Bitmine Immersion Technologies kept its weekly Ethereum buying streak alive, adding 10,452 ETH worth roughly $24 million, but the larger move was a turn toward repurchasing its own stock — a program the company describes as the biggest equity buyback any crypto treasury firm has run.
The NYSE-listed firm said Monday it repurchased 2.04 million of its own shares over the past week at an average price of $22.48, bringing its 2026 total to 22.9 million shares bought back for about $399.6 million.
Chairman Tom Lee framed the buybacks as a value play, saying the company intends to repurchase stock “accretively” when management views the shares as undervalued.
Ethereum holdings edge toward the 5% goal
The latest ETH purchase lifts Bitmine’s holdings to 6,051,933 ETH, worth roughly $14.3 billion at a reference price of $2,356 per coin. That represents 4.95% of Ethereum’s 122.2 million token supply, leaving the firm, by its own count, 99% of the way to its goal of owning 5% of the network — a target it brands the “Alchemy of 5%.”
Lee has said Bitmine is nearly finished stacking and will stop buying once it reaches that threshold.
Lee casts crypto weakness as an opportunity
Lee again described recent crypto weakness as a buying opportunity rather than a warning sign, arguing the pullback stemmed from the same risk-off forces behind a broader AI selloff. He noted that ETH had fallen 13% from its recent peak while U.S. semiconductor stocks dropped 20% over the same stretch, which he said was further evidence that “a crypto bull market is underway.”
Strategy leans the same way
Strategy mirrored the shift this week, pausing its Bitcoin buying for the first time since mid-September to spend $204.9 million repurchasing its STRC preferred stock. The parallel underscores how both treasury giants favored shoring up their shares over fresh crypto purchases during the week.
Treasury and staking position
Counting cash, other tokens and what it calls “moonshot” investments, Bitmine’s total holdings stood at $15 billion as of Oct. 25. That figure includes 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings.
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy.
The firm has 5,227,037 ETH — about 86% of its holdings — staked through its MAVAN platform, with projected annualized staking revenue of roughly $318 million.
