Tom Lee's Bitmine Taps the Brakes on ETH Buys, Pivots $86M Into Stock Buyback
Bitmine added just 7,430 ETH last week, about $14 million, as it prioritized buying back its own shares. Its holdings rose to roughly 5.78 million ETH, nearly 4.8% of Ethereum’s circulating supply, putting it close to its goal of owning 5%. That makes Bitmine the largest corporate holder of ETH, with about $11 billion in Ethereum. The smaller weekly purchase was one of its weakest since launching its ETH treasury strategy in June 2025, far below a May week when it bought more than 111,000 ETH. Chairman Tom Lee said the slower pace reflected the repurchase of about 5.5 million common shares at an average of $15.62 under a $4 billion buyback program. Bitmine also reported 207 Bitcoin, $385 million in cash and securities, and stakes in Beast Industries and Eightco Holdings. It has staked 4.92 million ETH, about 85% of its holdings, for projected annualized revenue of around $247 million.
