Bitmine Slows ETH Buys to 7,430 Tokens as Tom Lee Redirects $86M to Stock Buybacks: What Changed?

benzinga.com 20 July 2026 11:55, UTC

Ethereum

Why Did Bitmine Slow Its $ETH Buying?

“We view the purchase of our common shares as accretive to shareholder value,” Tom Lee said, adding that Bitmine has bought $ETH every week since adopting its treasury strategy on June 30, 2025.

The scale of the pullback stands out. Bitmine bought more than 111,000 $ETH in a single week in May and regularly acquired tens of thousands of tokens throughout the first half of the year.

Bitmine now holds 5.78 million $ETH, representing 4.8% of the entire circulating supply and sitting 96% of the way to its stated 5% target.

Bitmine’s Ethereum Holdings Near 5% Supply Target

Total holdings across crypto, cash, and investments reached $11.5 billion as of Sunday.

Meanwhile, Bitmine has staked 4,917,189 $ETH, roughly 85% of its holdings, through its MAVAN validator platform at a 7-day annualized yield of 2.67%, projecting $247 million in annualized staking revenues.

At full deployment, projected staking rewards reach $290 million annually.

The company ranks as the largest $ETH treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc. ), which holds 843,775 BTC valued at roughly $55 billion.

Is BMNR About To Break Out?

BMNR stock trades 41.1% below its 200-day SMA at $27.32, down 60.35% over the past 12 months

However, BMNR price pushes to $16.42 in premarket, up 4.5%, testing the descending trendline that has capped every rally since the stock peaked near $42 in December.

The $13 to $14 demand zone held as the floor in June, building a rising structure into this week’s test.

RSI sits at 49.28, neutral and waiting for confirmation. A daily close above $16.05 with volume signals a breakout from eight months of descending resistance.