BitMine slows ETH buys as it nears 5% of Ethereum supply

BitMine is getting close to one of the largest corporate Ethereum positions on record, but its buying pace is slowing. For ETH investors, that matters because the company has been a large and steady source of demand, and management now says its 5% ownership goal is more of a cap than a level to push past.

As of July 20, BitMine held 5,777,468 ETH after buying 7,430 ETH during the prior week for about $14 million. Using the company's estimate of 120.7 million ETH in circulation, a 5% stake would equal 6.035 million ETH. That leaves BitMine 257,532 ETH short, or about $483.9 million at the $1,879 valuation it used for its holdings.

The smaller ETH purchase came as BitMine spent far more on its own stock. The company repurchased about 5.5 million BMNR shares at an average price of $15.6156, a transaction worth roughly $85.9 million under its existing $4 billion buyback plan. Chairman Tom Lee said management saw the stock repurchase as beneficial to shareholders.

BitMine has still bought ETH every week since starting the strategy on June 30, 2025. It has also staked 4,917,189 ETH, about 85% of its holdings. The company said staking and validation generated $45.7 million of revenue in the quarter ended May 31, but it still posted an $83.6 million net loss after a $92.1 million derivatives loss.