CoinDesk
BitMine Immersion Technologies, the largest Ethereum treasury firm and chair Tom Lee's public vehicle for accumulating the asset, added just 7,430 ETH worth roughly $14 million last week, one of its smallest weekly additions since launching the strategy in June 2025. Holdings now sit at 5.78 million ETH, about 4.8% of Ethereum's circulating supply, with the firm's stated 5% target within touching distance.
Lee attributed the slowdown to capital being redirected into BitMine's share buyback program. The company repurchased roughly 5.5 million BMNR shares at an average price of $15.62, deploying about $86 million, part of a previously authorized $4 billion repurchase authorization. The message embedded in the move is sharp: management views its own equity as trading cheap enough relative to NAV that buybacks beat incremental ETH accumulation at current prices.
Why it matters
For months BitMine was the marginal corporate ETH buyer, regularly pulling tens of thousands of tokens a week and at one point adding 111,000 ETH in a single May week. Pulling back to 7,430 ETH is a regime change for the corporate bid that helped anchor Ethereum's price action through the second half of last year. The buyback framing also recasts BMNR from a pure ETH proxy into an actively managed capital return vehicle, which is how the market will start to discount its premium to NAV.
Market impact
BitMine reported total holdings of $11.5 billion as of Sunday, with the treasury still generating projected annualized staking revenue of roughly $247 million from 4.92 million staked ETH on the MAVAN platform. Beyond ETH, the balance sheet includes 207 BTC, $385 million in cash and marketable securities, plus $180 million in Beast Industries and $58 million in Eightco Holdings. BMNR traded 2.4% higher in pre-market after the update, but the read for ETH itself is that the corporate accumulator most willing to bid at any price has just signaled, at least for this week, that it found its own stock the better deal.
Frequently asked questions
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How much ETH did BitMine buy last week?
BitMine added 7,430 ETH last week, worth roughly $14 million at ether's price near $1,879. It was one of the firm's smallest weekly additions since launching its Ethereum treasury strategy in June 2025.
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How much of Ethereum's supply does BitMine now control?
BitMine holds about 5.78 million ETH, roughly 4.8% of Ethereum's circulating supply, putting the firm within reach of its publicly stated 5% target.
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Why did BitMine slow its ETH purchases?
Chairman Tom Lee attributed the slowdown to capital being redirected into BitMine's share buyback program. The firm repurchased roughly 5.5 million BMNR shares at an average price of $15.62, about $86 million in total.
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How much revenue does BitMine generate from staking?
BitMine has staked 4.92 million ETH, about 85% of its holdings, on its MAVAN platform, generating projected annualized staking revenue of roughly $247 million.
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What is BitMine's total balance sheet value?
BitMine reported total holdings of $11.5 billion as of Sunday, including 207 BTC, $385 million in cash and marketable securities, a $180 million stake in Beast Industries and a $58 million investment in Eightco Holdings.
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