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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
07/20/2026

Bitmine Slows ETH Purchases, Launches $86M Stock Buyback

What happened: Bitmine Immersion Technologies (BMNR) acquired just 7,430 ETH (~$14 million) last week, a marked slowdown from previous accumulation rates.

Bitmine Slows ETH Purchases, Launches $86M Stock Buyback

What happened: Bitmine Immersion Technologies (BMNR) acquired just 7,430 ETH (~$14 million) last week, a marked slowdown from previous accumulation rates. Simultaneously, the company repurchased about 5.5 million common shares at an average price of $15.62, spending $86 million on the buyback. Bitmine’s total ETH holdings now stand at 5.77 million (4.8% of supply), approaching its 5% target.

Why it matters: The pivot from aggressive ETH accumulation to stock buybacks suggests a capital allocation shift, likely in response to BMNR’s 51% share price decline in H1 2026. This move may indicate waning enthusiasm for the "ETH treasury" trade among public firms and a renewed focus on shareholder value amid market headwinds.

Source: CoinDesk