Tom Lee's Bitmine Keeps Buying Ethereum But Pivots to Record Share Buybacks
Summary
Bitmine Immersion Technologies bought 10,452 ETH, bringing its reported holdings to 6.05 million ETH, or 4.95% of supply and close to its 5% target. The company also repurchased 2.04 million shares for about $46 million last week, bringing its 2026 buybacks to 22.9 million shares worth $399.6 million. It says the repurchases target shares management considers undervalued. Bitmine reported $15 billion in total holdings and said 5.23 million ETH are staked, generating projected annualized revenue of about $318 million. The shift toward buybacks comes as Strategy also paused Bitcoin purchases to repurchase preferred stock.
