Tom Lee's Bitmine Keeps Buying Ethereum But Pivots to Record Share Buybacks

In brief

• Bitmine added 10,452 ETH to reach 6,051,933 ETH, extending its weekly buying streak and nearing its 5% “Alchemy of 5%” goal.
• The week’s bigger move was a share buyback: Bitmine repurchased 2.04 million shares, lifting its 2026 total to 22.9 million shares for ~$399.6 million, which chairman Tom Lee called the largest ever by a crypto treasury firm.
• It mirrors Strategy, which paused Bitcoin buying this week to spend $204.9 million on STRC buybacks—both giants favoring their shares over fresh crypto.

Bitmine Immersion Technologies kept its weekly Ethereum buying streak intact, adding 10,452 ETH worth roughly $24 million, but the bigger move this week was a turn toward buying back its own stock, which the company says is now the largest equity repurchase program any crypto treasury firm has run.

The NYSE-listed firm said Monday it repurchased 2.04 million of its own shares over the past week at an average price of $22.48, bringing its 2026 total to 22.9 million shares bought back for about $399.6 million.

Chairman Tom Lee framed the buybacks as a value play, saying the company intends to repurchase stock “accretively” when management views the shares as undervalued.

The ETH purchase lifts Bitmine’s holdings to 6,051,933 ETH, worth roughly $14.3 billion at a reference price of $2,356 per coin. That’s 4.95% of Ethereum’s 122.2 million token supply, leaving the firm, by its own count, 99% of the way to its goal of owning 5% of the network, a target it brands the “Alchemy of 5%.”