Bitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacks

FinanceBitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacksChairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.By Krisztian Sandor|Edited by Jamie Crawley17 min ago2 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowEthereum treasury firm Bitmine (BMNR) bought just 7,391 ether (ETH) last week, its smallest weekly haul in 2026.The firm shifted more capital toward its own stock, repurchasing 3 million shares worth an estimated $50 million-$58 million.Tom Lee pointed to softer inflation and jobs data as a potential tailwind for crypto, despite the latest delay to the CLARITY Act.Bitmine Immersion (BMNR), the largest Ethereum treasury firm, bought another 7,391 ether ETH$1,895.42 last week.The purchase, worth roughly $14.2 million at ether’s price as of writing of $1,915, lifted the company’s holdings to over 5.8 million ETH, or about 4.8% of Ethereum’s total supply.The latest haul, which extends Bitmine’s ETH buying streak to 58 weeks, was the smallest weekly purchase through the year and remains a fraction of the 100,000-plus weekly acquisitions Bitmine made earlier this year.Thomas Lee, chairman of Bitmine, noted earlier this year that the firm would slow the pace of crypto accumulation as it gets closer to its goal of owning 5% of ether’s supply.Instead, the company has shifted towards buying back shares. It repurchased another 3 million shares last week, which would have cost roughly $50 million to $58 million based on the stock’s trading range during the period. Since July, the firm has bought back 19.1 million of its own shares.Bitmine also holds 209 BTC, $104 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings.Bitmine shares traded flat neat $18.80 in pre-market trading.Clarity delayLee focused on the macro backdrop despit…

Bitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacks

Coins in this story

Discussion

Related stories

Solana gets its first Strategy STRC product through Solstice Finance

Bitcoin's BIP-110 episode is free-market capitalism in purest form

Bitcoin steadies above $65,000 as Iran-Oman deal talk eases Hormuz concerns, lifts risk assets