Bitmine adds 10,452 ETH and repurchases 2.04 million BMNR shares

What happened

Bitmine Immersion Technologies bought 10,452 ether in the week covered by its Oct. 26 treasury update, lifting its holdings to 6,051,933 ETH as of Oct. 25. At the company's $2,356 reference price, the holdings were worth about $14.26 billion. Bitmine said the total represents roughly 4.95% of Ethereum's 122.2 million token supply, putting it close to its long-running 5% goal. Crypto.news and CoinGape both reported the update.

The company also repurchased 2.04 million BMNR shares during the week at an average price of $22.48. That brought its 2026 buybacks to 22.9 million shares at an average of $17.48, for a total of $399.6 million. Chairman Tom Lee described the program as the largest common equity buyback ever executed by a crypto treasury company and said it reflected a commitment to shareholders. He also said management's top objective remains improving shareholder value.

Bitmine reported 5,227,037 ETH staked, worth about $12.3 billion and equal to roughly 86% of its ether holdings, up from 5.07 million ETH staked as of Oct. 18. The company estimated annualized staking revenue of about $318 million. Its combined crypto assets, cash, marketable securities and other investments totaled $15 billion. CoinGape reported that BMNR traded near $22, down almost 3% on the day and more than 20% over the past month, citing TradingView.

Why it matters

Bitmine is the largest corporate ether holder and ranks second among publicly traded crypto treasury companies by reported holdings, behind Strategy. The update shows two capital-allocation efforts running together: accumulation toward the 5% target and buybacks when management views BMNR as undervalued. Bitmine is 99% of the way to the target; at the reported supply, 5% equals about 6.11 million ETH, leaving a gap of roughly 58,067 tokens. ETH purchases have slowed, though: 12,535 in the prior week versus 15,112 in the week ended Oct. 4. CoinGape, citing DropsTab, reported an unrealized loss above $6 billion on the ETH position.

What the data shows

Bitmine's update listed 10,452 ETH bought in the week and 6,051,933 ETH held as of Oct. 25. At $2,356 per ETH, the treasury was worth about $14.26 billion. The 4.95% share of the 122.2 million supply leaves about 58,067 ETH needed for 5%, or roughly 6.11 million ETH. The latest buyback covered 2.04 million shares at an average of $22.48, about $45.9 million based on the reported average. For 2026, Bitmine has repurchased 22.9 million shares at an average of $17.48, spending $399.6 million. Staked ETH totaled 5,227,037, worth about $12.3 billion and equal to roughly 86% of holdings, with estimated annualized staking revenue of about $318 million. If the entire treasury were staked, Bitmine projected annual rewards of $368 million using a 2.58% seven-day annualized yield. CoinGape reported BMNR near $22, down almost 3% and more than 20% lower over the past month, citing TradingView. DropsTab data cited by CoinGape put the unrealized ETH loss above $6 billion, with an average purchase price of $3,322.

Background

Bitmine has purchased ETH every week since launching its "Alchemy of 5%" strategy on June 30, 2025. In July, it bought back 6.1 million shares in a week when its ether treasury reached 5.79 million tokens. By Oct. 5, cumulative buybacks had reached 21 million shares, according to figures previously reported by Crypto.news. Staking runs through its Made in America Validator Network, or MAVAN, and partners; MAVAN began as an internal tool and now serves institutional investors, custodians and other partners. Bitmine also reported 215 bitcoin, $514 million in cash and marketable securities, a $180 million Beast Industries stake and a $76 million Eightco Holdings position. It joined the Russell 1000 on June 26, and its Series A preferred trades on the NYSE as BMNP.

What to watch

Bitmine's next weekly update will show whether it closes the roughly 58,067 ETH gap to 5% and whether its purchase pace continues to slow. Also worth watching is the remaining capacity under the share repurchase authorization, which the reports do not quantify, and whether Bitmine moves more of its treasury into staking through MAVAN. BMNR's market price relative to management's view of its value will shape further buybacks, the company said.

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