#BitMine增持7430枚ETH同步回购550万股 Buying has slowed down, and buybacks are picking up: Bitmine’s “strategic evolution”

In the past week, Bitmine only added 7,430 ETH— the smallest weekly purchase since launching its ETH treasury strategy—while, in the same period, it spent $86 million to repurchase 5.5 million shares of stock.
Switching from a “buying spree” to a “management mode,” the world’s largest publicly listed corporate holder of ETH is undergoing a strategic turn.

I. One dataset, two signals
On July 20, Bitmine Immersion Technologies disclosed two sets of data:
Data 1: Slowing coin buying
In the past week, it only added 7,430 ETH (about $14 million)—the smallest weekly buying since it launched its Ethereum treasury strategy in June 2025.
Data 2: Accelerating buybacks
In the past week, it repurchased about 5.5 million shares of common stock at an average price of $15.62 per share, spending about $86 million. Coin buying has slowed, buybacks have accelerated—Bitmine is shifting from “stockpiling mode” to “management mode.”

II. How “big” is Bitmine now?
As of July 19, Bitmine’s total assets—about $11.5 billion
Bitmine is only about 257k ETH away from its 5% “ultimate goal”—which, based on the previous pace of accumulation, should have been reached within a few weeks. But the company chose to proactively slow down.

III. Why slow down? The chairman gives the answer
Bitmine chairman Tom Lee’s response was direct: “The slowdown in our purchase pace over the past week is because Bitmine repurchased 5.5 million shares of common stock during the same period. Since launching our ETH treasury strategy, we have been buying ETH every week, and that cadence has never changed.” It’s not that it’s “not buying”—it’s that the money has gone elsewhere.
In the past week, the buyback scale ($86 million) was 6 times the ETH accumulation scale ($14 million). This is the first time Bitmine has tilted the balance of capital allocation from “buying coins” toward “buying itself.”

IV. The logic of buybacks: When the stock price drops to parts of asset value!
BMNR’s stock price has already crashed about 90% from its 52-week high. On July 17, it traded between $14.67 and $15.86. Meanwhile, the ETH it holds alone is worth $10.8 billion; adding cash and other assets, total assets are about $11.5 billion. The market is valuing the company far below its crypto-asset value—pricing it at “broken price” levels. At the $15.62 average buyback price, every $1 used to repurchase shares is effectively buying back ownership of the company at a price far below intrinsic value. For management, this has a stronger “shareholder value accretion” effect than buying ETH at $1,879.

V. Pledging: the undervalued “cash-flow machine”
Bitmine’s staking business is becoming its most stable source of income.
In Q2 2026, Bitmine’s ETH staking and validation income was $45.7 million, accounting for 98% of total revenue. In essence, Bitmine has already become an “Ethereum staking yield company”—98% of its revenue comes from the returns generated by staking ETH, not from traditional mining or trading.

VI. From “hoarders” to “builders”
Bitmine’s slowdown and buybacks are not a strategic retreat, but strategic maturation.
Over the past 12 months, Bitmine has achieved: accumulating from zero to 4.8% of ETH circulating supply; being included in the Russell 1000 large-cap index; listing on the Nasdaq stock exchange main board; attracting top institutions such as ARK’s Cathie Wood, Founders Fund, Pantera Capital, and Galaxy Digital. Tom Lee said Bitmine’s next steps include: gradually accumulating ETH to the 5% supply level; funding derivative projects of the Ethereum Foundation; identifying and investing in “unicorns” in the crypto finance sector; and strengthening the Ethereum ecosystem. Bitmine is transforming from a “passive holder” into an “ecosystem builder.”

Written at the end
Bitmine is carrying out a one-of-a-kind experiment in financial history: a publicly listed company holding 4.8% of Ethereum’s circulating supply, staking 85% of it to generate stable returns, while using buybacks to support the share price’s steep plunge. When its holdings approach the 5% “red line”—Vitalik Buterin has said he does not want a single institution to hold more than 5% of ETH—Bitmine chooses to proactively slow down, shifting some capital allocation from “buying coins” to “buying itself.”
This is not a weakening of confidence—it’s strategic evolution. When a company builds 98% of its revenue on staking yield from a single public chain, it is no longer just an “investor”—it is part of Ethereum’s economy. #夏日创作营