Tom Lee's Bitmine Reduces ETH Purchases, Focuses on $86M Stock Buyback
Bitmine, led by Tom Lee, slows its Ethereum purchases, acquiring only 7,430 ETH valued at about $14 million, in favor of an $86 million stock buyback. The company aims to control 5% of Ethereum's circulating supply, and now holds approximately 5.78 million ETH, making it the largest corporate holder of the cryptocurrency, as reported by Decrypt.
Bitmine, a treasury company led by Tom Lee, adjusts its strategy regarding Ethereum acquisitions by limiting its purchases to just 7,430 ETH, valued at approximately $14 million, during the past week. This brings Bitmine's total holdings to about 5.78 million ETH, which represents nearly 4.8% of the total circulating supply of Ethereum.
Despite the recent purchase, which allows Bitmine to inch closer to its goal of cornering 5% of Ethereum's supply, this marks one of the lowest weekly additions since it initiated its treasury strategy in June 2025. For context, Bitmine acquired more than 111,000 ETH in a single week back in May of the same year.
The decision to steer capital towards an $86 million stock buyback instead of aggressive crypto purchases reflects a shift in business strategy. According to Tom Lee, shares bought back amounted to approximately 5.5 million common shares at an average price of $15.62. "The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares," Lee stated. He also reminded stakeholders that the firm has consistently purchased ETH each week since its strategy's launch.
As of now, Bitmine's holdings are valued at around $11 billion, placing it as the largest corporate holder of ETH globally, second only to Michael Saylor’s Strategy, which maintains a roughly $54 billion holding in Bitcoin. Additionally, Bitmine reports holding 207 Bitcoin, $385 million in cash and securities, a $180 million stake in Beast Industries, and $58 million in Eightco Holdings. The firm has also staked about 4.92 million ETH—approximately 85% of its holdings—through its MAVAN validator platform, which is projected to generate annualized revenue of around $247 million.
The shift in strategy raises questions about Bitmine's future buying behavior and how it will balance its investment in Ethereum against shareholder returns. Observers will look toward further updates from the company for insights into its ongoing treasury management and ETH holdings.
Summary based on original reporting by Decrypt Staff at Decrypt, originally published Jul 20, 2026. SolanaWire does not republish source content.
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