Bitmine Prioritizes Share Buyback While Expanding Ethereum Holdings
Bitmine continued to grow its Ethereum treasury last week, although at a much slower pace than in previous months, as the company allocated more capital to buying back its own stock instead of making large cryptocurrency purchases.
The company acquired 7,430 ETH during the week, valued at roughly $14 million, increasing its total holdings to approximately 5.78 million ETH. That represents close to 4.8% of Ethereum’s circulating supply, leaving Bitmine just short of its long-term objective of controlling 5% of all ETH in circulation.
With its latest purchase, Bitmine’s Ethereum portfolio is now worth around $11 billion, cementing its position as the world's largest corporate Ethereum holder. Among publicly known digital asset treasuries, the company ranks second only to Strategy, the Bitcoin-focused firm led by Michael Saylor, which holds an estimated $54 billion worth of BTC.
Despite maintaining its streak of weekly Ethereum purchases, the latest addition stands out as one of Bitmine’s smallest since the company adopted its ETH treasury strategy in June 2025. Earlier this year, Bitmine significantly expanded its holdings by purchasing more than 111,000 ETH in a single week, highlighting the sharp slowdown in recent acquisitions.
According to Bitmine Chairman Tom Lee, the reduced buying activity was intentional. Instead of directing more funds toward Ethereum, the company used capital to repurchase approximately 5.5 million common shares. The shares were bought back at an average price of $15.62 under Bitmine’s previously announced $4 billion share repurchase program.
Lee said the company has consistently added Ethereum to its balance sheet every week since launching the treasury strategy over a year ago, even as it balanced other capital allocation priorities.
Beyond its sizable Ethereum reserve, Bitmine also disclosed a diversified portfolio of additional assets. The company currently owns 207 Bitcoin, holds roughly $385 million in cash and marketable securities, maintains a $180 million investment in Beast Industries, and has a $58 million stake in Eightco Holdings.
Bitmine is also generating income from its cryptocurrency holdings through staking. The company revealed that around 4.92 million ETH—roughly 85% of its total Ethereum reserves—has been staked using its MAVAN validator platform. Based on current projections, those staked assets are expected to generate annualized revenue of approximately $247 million.
Shares of Bitmine (BMNR) climbed nearly 6% following the update, reflecting continued investor confidence in the company's Ethereum-focused treasury strategy despite the slower pace of recent acquisitions. With its holdings now approaching the 5% ownership milestone, Bitmine remains one of the most influential corporate participants in the Ethereum ecosystem.