Bitmine adds 10,452 ETH as share buybacks approach $400M

Bitmine Immersion Technologies has purchased another 10,452 Ethereum over the past week, bringing its total holdings to 6.05 million ETH.

According to the company’s October 26 treasury update, Bitmine bought back another 2.04 million shares over the past week at an average price of $22.48, bringing its total repurchases this year to 22.9 million shares.

The company has spent $399.6 million on those buybacks at an average price of $17.48 per share. 

“This is the largest crypto treasury company common equity buyback ever executed, and reflects our commitment to shareholders,” Chairman Tom Lee said in an accompanying statement.

Bitmine continued purchasing Ethereum during the same period, adding 10,452 ETH and taking its total holdings to 6,051,933 tokens as of October 25.

At the company’s reference price of $2,356 per ETH, its Ethereum treasury was worth approximately $14.26 billion, while its combined crypto assets, cash, marketable securities and other investments stood at $15 billion.

Bitmine share buybacks approach $400 million

Bitmine’s latest repurchases are part of a stock buyback program that has been running alongside its Ethereum accumulation strategy.

Lee said management intends to continue purchasing shares whenever it believes BMNR is trading below its relative value, provided market conditions allow it and the purchases remain within the existing authorization.

“Optimizing shareholder value remains our top objective,” Lee said.

The company had already been repurchasing substantial amounts of stock earlier this year. In July, Bitmine repurchased 6.1 million shares during a week when its Ethereum treasury reached 5.79 million tokens.

By October 5, its cumulative buybacks had reached 21 million shares, according to figures previously covered by crypto.news, while the company continued adding ETH to its balance sheet.

The latest 2.04 million shares cost approximately $45.9 million based on the reported average purchase price. Bitmine’s Ethereum purchases during the same week were worth roughly $24.6 million using its October 25 reference price.

Lee said the company believes its position has improved over the past year despite difficult conditions across cryptocurrency markets. He expects Bitmine to benefit from the next crypto market rally, although that remains management’s assessment.

Ethereum holdings move closer to the 5% target

Bitmine now owns approximately 4.95% of Ethereum’s reported 122.2 million token supply, putting it 99% of the way toward its long-standing accumulation target.

The company calls the strategy its “Alchemy of 5%” and has been purchasing ETH every week since launching the program on June 30, 2025.

Based on the latest supply figure, owning exactly 5% would require approximately 6.11 million ETH. Bitmine therefore needs another 58,067 tokens to reach that level at the current supply estimate.

Lee previously described the 5% ownership target as a ceiling for the company’s accumulation plans.

Bitmine’s buying pace has slowed in recent weeks. Its October 19 update showed purchases of 12,535 ETH, compared with 15,112 ETH in the week ending October 4.

The company has nevertheless continued its weekly purchases while directing a substantial amount of capital toward share repurchases.

Lee remains optimistic about cryptocurrency markets despite the recent downturn. He said Ethereum had fallen 13% from its recent peak, compared with a 20% decline in the U.S. semiconductor ETF SOXX over the same period.

“We believe this is further evidence that a crypto bull market is underway,” Lee said.

Alongside its treasury, Bitmine has raised its staked Ethereum balance to 5,227,037 ETH, valued at approximately $12.3 billion, which is roughly 86% of the company’s total ETH holdings and is up from the 5.07 million ETH staked as of October 18.

Bitmine estimates its current staked position could generate approximately $318 million in annualized staking revenue.

If the company eventually stakes its entire Ethereum treasury through its Made in America Validator Network, known as MAVAN, and its staking partners, projected annual rewards could reach $368 million. Both estimates use a seven-day annualized staking yield of 2.58%.

MAVAN was initially developed to handle Bitmine’s own Ethereum staking activities but has since expanded to serve institutional investors, custodians and other partners.

Bitmine’s other investments and market position

Bitmine also reported holding 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings.

Its Beast Industries investment connects the company to MrBeast’s business, which has been exploring financial services involving cryptocurrency payments and decentralized finance.

Beast Holdings recently received notices of allowance for trademark applications covering financial services, including cryptocurrency exchanges and payment processing.

Bitmine remains the world’s largest corporate Ethereum treasury holder and ranks second among publicly traded crypto treasury companies by reported holdings, behind Strategy.

The company joined the Russell 1000 index on June 26, while its Series A preferred stock trades on the New York Stock Exchange under the ticker BMNP.

Its institutional backers include ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital and Bill Miller III.