Bitmine, the crypto investment firm led by Tom Lee, sharply reduced its ether purchases last week, adding just 7,430 ETH worth about $14 million. The slowdown comes as the company continues a stock buyback program that has so far repurchased $86 million of its own shares. Bitmine is nearing its stated goal of owning 5% of Ethereum's circulating supply.
The buyback vs. the buy
Bitmine has been running two capital allocation strategies in parallel: buying ether and buying back its own stock. Last week, the ether purchases slowed to a trickle compared to previous weeks. The company didn't explain the shift, but the timing lines up with the accelerated buyback. Since announcing the repurchase plan, Bitmine has spent $86 million on its own shares, a move that typically signals management sees the stock as undervalued.
Nearing the 5% target
Bitmine has been transparent about its ambition to own 5% of all ether in circulation. With the latest additions, the firm now holds roughly 4.8% of the supply, according to its own disclosures. The company has been accumulating ether steadily since early 2025, often buying during price dips. The recent slowdown suggests Bitmine may be pacing itself as it approaches the finish line — or that the buyback is consuming cash that would otherwise go to ether.
Bitmine hasn't said whether it will stop buying ether once it hits the 5% threshold, or if it will set a new target. The stock buyback also has no announced end date. For now, the market is watching whether the firm resumes its aggressive ether accumulation or pivots fully to share repurchases. Either way, Bitmine remains one of the largest known corporate holders of ether.
