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Following
ETH BitMine repurchased 5.5 million shares, and weekly Ethereum purchases slowed down.
BitMine Immersion Technologies has repurchased approximately 5.5 million shares of common stock in the past week, diverting funds from its previous pace of Ethereum accumulation. The shares were purchased at an average price of $15.6156 per share, with a total expense of approximately $85.9 million. The repurchase was completed under BitMine's previously authorized $4 billion share repurchase program.
Chairman Tom Lee said the buyback would help enhance shareholder value. BMNR traded Monday at about $15.97, slightly above the average price paid by the company. The repurchase reduced the number of common shares outstanding in BitMine, which is different from the equity financing accumulation model adopted by many crypto finance companies. BitMine uses its ETH holdings per share as a core performance indicator, and management has the right to choose to buy back shares when it considers its own shares more attractive than additional Ethereum.
Ethereum purchases fell 73% from last week
BitMine purchased 7,430 ETH units this week, a decrease of approximately 73% from 27,801 ETH units in last week's reporting period. Based on BitMine's reference price of US$1,879 per ETH on July 19, the latest increase value is approximately US$14 million. Total holdings increased to 5,777,468 ETH units, accounting for approximately 4.8% of Ethereum's expected total supply of 120.7 million units.
BitMine is 96% close to Lee's goal of controlling 5% of Ethereum's supply. BitMine has purchased ETH every week since launching its financial strategy on June 30, 2025, but the latest increase in holdings is the smallest week in the recent accumulation cycle. The previous week, the company raised its financial reserves to 5.77 million with purchases of 27,801 ETH units, while the increase in June also included another acquisition of 27,084 ETH units as the company approached its supply targets.
Cash decreased, with 4.92 million ETH pledged
As of July 19, BitMine held US$385 million in cash and marketable securities, down from US$482 million a week ago. The decrease of approximately $97 million is roughly in line with the size of the funds used for share buybacks and the latest ETH purchase. Total assets, including cryptocurrencies, cash, securities and strategic investments, reached US$11.5 billion, up from US$11.3 billion last week, mainly due to the rise in the Ethereum reference price.
The company has pledged 4,917,189 ETH, accounting for approximately 85% of its total Ethereum position. BitMine expects annualized revenue from pledges to be approximately US$247 million based on a 7-day annualized rate of return of 2.67%.
