Bitmine Slows Down Ether Purchases to Fund Stock Buyback

Bitmine, the largest corporate holder of Ethereum (ETH), has purchased its smallest haul of altcoin after an aggressive buying streak in 2026. The company has turned its gaze to repurchase 5.5 million common shares in the last week while flashing strong financial holdings.

Bitmine adds 7,430 ETH amid stock buyback

According to a company disclosure, Bitmine added 7,430 ETH valued at $14 million to its balance sheet over the last week. The latest acquisition is the smallest weekly buy for the largest corporate ether holder since June 2025, raising eyebrows over the sustainability of its treasury model.

For context, the second-lowest weekly buy came in May 2026, with the company acquiring 26,659. In the second week of August 2025, the company scooped 110,288 ETH, its largest weekly haul to date.

Bitmine disclosed that the reduced ETH purchase this week is linked to a stock buyback implemented by the company. Bitmine announced that it repurchased 5.5 million common shares for $86 million, but it remains unclear if the stock purchases will continue into the coming weeks.

Previously, Bitwise authorized a $4 billion share repurchase program to take advantage of its stock trading at a discount to the actual value of cryptocurrencies on its balance sheet. Following the latest share buyback, BMNR price surged by over 5% on Monday to trade at $16.63.

“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” said Bitmine Chairman Tom Lee. “We view the purchase of our common shares as accretive to shareholder value.”

Inching closer to its ‘Alchemy of 5%’ target

Per the press release, Bitmine holds 5,777,468 ETH purchased at an average price of $1,879. The $10.9 billion stash means Bitmine owns 4.8% of Ethereum’s circulating supply of 120.7 million ETH.

Bitmine disclosed that its immediate target is controlling 5% of the ETH’s circulating supply, with the company noting that it is “96% of the way” to the goal. The company achieved the feat in a little over 12 months, announcing sizable ETH purchases each week since June 2025.

The company downplayed any financial concerns, disclosing a backing of elite institutional investors. The group includes ARK Invest’s Cathie Wood, Pantera, DCG, Galaxy Digital and Kraken, among others.

Furthermore, the company pointed to its extensive cash reserves and assets. Bitmine holds 207 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $58 million stake in Eightco Holdings. The company’s total cash and marketable securities are pegged at $385 million.

Furthermore, as the company with the most staked ETH, Bitmine is positioned to net $290 million each year. Last quarter, Bitmine netted $45.7 million from Ethereum staking, representing 98% of total revenue.  

Source: Bitmine