Bitmine (BMNR), the largest Ethereum tax company, bought just 7,430 ether (ETH) last week, dialing back its buying spree as it redirected capital to a share buyback.
The latest purchase, worth about $14 million at ether’s current price of $1,879, lifted BitMine’s holdings to 5.78 million ETH, or about 4.8% of Ethereum’s circulating supply, according to a company update Monday.
BMNR was 2.4% higher in premarket trading.
The purchase marks one of the firm’s smallest weekly additions since launching its Ethereum treasury strategy in June 2025. By comparison, the firm bought more than 111,000 ETH in one week in May and had regularly acquired tens of thousands of tokens during the first half of the year. The firm is approaching its goal of holding 5% of the ETH supply.
Chairman Thomas “Tom” Lee attributed the slowdown to the company’s decision to repurchase approximately 5.5 million shares at an average price of $15.62 under its previously approved $4 billion buyback program.
“The reduced pace of purchases reflects Bitmine repurchasing 5.5 million common shares,” Lee said. He added that the company has been buying ETH every week since adopting its financial strategy just over a year ago.
