Ethereum news: Bitmine (BMNR) buys $14 million in ETH as Tom Lee expects tailwind for crypto
Chairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.
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Ethereum news: Bitmine (BMNR) buys $14 million in ETH as Tom Lee expects tailwind for crypto
Finance
Bitmine’s ETH buying slows as Tom Lee's firm shifts capital to share buybacks
Chairman Tom Lee said easing financial conditions could support crypto, even as the CLARITY Act failed to reach a Senate vote before the August recess.
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Krisztian Sandor
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Edited by
Jamie Crawley
1 hr ago
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Bitmine chairman and Fundstrat co-founder Tom Lee speaking at Consensus Hong Kong 2026 (CoinDesk)
Summary
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Ethereum treasury firm Bitmine (BMNR) bought just 7,391 ether (ETH) last week, its smallest weekly haul in 2026.
The firm shifted more capital toward its own stock, repurchasing 3 million shares worth an estimated $50 million-$58 million.
Tom Lee pointed to softer inflation and jobs data as a potential tailwind for crypto, despite the latest delay to the CLARITY Act.
Bitmine Immersion (BMNR), the largest Ethereum treasury firm,
bought another 7,391 ether
ETH
$
1,892.21
last week
.
The purchase, worth roughly $14.2 million at ether’s price as of writing of $1,915, lifted the company’s holdings to over 5.8 million ETH, or about 4.8% of Ethereum’s total supply.
The latest haul, which
extends Bitmine’s ETH buying streak to 58 weeks
, was the smallest weekly purchase through the year and remains a fraction of the 100,000-plus weekly acquisitions Bitmine made earlier this year.
Thomas Lee, chairman of Bitmine, noted earlier this year that
the firm would slow the pace of crypto accumulation
as it gets closer to its goal of owning 5% of ether’s supply.
Instead, the company has shifted towards buying back shares. It repurchased another 3 million shares last week, which would have cost roughly $50 million to $58 million based on the stock’s trading range during the period. Since July, the firm has bought back 19.1 million of its own shares.
Bitmine also holds 209 BTC, $104 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings.
Bitmine shares traded flat neat $18.80 in pre-market trading.
Clarity delay
Lee focused on the macro backdrop despite another setback for U.S. crypto legislation, with the CLARITY Act failing to secure a Senate vote before the August recess.
"We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data," Lee said.
Lee said the odds of the Federal Reserve hiking interest rates at the next meeting in September have fallen to 40% from 75% two weeks ago.
“We expect easing financial conditions to be a tailwind for crypto,” he added.
Ethereum News
Digital Asset Treasury
Related Assets
Ethereum
$
1,892.21
1.64
%
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This article is sourced from CoinDesk. It is for informational purposes only and does not constitute investment advice.
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