Bitmine has sharply eased its aggressive Ethereum buying campaign, diverting tens of millions of dollars into an $86m share buyback as it closes in on its ambition to control 5% of the cryptocurrency’s circulating supply.
The US-listed firm, regarded as the largest dedicated Ethereum treasury vehicle, purchased just 7,430 ether (ETH) last week – one of its smallest weekly additions since launching its strategy in June 2025.
At an ether price of about $1,879, the latest buy was worth roughly $14m and takes Bitmine’s total holdings to 5.78 million ETH, equivalent to about 4.8% of all ether in circulation, according to a company update released on Monday.
Shares in Bitmine (ticker: BMNR) were up 2.4% in pre‐market trading following the disclosure.
Share buyback takes priority
Chairman Thomas “Tom” Lee said the slowdown in crypto accumulation was directly linked to the decision to step up returns to shareholders via the firm’s previously authorised $4bn stock buyback scheme.
“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said.
Those shares were bought back at an average price of $15.62, amounting to around $86m of capital redirected from ether purchases into equity repurchases.
Despite the pullback in the scale of its weekly buys, Lee stressed the firm had not paused its core strategy.
He added that the company has purchased ETH every week since adopting its treasury strategy just over a year ago.
From mega-buys to measured accumulation
The latest move marks a significant moderation compared with Bitmine’s earlier pace.
In one week in May, the firm acquired more than 111,000 ETH, and it had routinely been accumulating tens of thousands of tokens per week throughout the first half of 2026.
The company has explicitly targeted ownership of 5% of Ethereum’s supply, a threshold it is now approaching.
Analysts say such concentration in a single corporate treasury has become a key talking point in the digital asset market, with traders closely tracking Bitmine’s weekly disclosures for signals on institutional demand for ETH.
$11.5bn digital asset war chest
As of Sunday, Bitmine’s total holdings were valued at about $11.5bn.
Alongside its substantial ether position, the firm reported it holds:
– 207 bitcoin (BTC)
– $385m in cash and marketable securities
– A $180m equity stake in Beast Industries
– A $58m investment in Eightco Holdings
While ETH remains the centrepiece of its balance sheet, these additional assets provide diversification and liquidity to support corporate activities such as buybacks and strategic investments.
Staking engine generates hundreds of millions
Bitmine continues to monetise its Ethereum holdings through staking, a process that helps secure the blockchain in return for rewards.
The company said it has staked 4.92 million ETH – around 85% of its total ether – via its MAVAN staking platform.
On current projections, that staked position is expected to generate annualised revenue of about $247m.
The staking income provides a recurring yield on Bitmine’s core asset, partially offsetting the cost of acquisition and underpinning its broader treasury strategy.
Wider market backdrop: trading volumes rebound
Bitmine’s update comes as trading activity on centralised cryptocurrency exchanges (CEXs) shows signs of revival after months of decline.
Industry data for June indicated:
– Spot trading volumes on CEXs rose 15.3% to $1.11tn
– Real-world asset (RWA) perpetual futures volumes hit a record $311bn
The rebound in volumes suggests a renewed engagement from traders and investors across digital assets, setting the backdrop for large treasury players such as Bitmine as they balance shareholder returns with their ambitions to dominate Ethereum’s supply.
