Tom Lee's Bitmine slowed ether purchases as it bought back $86 million in stock.
CoinDesk 2026-07-20 12:55:36
Context: Bitmine, a leading Ethereum treasury firm led by Chairman Thomas "Tom" Lee, significantly slowed its Ethereum purchases last week, adding only 7,430 ether worth about $14 million to its holdings. This reduction in buying activity coincided with the company's decision to repurchase approximately $86 million worth of its own stock. The firm's Ethereum holdings now stand at about 5.78 million ETH, representing roughly 4.8% of Ethereum's circulating supply.
Key Facts
- Bitmine added 7,430 ether to its holdings last week, worth about $14 million at ether's current price of $1,879, lifting its total holdings to 5.78 million ETH.
- The firm repurchased approximately 5.5 million shares at an average price of $15.62 under its previously authorized $4 billion buyback program.
- Bitmine's total holdings stood at $11.5 billion as of Sunday, comprising 5.78 million ETH, 207 bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $58 million investment in Eightco Holdings.
- The company continues to generate projected annualized staking revenue of about $247 million from 4.92 million staked ETH, representing about 85% of its Ethereum holdings.
- Bitmine's Ethereum holdings now represent roughly 4.8% of Ethereum's circulating supply, nearing its goal of controlling 5% of the token's supply.