Bitmine Immersion Technologies sharply reduced the pace of its Ethereum purchases last week as the company redirected a larger portion of its available capital toward repurchasing its own shares.
The Ethereum treasury company, which trades under the ticker BMNR, acquired 7,430 ether during the week. At an ether price of approximately $1,879, the purchase was valued at about $14 million. The additional tokens increased Bitmine’s total holdings to roughly 5.78 million ETH, according to a company update released Monday.
Bitmine now controls approximately 4.8% of Ethereum’s circulating supply, which the company calculated at about 120.7 million tokens. That places the company close to achieving its stated goal of owning 5% of the total ETH supply, an objective Bitmine refers to as its “Alchemy of 5%” strategy.
The 7,430-token purchase represented one of Bitmine’s smallest weekly Ethereum additions since it launched its ETH treasury strategy in June 2025. The company had previously purchased tens of thousands of ether during many weeks in the first half of 2026, including more than 111,000 ETH during one week in May.
Chairman Thomas “Tom” Lee said the slower buying pace resulted from Bitmine’s decision to spend capital repurchasing approximately 5.5 million shares of its common stock.
The company paid an average of about $15.62 for each share, bringing the total value of the repurchases to approximately $86 million. The transaction was completed under Bitmine’s previously authorized stock-buyback program, which allows the company to repurchase as much as $4 billion of its shares.
Lee said Bitmine viewed the share repurchases as beneficial to shareholder value. He also emphasized that the company has continued purchasing Ethereum every week since establishing its ETH treasury strategy on June 30, 2025, despite the considerably smaller acquisition during the latest reporting period.
Bitmine reported that its combined cryptocurrency holdings, cash, marketable securities and other investments were worth approximately $11.5 billion as of Sunday.
In addition to its 5.78 million ETH, the company held 207 bitcoin and approximately $385 million in cash and marketable securities. Bitmine also reported a $180 million investment in Beast Industries and a $58 million stake in Eightco Holdings.
The company continues to earn revenue by staking much of its Ethereum treasury. Bitmine said approximately 4.92 million ETH had been staked, representing around 85% of its total ether holdings.
At the reported ether price of $1,879, the staked tokens were valued at approximately $9.2 billion. Bitmine projected that its current staking activity would generate about $247 million in annualized revenue.
The company operates its staking activities through MAVAN, which stands for Made in America Validator Network. Bitmine developed the platform to support its own Ethereum holdings and has also said it intends to expand the service to institutional investors, custodians and other participants in the Ethereum ecosystem.
Bitmine shares were approximately 2.4% higher in premarket trading following the company’s update.
Source: CoinDesk
