitmine remains the largest corporate ether holder and the second-largest crypto treasury company overall, behind Strategy, which the release said holds 843,775 $BTC. Bitmine was added to the Russell 1000 index on June 26.

The slower buying week underscores a tension in the treasury model: with the stock a large driver of the strategy, management is now weighing repurchases against continued accumulation as it approaches the final stretch of its 5% target.