Tom Lee’s Bitmine Buys More Ethereum, Adds to Stock Buyback
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- Bitmine bought 10,399 ETH (~$19.5 million) over the past week, extending a buying streak that began when it pivoted to an Ethereum Treasury strategy on June 30, 2025, and bringing holdings to 5,797,813 ETH worth roughly $10.9 billion
- Bitmine repurchased 4.5 million shares last week under its $4 billion buyback program, bringing total repurchases since July 1, 2026 to over 16 million shares — what Lee called "the largest ever executed by any Ethereum, Bitcoin, or crypto DAT"
- Tom Lee said the buyback is justified by a pattern where ETH outperformance vs QQQ typically precedes Bitmine shares outperforming ETH over the following month; he noted ETH beat the Nasdaq 100 by 25 percentage points in July
- Roughly 4.9 million ETH (85% of holdings) is staked through Bitmine's MAVAN institutional staking platform, with projected annualized staking revenue of $247 million
- Ethereum trades near $1,880, up about 6% over 30 days, and Bitmine's stash represents ~4.8% of circulating supply — 96% of the way toward its stated goal of acquiring 5% of all ETH
Why it matters: Bitmine is now the largest corporate Ethereum holder at 4.8% of circulating supply and is shrinking its float (16M+ shares repurchased since July 1, 2026) while staking 85% of holdings for $247M projected annual revenue. The buyback is explicitly tied to Lee's pattern that BMNR shares tend to outperform ETH the month after ETH beats QQQ — making the stock itself a leveraged bet on Ethereum's continued price action.
