Bitmine Slows ETH Buys to 7,430 Tokens as Tom Lee Redirects $86M to Stock Buybacks: What Changed?

Bitmine Immersion Technologies (NYSE:BMNR) bought just 7,430 Ethereum (CRYPTO: ETH) last week, one of its smallest weekly additions, after redirecting $86 million toward a share buyback.

Why Did Bitmine Slow Its ETH Buying?

Bitmine redirected capital toward its own stock this week, repurchasing 5.5 million common shares at an average price of $15.62 under its previously authorized $4 billion buyback program rather than adding to its Ethereum treasury at the usual pace, according to a Monday company update.

“We view the purchase of our common shares as accretive to shareholder value,” Tom Lee said, adding that Bitmine has bought ETH every week since adopting its treasury strategy on June 30, 2025.

The scale of the pullback stands out. Bitmine bought more than 111,000 ETH in a single week in May and regularly acquired tens of thousands of tokens throughout the first half of the year. 

Bitmine now holds 5.78 million ETH, representing 4.8% of the entire circulating supply and sitting 96% of the way to its stated 5% target.

Bitmine’s Ethereum Holdings Near 5% Supply Target

Total holdings across crypto, cash, and investments reached $11.5 billion as of Sunday. 

The breakdown includes 5.78 million ETH at $1,879 per token, 207 Bitcoin (CRYPTO: BTC), $385 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $58 million stake in Eightco Holdings (NASDAQ:ORBS).

Meanwhile, Bitmine has staked 4,917,189 ETH, roughly 85% of its holdings, through its MAVAN validator platform at a 7-day annualized yield of 2.67%, projecting $247 million in annualized staking revenues. 

At full deployment, projected staking rewards reach $290 million annually.

The company ranks as the largest ETH treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc. (NASDAQ:MSTR), which holds 843,775 BTC valued at roughly $55 billion.

Is BMNR About To Break Out?

BMNR stock trades 41.1% below its 200-day SMA at $27.32, down 60.35% over the past 12 months

However, BMNR price pushes to $16.42 in premarket, up 4.5%, testing the descending trendline that has capped every rally since the stock peaked near $42 in December. 

The $13 to $14 demand zone held as the floor in June, building a rising structure into this week’s test.

RSI sits at 49.28, neutral and waiting for confirmation. A daily close above $16.05 with volume signals a breakout from eight months of descending resistance. 

Key levels for BMNR:

• $16.05 — descending trendline, the breakout level to watch
• $17.22 — 50-day SMA, next resistance above
• $15.5 — immediate support on any pullback
• $13.00 to $14.00 — demand zone floor where buyers stepped in during June

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