Bitmine Slows ETH Buys to 7,430 Tokens as Tom Lee Redirects $86M to Stock Buybacks: What Changed?

Benzinga_recent_news07-20 22:55

“We view the purchase of our common shares as accretive to shareholder value,” Tom Lee said, adding that Bitmine has bought ETH every week since adopting its treasury strategy on June 30, 2025. The ...

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Bitmine bought more than 111,000 ETH in a single week in May and regularly acquired tens of thousands of tokens throughout the first half of the year. \nBitmine now holds 5.78 million ETH, representing 4.8% of the entire circulating supply and sitting 96% of the way to its stated 5% target.\nTotal holdings across crypto, cash, and investments reached $11.5 billion as of Sunday. \nMeanwhile, Bitmine has staked 4,917,189 ETH, roughly 85% of its holdings, through its MAVAN validator platform at a 7-day annualized yield of 2.67%, projecting $247 million in annualized staking revenues. \nAt full deployment, projected staking rewards reach $290 million annually.\nThe company ranks as the largest ETH treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc. (NASDAQ:MSTR), which holds 843,775 BTC valued at roughly $55 billion.\nBMNR stock trades 41.1% below its 200-day SMA at $27.32, down 60.35% over the past 12 months\nHowever, BMNR price pushes to $16.42 in premarket, up 4.5%, testing the descending trendline that has capped every rally since the stock peaked near $42 in December. \nThe $13 to $14 demand zone held as the floor in June, building a rising structure into this week’s test.\nRSI sits at 49.28, neutral and waiting for confirmation. A daily close above $16.05 with volume signals a breakout from eight months of descending resistance. \nImage Source: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652214083","isCrawlerRequest":true}