Bitmine adds 10,452 ETH, but its big move now is buying back stock
Bitmine now holds 6.05 million ETH, 4.95% of all ether, and bought back 2.04 million of its own shares in a week.
Event: October 26, 2026
Primary source: October 26, 2026
Published here: October 26, 2026 at 04:57 PM UTC
Read: 2 min
What happened
On 26 October Bitmine (ticker BMNR) said it bought 10,452 ETH last week and now holds 6,051,933 ETH. That is 4.95% of all 122.2 million ether. It also repurchased 2.04 million of its own shares at an average price of $22.48.
Why it matters to you
Bitmine is the biggest corporate holder of ether, so its buying is real demand for ETH. But its 5% goal is almost reached, and chairman Tom Lee has said buying will stop there. More and more of its money is going into buybacks.
What to check and watch
Watch when Bitmine reaches 5% and what happens to its weekly ETH buys after that. Watch how many more shares it buys back. This is not advice to buy or sell.
What happened. Bitmine Immersion Technologies (NYSE: BMNR) posts its holdings every week. As of 25 October it held 6,051,933 ETH, 215 BTC, $514 million in cash and marketable securities, and stakes in Beast Industries ($180 million) and Eightco ($76 million). About $15 billion in total.
Ether buying. The company bought 10,452 ETH last week. It says it has bought ether every week since 30 June 2025. 6.05 million ETH is 4.95% of 122.2 million coins, which it calls 99% of the way to its 5% goal. Decrypt notes that Tom Lee has said Bitmine will stop buying once it hits that goal.
Buybacks. Last week Bitmine repurchased 2.04 million shares at an average of $22.48. So far in 2026 it has bought back 22.9 million shares at an average of $17.48, or $399.6 million. The company calls this the largest common stock buyback by any crypto treasury company. We have not checked that claim, it is the company's own.
Staking. 5,227,037 ETH, about 86% of its holdings, is staked (locked to help run the network in exchange for rewards). The company estimates annual staking revenue at about $318 million. That is the company's projection, not a result.
On the same day Strategy, the biggest corporate bitcoin holder, skipped a week of bitcoin buying and spent $204.9 million on buying back its STRC stock. ETH price on Freekonomist: https://freekonomist.com/en/crypto/eth/.
Confirmed facts
- As of 25 October 2026 Bitmine holds 6,051,933 ETH, 4.95% of the 122.2 million ETH supply.[1][2]
- Bitmine bought 10,452 ETH last week.[1][2]
- During the week the company repurchased 2.04 million of its shares at an average price of $22.48.[1][2]
- In 2026 Bitmine has repurchased 22.9 million shares at an average of $17.48, for $399.6 million.[1][2]
- Besides ETH it holds 215 BTC, $514 million in cash and marketable securities, and stakes in Beast Industries ($180 million) and Eightco ($76 million), about $15 billion in total.[1][2]
- 5,227,037 ETH, about 86% of its holdings, is staked.[1][2]
Implications
- ConfirmedBitmine keeps buying ether every week, but the amounts are small next to its holdings.
- Our readingOnce it reaches 5%, one of the biggest ETH buyers may step away from the market.
- ConfirmedThe two largest crypto treasury companies both shifted money into buying back their own stock.
Still unknown
- Whether Bitmine stops buying ETH right at 5% or keeps going.
- How much room is left in its buyback authorisation.
- Where buyback money will come from if the shares keep falling.
Who it affects
United States, Global. People who hold ether or follow big corporate crypto buyers
Sources
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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