#BitMine增持7430枚ETH同步回购550万股 From “Bulk Buying” to “Precision Accounting”: BitMine’s Capital Allocation Turning Point

BitMine Immersion Technologies completed a set of seemingly contradictory operations last week: it only increased its holdings by 7,430 ETH (about $14 million), yet spent $86 million to repurchase 5.5 million shares of common stock. This is the 55th consecutive week in which the company has purchased in the middle range since launching its ETH reserve strategy in June 2025—and also the smallest instance of weekly buying over that stretch.

Two sets of figures, one signal. As of July 19, BitMine’s total Ethereum holdings stood at 5,777,468 ETH, accounting for 4.8% of Ethereum’s circulating supply. It is only about 257,000 ETH short of its “Alchemy of 5%” goal. Chairman Tom Lee said the slowdown in buying is because the company has directed more funds toward its stock repurchase. This is not a strategic pivot, but a phased adjustment—at the point where the 5% target is within reach, it has switched from a “bulk-buying mode” to a “management mode.”

The logic behind the repurchase comes down to a valuation gap. Management believes the BMNR share price is undervalued relative to its net asset value. The average repurchase price is $15.62, while the company’s total assets amount to $11.5 billion, including 85% of its ETH holdings (about 4.92 million ETH) already staked. Its annualized staking returns are approximately $247 million. The staking business has become its core revenue engine—of the $46.5 million total revenue in the May quarter, 98% came from staking and validation. When the market has not yet fully recognized the value of its assets, repurchasing its own shares effectively increases per-share ETH exposure for remaining shareholders.

For the ETH market, this means a temporary contraction in a steady source of demand. Against the backdrop of accelerated outflows from spot ETFs, BitMine’s weekly orders in the low double-figures of thousands had been an important marginal support for Ethereum. Now, purchases have dropped sharply to four-digit levels; near-term pressure on the demand side cannot be ignored. However, the company is not selling—its 5.78 million ETH holdings remain fully locked up in staking.

BitMine is writing the second chapter of its corporate crypto treasury strategy: moving from “buy, buy, buy” to refined capital management.