Over the past week, BitMine scooped up another 10,452 ETH, worth about $24.5 million—but in the same week, it poured $45.9 million into buybacks, retiring 2.04 million shares at an average price of about $22.48.

Add another layer: in 2026, the company has repurchased nearly 22.9 million shares so far, at a total cost of about $400 million. About 86% of its ETH holdings (roughly 5.23 million ETH) is staked through MAVAN, generating an estimated $318 million annualized at current rates. The company is still about 58,000 ETH short of its interim target of owning 5% of the entire network, but its capital allocation has clearly shifted from “keep chasing coins” toward “protect the amount of ETH per share.”

Binance ETH spot is around 2317.27, and OKX is around 2316.99. When the treasury narrative heats up, first look closely at which carries more weight that week: the number of coins added or the buyback amount.

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10,400 new coins versus 46 million in buybacks—which do you think looks more like the main story?

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