Bitmine Reduces Ether Purchases to Buy Back $86 Million in Stock
Bitmine slowed its Ethereum purchases, adding just 7,430 ether worth approximately $14 million as it shifted focus to a significant stock buyback program, according to CoinDesk. The firm aims to control 5% of Ethereum's supply while also generating substantial staking revenue.
Bitmine, a significant player in Ethereum treasury holdings, reduced its purchases of ether, acquiring only 7,430 tokens last week, which amounts to around $14 million at current prices. This slowdown is attributed to the company reallocating resources to an ongoing share buyback program, having repurchased approximately 5.5 million shares at an average price of $15.62.
As of now, Bitmine’s total ether holdings stand at about 5.78 million ETH, representing roughly 4.8% of Ethereum's circulating supply. This recent purchase marks one of the smallest weekly increments since the company initiated its treasury strategy in June 2025. For perspective, just last month, Bitmine made a much larger purchase of over 111,000 ETH within a single week.
Chairman Thomas "Tom" Lee explained the recent changes, stating, "The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares." Lee noted that the company has consistently purchased ETH every week since adopting its treasury approach over a year ago. Despite the slowdown in acquisitions, Bitmine continues to anticipate substantial revenue from its staking activities. It has staked 4.92 million ETH, leading to a projected annualized revenue of about $247 million from its MAVAN staking platform.
With its diverse holdings, which include 207 bitcoin and $385 million in cash and marketable securities, Bitmine’s total valuation reached $11.5 billion as of the latest update. The company continues to advance its strategy of increasing its Ethereum holdings while aiming for a substantial return from its investments in staking.
Summary based on original reporting by Krisztian Sandor at CoinDesk, originally published Jul 20, 2026. SolanaWire does not republish source content.
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