Tom Lee's Bitmine bought more ether, added to stock buyback last week
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- Bitmine Immersion purchased 10,399 ETH last week (~$19.1M at $1,840/ETH), lifting holdings to ~5.8M ETH — about 4.8% of Ethereum's circulating supply, the company said Monday.
- Bitmine repurchased 4.5M shares of common stock last week, bringing total recent buybacks to 16M shares, extending its dual-buying pace of ETH and float.
- Chairman Tom Lee noted ETH outperformed the Nasdaq 100 by 2,500 basis points in July — the largest monthly outperformance since July 2025 — and called it evidence of "strengthening fundamentals of crypto."
- Lee pointed to the last comparable outperformance (July 2025), when ETH rallied from ~$2,375 to more than $4,000 by the end of the following month, as historical precedent.
- Strategy (MSTR) moved in the opposite direction, trimming 1,638 BTC (~$105M) from its treasury while repurchasing $81.2M of STRC preferred stock and raising $290M via common share sales.
- Bitmine's crypto, cash and marketable securities totaled $11.3B as of August 2; the company has staked 4.9M ETH (~85% of holdings), projecting ~$247M annualized revenue through its MAVAN platform.
Why it matters: Bitmine now holds $11.3 billion in crypto and securities with 85% of its 5.8M ETH staked for ~$247M annualized yield — a scale that made Tom Lee's 4.5M-share buyback coincident with continued ETH accumulation possible. The contrast with Strategy, which trimmed BTC and sold shares the same week, crystallizes the diverging treasury-company playbooks heading into the next Fed decision.
