ethereum ·
Bitmine adds 10,452 ETH, pivots to record 2.04 million share buybacks
Bitmine Immersion Technologies continued its weekly accumulation of Ethereum, adding 10,452 ETH, which equates to approximately $24 million.
However, a more significant action taken by the firm this week involved repurchasing its own stock. Bitmine bought back 2.04 million shares, an undertaking the company described as the largest equity buyback executed by any crypto treasury company.
The NYSE-listed entity announced on Monday that this buyback occurred over the preceding week at an average price of $22.48. This brings the firm's total share repurchases for 2026 to 22.9 million shares, valued at around $399.6 million.
Chairman Tom Lee framed these buybacks as a value-oriented strategy, stating the organization plans to repurchase stock "accretively" when management perceives the shares to be undervalued.
The ETH acquisition increased Bitmine’s total holdings to 6,051,933 ETH, valued near $14.3 billion based on a reference price of $2,356 per coin. This represents 4.95% of Ethereum's total supply of 122.2 million tokens.
This move puts the firm 99% of the way toward its stated objective, which it terms the “Alchemy of 5%”—owning 5% of the network. Lee has indicated that Bitmine intends to cease purchasing once this threshold is reached.
This strategic shift mirrors that of Strategy, which paused its Bitcoin purchases this week to allocate $204.9 million toward STRC buybacks. Both major treasury entities have shown a preference for strengthening their equity positions over acquiring new crypto assets.
These actions by large market participants suggest a growing focus among institutional crypto holders on capital preservation and internal corporate valuation plays alongside asset accumulation.
Why it matters
This dual focus on accumulating ETH and aggressively buying back stock signals a strategic shift in how major crypto treasuries manage capital. For readers tracking DeFi and Ethereum governance, this shows institutional bodies prioritizing treasury stability and share value alongside asset accumulation. Watch how this trend of treasury buybacks impacts capital deployment in the L2 and DeFi ecosystems.
