BitMine Resumes Major Stock Buybacks, Stakes 5.23M ETH

BitMine Resumes Stock Buybacks, Boosts ETH Staking

BitMine Immersion Technologies (BMNR) announced Monday that it repurchased 2.04 million of its own shares last week, marking its first reported buyback since mid-August. The company acquired these shares at an average price of $22.48 each.

This latest repurchase brings BitMine’s total buybacks for 2026 to 22.9 million shares, acquired for $399.6 million at an average cost of $17.48 per share. Chairman Tom Lee had previously stated in an October 7 video message that BitMine had concluded its earlier buyback program on August 17.

“When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares, subject to market conditions and under the existing repurchase authorization,” Lee said.

These repurchase plans were notably absent from last week’s release but were included in the current note concerning forward-looking statements.

ETH Staking Activity and Revenue

As of October 25, BitMine reported 5,227,037 ETH staked. This figure had remained relatively static at 5,067,309 ETH for nearly three months prior. The company conducts its staking operations through MAVAN, its proprietary Made in America Validator Network, as well as through external partners.

Lee estimated the annualized staking revenue at $318 million based on the current ETH staked. He further projected that if the treasury were fully staked, it would generate $368 million, reflecting a 2.58% seven-day yield.

Treasury Growth and Holdings

The company’s treasury saw a weekly increase of 10,452 ETH, bringing its total holdings to 6,051,933 tokens. This acquisition was smaller than the 12,535 ETH added the previous week and represented the smallest weekly addition since the period ending August 16. BitMine now holds 4.95% of the total 122.2 million ETH in circulation, falling slightly short of its 5% target.

Market Commentary and Asset Valuation

Lee attributed the recent downturn in the cryptocurrency market to the same risk-off sentiment that has impacted AI stocks. He noted that Ether has declined by 13% from its recent peak, while U.S. semiconductor stocks, as tracked by the SOXX index, have fallen by 20% over the same timeframe.

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

BitMine valued its Ether holdings at $2,356 per token, based on Coinbase prices. At this valuation, the company’s total crypto, cash, and equity stakes amount to $15 billion. Cash and marketable securities decreased to $514 million, marking the fifth consecutive weekly decline from $714 million on September 20, a trend attributed to ongoing ETH purchases that have persisted for approximately 18 months.

In addition to its Ether holdings, BitMine also possesses 215 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings (ORBS).