Bitmine Scales Back Ethereum Purchases as Fundstrat Shifts Focus to Share Buybacks

Bitmine Reduces Ethereum Purchases

Bitmine (BMNR), the largest Ethereum treasury firm, reported a slowdown in its buying activity, acquiring just 7,391 ether (ETH) last week. This marks the smallest weekly purchase for the company in 2026, continuing a gradual shift in strategy for the firm.

Significant ETH Holdings

The latest acquisition, made at an ETH price of $1,895.42, amounts to approximately $14.2 million, bringing Bitmine’s total ETH holdings to over 5.8 million ETH, which represents about 4.8% of Ethereum’s total supply. This purchase extends Bitmine’s active buying streak to 58 weeks, although the recent volume is significantly lower than earlier in the year when weekly acquisitions exceeded 100,000 ETH.

Shift Towards Share Buybacks

According to Tom Lee, chairman of Bitmine and co-founder of Fundstrat, the firm has now begun shifting its strategy toward share buybacks. Last week, Bitmine repurchased 3 million shares, suggesting an investment of approximately $50 million to $58 million based on the stock’s trading range. Since July, the total number of shares repurchased by the company has reached 19.1 million.

Broader Economic Context

Lee has expressed, despite the slowdown in Ethereum purchases, that easing financial conditions could still provide support for cryptocurrencies in the near future. His comments come in light of the CLARITY Act failing to secure a Senate vote before August recess. “We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data,” Lee stated.

Market Outlook

Lee further noted that the likelihood of the Federal Reserve raising interest rates at the next meeting in September has decreased from 75% to 40%. He remains optimistic, stating, “We expect easing financial conditions to be a tailwind for crypto.”

In addition to its ETH holdings, Bitmine also retains 209 BTC, alongside $104 million in cash and marketable securities, and stakes in companies such as Beast Industries and Eightco Holdings. Bitmine shares remained stable in pre-market trading around $18.80.