Bitmine Redirects $86M to Stock Buyback, Slows Ethereum Acquisitions

Bitmine's Ethereum purchases dropped sharply last week, acquiring only 7,430 ETH valued at roughly $14 million, marking one of its smallest weekly buys since starting its Ethereum treasury strategy. Meanwhile, the firm repurchased 5.5 million shares of its common stock at an average price of $15.62, spending about $86 million under its ongoing $4 billion buyback plan.

Ethereum Holdings and Market Position

Following the latest acquisition, Bitmine holds approximately 5.78 million ETH, worth about $10.9 billion based on current market prices near $1,879 per ETH. This amount represents nearly 4.8% of the total Ethereum circulating supply, which stands at 120.7 million tokens. For perspective, in May Bitmine purchased over 111,000 ETH during a single week and maintained a higher weekly buying pace throughout the first half of 2026.

Asset Overview and Strategic Capital Allocation

As of July 19, the company's total assets reached $11.5 billion, comprising Bitcoin holdings of 207 coins, $385 million in cash and marketable securities, and equity stakes valued at $180 million in Beast Industries and $58 million in Eightco Holdings. The buyback significantly influenced the slowdown in Ethereum accumulation, as noted by Chairman Tom Lee, who emphasized the balance between share repurchases and ETH purchases.

Staking and Revenue Generation

Bitmine continues to stake a substantial portion of its Ethereum assets. About 4.92 million ETH, or 85% of its total holdings, are staked through the MAVAN platform, generating a projected annual revenue of around $247 million. The company aims to reach a 5% share of circulating Ethereum, currently close at 4.8%, indicating that future buying activity may fluctuate based on capital allocation priorities.

BMNR shares rose 2.4% in pre-market trading following these developments. Investors will likely monitor the pace of both buybacks and Ethereum purchases closely in the coming weeks to gauge Bitmine’s strategic direction.

This material is for informational purposes only and does not constitute financial advice.