BMNR Stock Falls Despite Bitmine Retiring Over 16M Shares In 3 Weeks – Tom Lee Highlights Ethereum’s Edge Over Nasdaq 100

Bitmine added 10,399 ETH over the past week, extending its weekly accumulation streak.

• Bitmine repurchased another 4.5 million shares last week, bringing total buybacks to 16.1 million shares since July.
• Tom Lee said the buyback reflects management's confidence after Ethereum outperformed the Nasdaq 100 by 25 percentage points in July.
• The company now owns approximately 5.79 million ETH, equal to about 4.8% of Ethereum's circulating supply.

Shares of Bitmine Immersion Technologies (BMNR) slipped Monday morning after the company said it repurchased 4.5 million shares last week, lifting total buybacks to 16.1 million shares over the past three weeks. 

Executive Chairman Tom Lee said the move was driven by a favorable setup following Ethereum's (ETH) strongest relative performance against the Nasdaq 100 in a year.  "In July, ETH outperformed the Nasdaq 100 by 2,500bps. This is the largest outperformance since July 2025, and we believe it is reflective of the strengthening fundamentals of crypto,” Lee stated.

BMNR stock fell over 2% after the opening bell amid weakness in the cryptocurrency market, where Ethereum’s price edged 0.3% lower in the last 24 hours to trade at around $1,800. On Stocktwits, retail sentiment around BMNR dipped to ‘neutral’ from ‘bullish’ territory over the past day and chatter reduced to ‘normal’ from ‘high’ levels. 

“Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued,” Lee said. 

The repurchases come after Bitmine bought back 6.1 million shares the previous week and 5.5 million shares the week before, lifting total repurchases to 16.1 million shares in just three weeks.

Ethereum Treasury Continues To Expand

Bitmine also continued adding to its Ethereum treasury. The company purchased another 10,399 ETH over the past week, extending an uninterrupted streak of weekly purchases since launching its Ethereum Treasury Strategy in June 2025.

Bitmine now holds approximately 5.79 million ETH, representing about 4.8% of Ethereum's circulating supply. It also has 209 Bitcoin (BTC), a $180 million stake in Beast Industries, a $61 million investment in Eightco Holdings (ORBS), and about $173 million in cash on its balance sheet.

The company said roughly 4.92 million ETH of its Ethereum holdings, which amount to around 85% of its total holdings, are now staked through its MAVAN platform.