Bitmine Taps the Brakes on ETH Accumulation, Redirects Cash to Buybacks

Bitmine Immersion (BMNR), billed as the largest Ethereum treasury firm, purchased an additional 7,391 ether last week. The buy was valued at about $14.2 million based on ether's price of $1,915 at the time of writing, with ETH last referenced at $1,896.25. The latest purchase pushed Bitmine's holdings above 5.8 million ETH, roughly 4.8% of Ethereum's total supply. It also extended the firm's ETH buying streak to 58 consecutive weeks, though it marked the smallest weekly addition this year and remains far below the 100,000+ ETH per week Bitmine acquired earlier in 2026. Chairman Thomas Lee previously said the company would slow crypto accumulation as it nears its target of owning 5% of ether's supply. Capital has instead been directed toward share repurchases. Bitmine bought back another 3 million shares last week, implying an outlay of roughly $50 million to $58 million based on the stock's trading range during the period. Since July, the company has repurchased 19.1 million shares. Beyond its ETH position, Bitmine holds 209 BTC, $104 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings. Shares were little changed around $18.80 in premarket trading. Lee also pointed to the macro backdrop following another setback for U.S. crypto legislation after the CLARITY Act failed to secure a Senate vote ahead of the August recess. "We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data," Lee said. He added that the probability of a Federal Reserve rate hike at the September meeting has dropped to 40% from 75% two weeks ago. "We expect easing financial conditions to be a tailwind for crypto," he said.