BitMine buys more Ethereum and repurchases 4.5 million shares

BitMine buys more Ethereum: the company reported adding 10,399 ETH last week while repurchasing 4.5 million common shares. For investors in BitMine Immersion Technologies, which trades as BMNR, the update shows the company continuing to allocate capital both to its Ethereum treasury and to its own stock.

The ETH purchase was worth about $19.1 million using an ether price near $1,840, according to CoinDesk’s report on BitMine’s Aug. 3 company update. BitMine said the acquisition brought its holdings to almost 5.8 million ETH, equal to roughly 4.8% of Ethereum’s circulating supply.

Those holding and supply figures are reported by BitMine. The company’s stated long-term objective is to hold 5% of Ethereum’s supply.

How much Ethereum did BitMine buy?

BitMine bought 10,399 ETH in the latest reported week, following a 9,946-ETH purchase the prior week, according to CoinDesk. The company has bought ETH every week since adopting its Ethereum treasury strategy in June 2025.

That makes BMNR an indirect, company-run exposure to a large Ethereum reserve, alongside BitMine’s other assets and operating activities. The company reported that its crypto, cash and marketable securities totaled $11.3 billion as of Aug. 2.

What did BitMine do with its stock buyback?

BitMine also repurchased 4.5 million common shares in the latest week. CoinDesk reported that the purchase brought the company’s total recent repurchases to 16 million shares.

A stock buyback is when a company purchases its own shares. Buybacks can reduce shares outstanding, depending on how the repurchased shares are treated, which can increase each remaining share’s proportional claim on the company. A repurchase authorization permits purchases but does not require a company to complete them.

The latest repurchase was lower than the 6.1 million shares BitMine bought back in the prior reported week. That earlier purchase followed a 5.5 million-share repurchase, according to CoinDesk and a July report carried by Yahoo Finance.

What is Tom Lee’s view on ether?

Chairman Tom Lee pointed to ether’s performance against the Nasdaq 100 in July. He said ETH beat the index by 2,500 basis points, or 25 percentage points, and described it as ether’s strongest monthly relative performance in a year.

Lee said he believes that relative performance reflects improving crypto fundamentals. That is management’s interpretation, rather than an established conclusion about future prices or BitMine’s performance.

BitMine also reported that it had staked 4.9 million ETH, about 85% of its holdings, through its MAVAN platform. The company projected approximately $247 million in annualized staking revenue, a forward-looking company estimate.

This story draws on original reporting from Decrypt.