BitMine Hits the Brakes on ETH, Spends $86M Buying Itself Instead 🪞

BitMine Immersion Technologies added just 7,430 ETH, worth roughly $14 million, last week as it redirected capital toward repurchasing 5.5 million of its own common shares at an average price of $15.62 under its $4 billion buyback authorization. Chairman Tom Lee said the slowdown was tied directly to that buyback, stating, "The reduced pace of buys reflects that BitMine repurchased 5.5 million common shares." He added that BitMine has acquired ETH every week since launching its Ethereum treasury strategy on June 30, 2025.

The latest purchase lifted BitMine's Ethereum holdings to 5,777,468 ETH, representing nearly 4.8% of ETH's circulating supply and bringing the firm closer to its stated goal of controlling 5% of the token under its "Alchemy of 5%" plan. At current prices, the stash is valued at approximately $11 billion, making BitMine the largest corporate holder of ETH and the second-largest corporate digital asset treasury in the world, behind Michael Saylor's Strategy, which holds roughly $54 billion in Bitcoin.

BitMine, which trades under the ticker BMNR at $16.61 (up nearly 6% on the day), reported additional holdings including 207 BTC, $385 million in cash and securities, a $180 million stake in Beast Industries and a $58 million position in Eightco Holdings. The company also disclosed it has staked 4.92 million ETH — about 85% of its total holdings — through its MAVAN validator platform, projecting annualized revenue near $247 million.

The week's ETH addition marked one of BitMine's thinnest weekly buys since it began the treasury strategy, a sharp drop from the more than 111,000 ETH it scooped up in a single week back in May. Meanwhile, Strategy added $225 million to its cash reserves last week without selling any Bitcoin, according to its latest SEC filing. The Bitcoin treasury firm sold 2,732,318 shares of MSTR common stock between July 13 and July 19, netting $263.5 million through its at-the-market offering program.