BitMine Nears 5% Ethereum Supply Goal After Latest Treasury Buy

While the latest acquisition marks a slowdown compared to the previous week’s 27,801 ETH purchase, the company maintains it remains committed to weekly accumulation. Chairman Tom Lee attributed the reduced buying volume to a strategic pivot toward share repurchases. Over the past week, the company bought back 5.5 million common shares at an average price of $15.6156, utilizing funds from its $4 billion authorization program to bolster shareholder value.

Staking has become the central engine of BitMine’s operations, with 4,917,189 ETH—roughly 85% of its total holdings—currently deployed. These assets, valued at approximately $9.2 billion based on the company’s internal price of $1,879 per token, generated $45.7 million in revenue during the quarter ending May 31. This income stream now accounts for 98% of the firm's total quarterly revenue, effectively eclipsing its legacy Bitcoin mining and hardware business. As the company continues to scale its Made in America Validator Network (MAVAN), it projects that fully staking its entire Ethereum position could yield up to $290 million in annual rewards, depending on network performance and fluctuating yields.