Bitmine (BMNR), the largest Ethereum treasury firm, bought just 7,430 ether (ETH) last week, dialing back its buying spree as it redirected capital to a stock 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 roughly 4.8% of Ethereum’s circulating supply, according to a Monday company update.
BMNR was 2.4% higher in pre-market trading.
The purchase marks one of firm’s smallest weekly additions since launching its Ethereum treasury strategy in June 2025. By comparison, the firm bought more than 111,000 ETH during one week in May and had regularly acquired tens of thousands of tokens throughout the first half of the year. The firm is nearing its goal to corner 5% of 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 authorized $4 billion buyback program.
“The reduced pace of buys reflects that Bitmine repurchased 5.5 million common shares,” Lee said. He added that the company has purchased ETH every week since adopting its treasury strategy just over a year ago.