Altcoins● Neutral

Bitmine Spends $46M on Buybacks Instead of Ether as Crypto Falls

TradingGain Newsroom·2d ago·26 Oct 2026, 16:05 UTC

Bitmine, an Ethereum treasury firm, spent $46 million buying back its own shares rather than adding ether. Chairman Tom Lee said crypto has held up better than AI stocks during the recent market pullback. The shift may signal less direct ether buying from large holders, which traders may weigh against the firm's view of crypto's resilience.

ETHAt the time of writing, Ethereum traded at $2,321 (-1.06% in 24h).Live price →

Why it matters

Bitmine chose share buybacks over ether purchases, a sign it is prioritizing its own stock.
Less ether buying from a treasury firm could mean weaker direct demand for the asset.
Lee's comment that crypto beat AI stocks in the pullback offers a relative-strength view.

What to watch next

Watch whether Bitmine resumes buying ether or keeps favoring share buybacks in its next updates.

ETHLive chartOpen full chart →

This brief is written by TradingGain from public reporting by CoinDesk.Read original ↗

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TradingGain News summarises public reports in our own words and always links to the original source. Market Data stories are generated automatically from public exchange data. Nothing on this page is financial advice; always do your own research and use a stop-loss.