BitMine Repurchases 5.5 Million Shares As Weekly ETH Buying Slows

BitMine Immersion Technologies repurchased approximately 5.5 million common shares over the past week as the company shifted capital away from its usual pace of Ethereum accumulation.

The shares were acquired at an average price of $15.6156, implying a total outlay of roughly $85.9 million. The purchases were completed under BitMine’s previously authorized $4 billion share-repurchase program.

Chairman Tom Lee called the repurchases accretive to shareholder value. BMNR traded near $15.97 on Monday, slightly above the average price paid by the company.

The buyback reduces BitMine’s outstanding common-share count and differs from the equity-funded accumulation model used by many crypto treasury companies. BitMine has made ETH per share a central performance measure, giving management the option to buy its own stock when it considers the shares more attractive than additional ether.

That capital allocation contrasts with Strategy’s decision to sell $263.5 million in shares and retain the proceeds in its USD reserve while leaving its Bitcoin holdings unchanged.

ETH Purchases Drop 73% From Previous Week

BitMine acquired 7,430 ETH during the week, down about 73% from the 27,801 ETH purchased during the previous reporting period.

The latest addition was valued at approximately $14 million using BitMine’s July 19 reference price of $1,879 per ETH. Total holdings rose to 5,777,468 ETH, representing about 4.8% of Ethereum’s estimated 120.7 million-token supply.

BitMine remains 96% of the way toward Lee’s target of controlling 5% of Ethereum supply. The company has purchased ETH every week since launching its treasury strategy on June 30, 2025, although the latest acquisition was its smallest weekly addition in the recent accumulation cycle.

The reduced pace follows a 27,801 ETH purchase that lifted the treasury to 5.77 million tokens one week earlier. June additions included another 27,084 ETH acquisition as the company approached its supply target.

Cash Falls As Staked ETH Reaches 4.92 Million

BitMine held $385 million in cash and marketable securities as of July 19, down from $482 million one week earlier. The roughly $97 million decline broadly matches the capital used for the share repurchases and the latest ETH purchase.

Total crypto, cash, marketable securities and strategic investments reached $11.5 billion, up from $11.3 billion the previous week as Ethereum’s reference price increased.

The company has staked 4,917,189 ETH, equal to about 85% of its total ether position. BitMine placed projected annualized staking revenue at $247 million using a seven-day annualized yield of 2.67%.

Public-market access to staking income is also expanding through funds, with Grayscale making quarterly cash payouts mandatory for ETHE and GSOL after converting their net staking rewards into shareholder distributions.

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