Bitmine adds 10,452 ETH, but its big move now is buying back stock

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/.

Fatos confirmados

• 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]

Implicações

• ConfirmadoBitmine keeps buying ether every week, but the amounts are small next to its holdings.
• Nossa leituraOnce it reaches 5%, one of the biggest ETH buyers may step away from the market.
• ConfirmadoThe two largest crypto treasury companies both shifted money into buying back their own stock.

Ainda não se sabe

• 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.

Quem é afetado

United States, Global. People who hold ether or follow big corporate crypto buyers

Fontes

1. Bitmine Immersion Technologies (PR Newswire): Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 6.05 Million Tokens 26 de outubro de 2026 · oficial
2. Decrypt: Tom Lee's Bitmine Keeps Buying Ethereum But Pivots to Record Share Buybacks 26 de outubro de 2026 · mídia