Tom Lee’s Bitmine Makes Smaller ETH Buy as Firm Moves Capital To Stock Buybacks

Key highlights:

  • Bitmine bought ETH worth $14.2 million last week, its smallest weekly buy of the year
  • Total holdings are now 4.8% of Ethereum’s total supply
  • The company repurchased 3 million shares last week

Bitmine Immersion (BMNR) bought 7,391 Ethereum last week, worth $14.2 million based on the token’s price of $1,915 at the time. The buy was the smallest weekly purchase the firm has made all year. Instead of making a larger ETH purchase, Bitmine instead focused on repurchasing BMNR shares.

BMNR buybacks take priority over new purchases

The purchase extended Bitmine’s ETH buying streak to 58 straight weeks. The company’s holdings are about 4.8% of Ethereum’s supply, closer to its goal of holding 5% of total ETH tokens in the market.

Chairman Thomas Lee said earlier this year that the firm would slow down crypto accumulation as the firm gets closer to its target of holding 5% of the altcoin’s supply.

The company has shifted the share of its capital to repurchasing its own stock. According to the recent press release, it bought back 3 million shares last week. This was projected to cost between $50 million and $58 million based on the stock’s price at the time. 

Since July, the firm has bought back about 19.1 million shares, part of a $4 billion repurchase plan. Lee called it the largest share repurchase program run by any digital asset treasury company. He also added that the stock is still undervalued considering the size of its crypto holdings.

Apart from ETH, Bitmine also holds 209 BTC, $104 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings.

New buy flagged by blockchain analysts 

Blockchain analytics platform Lookonchain highlighted two on-chain transfers of 13,000 ETH from custodian BitGo, worth $24.36 million, which may be linked to Bitmine.  The transfers were spotted two hours after they happened, but the company has not confirmed these transactions.

Meanwhile, Bitmine has staked about 87% of all of its holdings. The firm had shared that this could generate $257 million in annualized staking revenue. 

BMNR has been trading flat, currently at a price of $18.10. Over the past year, the stock’s performance has been rocky, even though short-term momentum has picked up. 

It fell 3.83% over the past day but rose 3.9% over five days and 20.83% in the past month. The stock is also down 9.27% over six months and 33.33% year to date.

On the positive side, the company joined the Russell 1000 Large-Cap Index on June 26, and its preferred stock now trades on the NYSE under the ticker BMNP.

Lee highlighted in the latest release his disappointment in the delayed CLARITY Act, while sharing optimism about the easing odds of a Fed rate hike:

“We are disappointed that the CLARITY Act will not see a Senate vote before the August recess,” he said. “The odds of a Sept. hike by the Federal Reserve have fallen to 40% from 75% two weeks ago. We expect easing financial conditions to be a tailwind for crypto.”

Source:: Tom Lee's Bitmine Makes Smaller ETH Buy as Firm Moves Capital To Stock Buybacks

Updated: August 11, 2026 at 12:10 pm
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