Bitmine Buys More ETH, Continues Share Buyback Amid Ongoing Unrealized Loss

Tom Lee's Bitmine continues to add to its Ethereum holdings, acquiring an additional 10,399 ETH over the last week. This brings the company's total holdings to 5,797,813 ETH, representing 4.8% of the total Ethereum supply.

In a press release, Bitmine announced that it has been buying ETH every week since adopting the Ethereum treasury strategy last year.

Chairman Tom Lee remains bullish on Ethereum, citing its outperformance of the Nasdaq 100 by 25% in July. This is the largest outperformance since July 2025, when ETH rose from $2,375 to $4,057 by the end of August, he noted.

Despite the company's unrealized loss on its ETH holdings, which currently stands at $8.8 billion, Bitmine continues to stake its Ethereum holdings. The total staked ETH is now 4,917,189, worth around $9.2 billion, with annualized staking revenues projected at $247 million.

In addition to buying more ETH, Bitmine also announced another share buyback of 4.5 million shares of common stock in the past week. This marks the third consecutive week that the company has repurchased its common stock under the buyback program, with over 16 million shares now bought back.