Bitmine added just 7,430 ETH last week, worth about $14 million, as it prioritized an $86 million stock buyback. The slowdown removes a known source of corporate demand for ETH at a time when spot ETF outflows are accelerating. ETH traded at $1,780, holding just above the 20-day EMA near $1,740.
Bitmine added just 7,430 ETH last week, worth about $14 million, as it prioritized an $86 million stock buyback over its usual accumulation pace.
Tom Lee, chairman of Bitmine, said the company remains committed to its goal of acquiring 5 percent of Ethereum's circulating supply, though capital allocation shifted toward repurchasing shares.
The latest purchase compares with 27,801 ETH acquired the prior week, a roughly 73 percent decline in weekly accumulation. Bitmine now holds 5.77 million ETH, or about 4.8 percent of the token's circulating supply, valued at roughly $10.3 billion at current prices. The $86 million buyback represents about 5.7 percent of BMNR's market capitalization, based on its closing price of $14.65.
The slowdown removes a known source of steady corporate demand for ETH at a time when spot ETF outflows are accelerating. US Ethereum ETFs posted $15.4 million in net outflows Monday, according to CoinGlass, reversing the prior week's $84.4 million inflow that had ended an eight-week withdrawal streak. ETH traded at $1,780 as of 14:00 UTC, holding just above the 20-day exponential moving average near $1,740.
Bitmine's staking operations, generating roughly $242 million in annualized revenue through its Made in America Validator Network, remain unaffected by the reduced purchase pace. The company has 4.91 million ETH staked, about 85 percent of its holdings. Beyond Ethereum, Bitmine holds 206 Bitcoin, a $180 million investment in Beast Industries, a $69 million stake in Eightco Holdings, and approximately $482 million in cash and marketable securities.
The buyback reflects management's view that BMNR stock is undervalued relative to its net asset value. Bitmine shares have declined 5.7 percent over the past five trading days, underperforming ETH, which gained about 1.3 percent in the same period.
For Ethereum, the loss of Bitmine's weekly buying pressure compounds headwinds from persistent ETF outflows. ETH faces resistance at the 50-day EMA near $1,798 and the 100-day EMA at $1,946. A break below $1,740 could open a path toward $1,524, according to technical levels tracked by CoinGlass. The Relative Strength Index sits near 51, indicating neutral momentum with no clear directional bias.
This article is for informational purposes only and does not constitute investment advice.
