Bitmine Continues Buying Ethereum While Turning to Record Share Buybacks

Preface

Bitmine Immersion Technologies continued its weekly Ethereum purchases, adding 10,452 ETH, while directing significant attention to buying back its own shares. The company reported repurchasing 2.04 million shares over the past week, bringing its 2026 buybacks to 22.9 million shares, valued at about $399.6 million. Chairman Tom Lee characterized the program as an effort to repurchase shares when management considers them undervalued. The twin moves illustrate how crypto treasury firms can pursue two priorities at once: accumulating digital assets and supporting their equity value. Bitmine’s Ethereum holdings have reached 6,051,933 ETH, putting the company close to its stated goal of owning 5% of Ethereum’s supply. This article reviews the figures, the company’s strategy, its broader holdings and how its actions compare with those of Strategy.

Lazy bag

Bitmine added 10,452 ETH, bringing its total to 6,051,933 ETH, or 4.95% of Ethereum’s 122.2 million token supply. At the same time, it repurchased 2.04 million shares over the week and has bought back 22.9 million shares in 2026 for about $399.6 million. The company says this is the largest equity repurchase program run by a crypto treasury firm. Its ETH holdings are nearing the “Alchemy of 5%” target, while its parallel share-buyback strategy echoes Strategy’s decision to pause Bitcoin purchases and spend $204.9 million on STRC buybacks.

Main Body

Bitmine Immersion Technologies maintained its weekly Ethereum buying streak, adding 10,452 ETH worth roughly $24 million. Yet the company’s latest update put its stock repurchases at the center of attention. The NYSE-listed firm said Monday that it had bought back 2.04 million of its own shares over the past week at an average price of $22.48. Those purchases brought its 2026 total to 22.9 million shares, acquired for about $399.6 million.

Chairman Tom Lee described the repurchases as a value-oriented decision. He said Bitmine intends to buy back stock “accretively” when management believes the shares are undervalued. The company also says the program is the largest equity repurchase program undertaken by any crypto treasury firm. Its approach combines continued accumulation of Ethereum with an effort to reduce the number of its own shares outstanding through buybacks.

The latest ETH purchase brings Bitmine’s holdings to 6,051,933 ETH. At a reference price of $2,356 per coin, the holdings were worth roughly $14.3 billion. Ethereum’s total token supply was cited as 122.2 million, making Bitmine’s position equivalent to 4.95% of that supply. According to the company’s own calculation, it is 99% of the way to its target of owning 5% of the network. Bitmine calls this objective the “Alchemy of 5%.”

Lee has said Bitmine is close to completing its accumulation and will stop buying Ethereum once it reaches the 5% threshold. That stated endpoint gives the company’s recent purchases a specific strategic context: ongoing weekly additions are intended to bring it toward a defined ownership target rather than indicate an unlimited accumulation plan. The company has not yet reached the target, however, and its latest purchase continued the buying streak.

Lee has also characterized recent weakness in crypto prices as a buying opportunity rather than a warning signal. He argued that the pullback reflected the same risk-off forces affecting a wider selloff in artificial intelligence-related assets. As evidence, he noted that ETH had fallen 13% from its recent peak while U.S. semiconductor stocks had dropped 20% over the same stretch. Lee said he viewed this comparison as further evidence that “a crypto bull market is underway.” These comments represent his interpretation of market conditions, rather than a guaranteed forecast.

Bitmine’s reported holdings extend beyond Ethereum. As of Oct. 25, the company said its total holdings were $15 billion, counting cash, other tokens and investments it describes as “moonshot” positions. The total included 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings. These figures show that the company’s treasury includes several types of assets, although Ethereum remains its principal reported crypto holding.

Bitmine is described as the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy, the firm associated with Michael Saylor. The comparison is particularly relevant because Strategy also shifted its activity toward repurchases during the same week. It paused Bitcoin buying for the first time since mid-September and spent $204.9 million buying back its STRC preferred stock. The parallel does not mean the companies hold identical assets or use the same corporate structures, but both actions indicate a near-term emphasis on their own securities rather than fresh purchases of their primary cryptocurrencies.

For Bitmine, the buyback decision occurred alongside continued ETH accumulation. For Strategy, the reported move was a pause in Bitcoin purchases paired with a substantial STRC repurchase. Together, the actions highlight how crypto treasury companies may adjust capital allocation as they weigh the perceived value of their securities against the opportunity to expand digital-asset holdings. The source reports Lee’s view that Bitmine’s shares may be undervalued, but it does not provide a separate valuation assessment or establish that the buyback will produce a particular financial outcome.

Bitmine also reported that it has 5,227,037 ETH, about 86% of its holdings, staked through its MAVAN platform. The company projected annualized staking revenue of roughly $318 million. Staking is therefore another part of its treasury approach: rather than leaving all of its Ethereum inactive, Bitmine has placed a large portion through its platform and cited potential revenue associated with that activity. The reported revenue is a projection, not a statement of realized income.

Overall, Bitmine’s update combined three distinct elements: a continued weekly Ethereum purchase, a large share-repurchase program and a substantial staked position. Its ETH balance is nearing a clearly stated 5% ownership target, while the buyback total has reached 22.9 million shares in 2026. Its actions also came as Strategy prioritized a $204.9 million STRC repurchase over Bitcoin buying for the week. The figures provide a snapshot of how two major crypto treasury firms are balancing digital-asset accumulation and capital allocation to their own securities.

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