Tom Lee’s Bitmine Buys 10,399 ETH, Maintains BMNR Share Buyback

03 Aug, 2026

Managing Editor (News)

Expertise : Crypto, Stocks, Tokenization, AI, Prediction Markets, Crypto Regulation

Boluwatife Adeyemi is a well-experienced crypto news writer and editor with a focus on macro topics, crypto policy and regulation and the intersection between DeFi and TradFi. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand. Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing. Away from writing, he is an avid basketball lover, a traveler, and a part-time degen.

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Bitmine Adds More Ethereum, With Holdings At 5,797,813 ETH

In a press release, the Ethereum treasury firm announced that it acquired 10,399 ETH as it continues to buy ETH every week since it adopted the Ethereum treasury strategy last year. The company now holds 5,797,813 ETH, which represents 4.8% of the total Ethereum supply.

This follows last week’s announcement of Bitmine’s purchase of 9,946 ETH. The company’s Chairman, Tom Lee, again commented on the bull case for Ethereum, noting that the second-largest crypto by market cap has outperformed the Nasdaq 100 by 25% in July.

This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto. Last July (2025), ETH rose from $2,375 to $4,057 by the end of August,” he said.

Bitmine remains bullish on Ethereum despite its unrealized loss on its ETH holdings amid the current crypto bear market conditions. DropsTab data shows that the Ethereum treasury firm’s unrealized loss currently stands at $8.8 billion.

Bitmine'unrealized loss — Source: DropsTab

The Ethereum treasury firm has also continued to stake its Ethereum holdings, with the total staked ETH at 4,917,189, worth around $9.2 billion. The company stated that its annualized staking revenues are now projected at $247 million.

BMNR Buyback Continues For Third Straight Week

Bitmine also announced that it bought back 4.5 million shares of common stock in the past week as the team continues to view the shares as “attractively valued.” This marks the third consecutive week that the company has repurchased its common stock.

The firm has now bought back over 16 million shares under the buyback program. Tom Lee noted that since they pivoted to an Ethereum treasury strategy, a sizable outperformance of ETH vs the QQQ (monthly) has typically been followed by Bitmine’s shares outperforming the ETH price over the following month.

The BMNR stock is trading down amid the announcement of the latest Ethereum purchase and share buyback. The stock is currently trading at around $17, down over 2%, according to TradingView data.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Ethereum

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.