Bitmine Resumes Buybacks as ETH Purchases Slow

Bitmine Immersion Technologies has resumed share buybacks after a roughly 10-week pause, spending about $45.9 million on 2.04 million shares at an average price of $22.48. Its 2026 repurchases now total 22.9 million shares, worth nearly $400 million. Chairman Tom Lee said Bitmine will continue buying back shares when management considers them undervalued, calling the move the largest buyback by a crypto treasury firm. Bitmine also added 10,452 ETH, worth about $24.5 million, down from 12,535 ETH the previous week. Its holdings have reached 6,051,933 ETH, or about 4.95% of total supply—roughly 58,000 ETH short of its 5% “Alchemy” target. The company has said it plans to stop buying ETH once it reaches that goal. Bitmine has staked about 5.23 million ETH and projects annualized staking revenue of around $318 million at current yields. The shift toward buybacks echoes Strategy’s recent pause in Bitcoin purchases as it bought back $204.9 million of its STRC preferred stock. Lee also said crypto had held up better than AI-related stocks in the recent risk-off pullback: ETH was down 13% from its recent peak, compared with a 20% decline in the semiconductor ETF SOXX. For ETH traders, Bitmine’s continued accumulation and large staking position provide a supportive treasury signal, while slower purchases and the approaching 5% target could limit further buying demand.