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Bitmine slows ETH accumulation, funds $50M-$58M share buyback
Bitmine also said macro data, including softer inflation and jobs, may be a tailwind for crypto even after CLARITY Act delays.
Ethereum treasury firm Bitmine (BMNR) bought 7,391 ether (ETH) last week, marking its smallest weekly ETH haul of 2026, according to CoinDesk. The purchase, worth about $14.2 million at ether’s price as of writing, lifted Bitmine’s holdings to more than 5.8 million ETH, or roughly 4.8% of Ethereum’s total supply.
The company shifted more capital toward its own stock, repurchasing 3 million shares at an estimated cost of $50 million to $58 million. Bitmine has been buying back shares since July, totaling 19.1 million shares over that period, while also extending its ETH purchase streak to 58 weeks.
CoinDesk reports Bitmine’s chairman and Fundstrat co-founder Tom Lee said the firm would slow crypto accumulation as it nears its goal of owning 5% of ether’s supply, and instead favor share buybacks. He pointed to softer inflation and jobs data as a potential macro tailwind for crypto.
Lee also referenced a separate setback for U.S. digital asset policy, saying the CLARITY Act failed to secure a Senate vote before the August recess. He added that market focus has shifted toward recent economic data, and that the odds of the Federal Reserve hiking rates at its September meeting have fallen to 40% from 75% two weeks earlier.
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