Tom Lee's Bitmine Taps the Brakes on ETH Buys, Pivots $86M Into Stock Buyback

A notable development has hit the crypto markets. Ethereum treasury company Bitmine barely moved the needle on its ETH stack last week, adding just 7,430 ETH—about $14 million—as it steered capital toward buying back its own shares instead. This week’s buy pushed Bitmine's holdings to about 5.

78 million ETH tokens, or nearly 4. 8% of Ethereum's circulating supply, according to the company.

That leaves the firm inching toward its stated goal of cornering 5% of the token's supply. Bitmine, which trades as BMNR, is currently trading for $16.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.