Bitmine adds 10,452 ETH, executes largest crypto treasury share buyback of 2.04 million shares

The firm recently acquired 10,452 ETH, bringing its total holdings to 6,051,933 ETH. This purchase extends the company's ongoing weekly acquisition streak and moves it closer to its stated objective of reaching 5% of the network's supply, which Lee terms the “Alchemy of 5%.”

The more substantial action taken this week involved the repurchase of 2.04 million of its own shares. This action constitutes what the company describes as the largest equity buyback undertaken by any crypto treasury firm.

The NYSE-listed entity reported on Monday that it bought back these shares over the preceding week, averaging $22.48 per share. This brings the firm's 2026 total repurchased shares to 22.9 million, valued at approximately $399.6 million.

Chairman Tom Lee characterized these buybacks as a value-based strategy, noting the company plans to repurchase stock "accretively" when management perceives the shares to be undervalued.

The ETH acquisition elevates Bitmine’s Ethereum stake to 4.95% of the total 122.2 million token supply. This positions the firm at 99% of its target to own 5% of the network.

This trend mirrors the activity of other major players; Strategy paused its Bitcoin purchasing this week to allocate $204.9 million toward buying back STRC preferred stock.

These movements by prominent market participants suggest a strategic pivot among large crypto treasuries, favoring the strengthening of their equity positions over the acquisition of new digital assets.

Why it matters

This shift by major crypto treasuries, like Bitmine, toward significant share buybacks signals a strategic pivot in how these entities manage capital. Investors should watch how these large-scale corporate actions influence the perceived value and stability of the underlying crypto assets.