#BitMine增持7430枚ETH同步回购550万股 BitMine’s Dual-Track Move: The Smart Plan Behind Slowing Coin Accumulation

BitMine delivered a seemingly contradictory performance last week: it only increased its holdings by 7,430 ETH (about $14 million), the lowest weekly buying volume since the company launched its ETH reserve strategy in June 2025; meanwhile, it splashed out around $86 million to repurchase 5.5 million shares of common stock at an average price of $15.62. This is not a wavering of confidence in Ethereum—it’s a carefully calculated strategic adjustment.

From “ruthless expansion” to “precision cultivation.” BitMine’s total ETH holdings have reached 5,777,468 ETH, accounting for 4.8% of Ethereum’s circulating supply, putting it just one step away from its 5% target. As the milestone is within reach, the company has proactively slowed its coin-accumulation pace, redirecting capital toward share buybacks. Chairman Tom Lee said clearly that this move is intended to enhance shareholder value.

This is a “value discovery” rather than a “strategic pivot.” BitMine management believes that the current BMNR share price is materially undervalued relative to the massive Ethereum assets the company holds on its balance sheet. Rather than continue sweeping up ETH at current market prices, it’s better to repurchase its own shares while they’re cheap—this not only directly reduces the number of shares outstanding, but also indirectly increases the remaining shareholders’ stake in BitMine’s Ethereum treasury. Staking has become its core revenue engine: in the total revenue for the quarter ended May, 98% came from staking and verification activities. That means even if buybacks slow down, it still keeps compounding assets through staking income.

For the market, this is a complex signal. BitMine’s steady weekly ETH buying may disappear in the short term, and combined with ongoing outflows from spot Ethereum ETF funds, it could add extra pressure to ETH prices. But in the long run, BitMine’s buyback communicates that “company value is undervalued.” Paired with its position as the largest global enterprise-grade ETH treasury, it sends the market a message of confidence—between Ethereum’s long-term narrative and short-term market pricing, management has chosen the latter as a more cost-effective bet. This reflects financial discipline, not fading confidence.