Bitmine drastically reduced the amount of Ethereum [ETH] it was accumulating last week, buying just 7,430 ETH—its lowest weekly purchase since May. This action was taken to prioritize the returns to shareholders.
For perspective, the company spent roughly $13 million on new ETH purchases. However, instead of aggressively growing its ETH treasury, it spent about $86 million repurchasing 5.5 million common shares at an average price of $15.62.
With 5,777,468 ETH, or 4.8% of Ethereum’s total circulating supply, Bitmine’s treasury is still massive despite the slower buying pace. In fact, it is also very close to its long-term objective of owning 5% of all ETH.
Remarking on the same, Thomas “Tom” Lee, Chairman of Bitmine, said,
We view the purchase of our common shares as accretive to shareholder value.
Bitmine’s goals achieved so far
With this pace, Bitmine is just 0.2 percentage points short of its declared objective of “Alchemy of 5%.”
That said, Bitmine has almost reached this milestone in just 12 months since introducing its Ethereum treasury strategy in June 2025.
As for staking, Bitmine has already staked 4.92 million ETH, or about 85% of its holdings, through its institutional-grade MAVAN (Made in America Validator Network) platform.
Additionally, the company is projecting $247 million in staking revenue annually at current staking yields of 2.67%, which could increase to about $290 million once its whole ETH treasury is staked.
This occurs as the price of ETH was trading at $1,929.35 at the time of writing, following a 7.44% increase over the previous week.
Will Strategy’s weakening BTC strategy impact Bitmine?
While this happens in the Ethereum space, Michael Saylor’s Strategy is making headlines, creating countless hubbubs in the crypto space. Needless to say, in the case of Strategy, every dollar raised went toward buying more Bitcoin [BTC].
Each rally served to support the model. Additionally, the corporate treasury continued to grow, which seemed to justify the dilution of shareholders. But now the financial force that started the unrelenting accumulation is asking more of the treasury that it was created to expand.
Yet, despite all the strain, Strategy still has 843,775 BTC (approximately $55.8 billion). This stack of Bitcoin follows this year’s sales of 3620 BTC and the addition of 171,278 BTC.
Final Summary
- Instead of expanding its ETH treasury, Bitmine spent about $86 million repurchasing 5.5 million common shares.
- This happens while ETH’s price surged by 7.44% in the past week.
