Bitmine Doubles Down on Ethereum, Adds to Record Share Buybacks

Bitmine, an Ethereum treasury company led by Tom Lee, has continued its buying streak of Ethereum. Over the past week, it acquired another 10,399 ETH, worth approximately $19.5 million at current prices.

This purchase brings Bitmine's total holdings to 5.8 million ETH, which represents about 4.8% of the circulating supply of Ethereum. Including other assets and investments, Bitmine's total portfolio is valued at around $11.3 billion.

Lee pointed out that when Ethereum outperforms the QQQ (a stock market index) by a significant margin, it often leads to Bitmine's shares outperforming ETH in the following month. This has happened several times since June 2025, and Lee believes this trend is likely to continue.

As part of its strategy, Bitmine is also repurchasing its own shares under a $4 billion buyback program. Last week alone, it bought back 4.5 million shares.