BMNR
The ETH firehose got a little less aggressive
Bitmine Immersion Technologies has spent months acting like Ethereum was going out of style. This week, though, the company pulled back: it bought just 7,430 ETH, one of its smallest weekly adds, after redirecting $86 million into repurchasing 5.5 million shares at an average price of $15.62.
That matters because Bitmine has basically been on autopilot since launching its treasury strategy on June 30, 2025. The company said it has bought ETH every week since then — including monster weeks like the 111,000-plus ETH haul it made in May. So when the buying slows, people notice.
Why the sudden detour?
Tom Lee’s message was pretty simple: buying back Bitmine stock is “accretive to shareholder value.” Translation: instead of only stacking ETH like a crypto dragon, the company is also trying to make its own shares look a little tastier.
A few numbers explain why this is not just a side quest:
- Bitmine now holds 5.78 million ETH, or about 4.8% of the circulating supply
- That puts it 96% of the way to its stated 5% target
- Total holdings across crypto, cash, and investments came to $11.5 billion
- It has also staked 4,917,189 ETH, roughly 85% of its stash, via MAVAN
The market is watching the balance sheet chessboard
The company is still the biggest ETH treasury in the world and the second-biggest crypto treasury overall, behind Strategy. But this update shows Bitmine isn’t treating Ethereum accumulation as the only priority anymore. It’s also willing to support the stock directly, which can be a nice little moat for shareholders — or a sign management thinks the shares are too cheap to ignore.
And the market is paying attention. BMNR was trading below its 200-day moving average and trying to claw back toward resistance, so any signal that the company is changing pace can become rocket fuel for the chart crowd.
Big picture: Bitmine is still all-in on ETH, but now it’s making room for a second bet — its own stock. That’s a very different kind of treasury play, and investors usually don’t ignore a company when it starts buying itself instead of just hoarding crypto.