Bitmine acquired 10,452 ETH over the past week and repurchased 2.04 million BMNR shares, the Ethereum treasury company said in a press release. The purchases lift its Ethereum holdings to just over 6.05 million ETH, equal to 4.95% of the total ETH supply.
The company said it is 99% of the way toward its goal of holding 5% of ETH's total supply. The latest ETH purchase follows a 12,535 ETH acquisition announced last week, extending a streak of weekly purchases since Bitmine adopted its crypto treasury strategy last year.
Staking and unrealized loss
Bitmine said its total staked ETH stands at 5,227,037, worth more than $12 billion. Chairman Tom Lee reaffirmed that the firm believes it is well positioned to outperform the upcoming crypto bull market, according to the release.
The accumulation continues even as Bitmine sits on an unrealized loss on its ETH holdings. DropsTab data cited in the report shows the unrealized loss at more than $6 billion, with an average purchase price of $3,322 per ETH.
Share repurchase
Bitmine bought back the 2.04 million BMNR shares over the past week at an average price of $22.48. "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.
The company has repurchased 22.9 million common shares in 2026 at an average price of $17.48, for nearly $400 million in total. Lee noted that optimizing shareholder value remains the company's top objective.
Stock reaction
BMNR was trading at $22, down almost 3%, according to TradingView data cited in the report. The stock is also down more than 20% over the past month as the ETH price and the broader crypto market retraced.
