Bitmine slows Ethereum purchases, buys back $86M stock
Bitmine (BMNR), the largest Ethereum treasury firm, slowed its Ethereum purchases last week as it shifted capital to a share buyback program. It added just 7,430 ETH (about $14m), bringing total holdings to ~5.78 million ETH—around 4.8% of Ethereum’s circulating supply and nearing its 5% target.
The slowdown followed Bitmine’s repurchase of roughly 5.5 million common shares at an average price of $15.62 under a previously authorized $4 billion buyback. Company updates also show BMNR held $11.5 billion total assets as of Sunday, including 207 BTC, $385m in cash and marketable securities, and equity stakes in Beast Industries and Eightco Holdings.
On the revenue side, Bitmine continues to earn staking income. It has staked 4.92 million ETH (about 85% of holdings) through its MAVAN staking platform, projecting annualized revenue of about $247m.
For traders, the key takeaway is that Bitmine’s Ethereum purchases are temporarily less aggressive, while its longer-term strategy remains centered on accumulating ETH and monetizing staking yield.
Neutral
Bitmine slowed Ethereum purchases, which can reduce incremental spot demand in the very near term—often a mildly bearish influence for ETH flows. However, the company is still accumulating overall toward its 5% supply target and remains heavily positioned for staking yield (projected ~$247m annualized from ~4.92m staked ETH). That combination typically limits downside and can support medium-to-longer-term sentiment.
Historically, when large crypto treasuries divert from continuous buying to capital returns (buybacks), short-term price pressure can appear as order-flow cools. Yet if the treasury continues to hold and monetize core positions (here, ETH staking), market impact often normalizes rather than turning into a sustained trend. Net effect: neutral.