BitMine Immersion Technologies (BMNR) resumed share repurchases last week, buying back 2.04 million of its own shares at an average price of $22.48 per share. This marks the company's first reported repurchase since mid-August.
The buyback brings BitMine's 2026 repurchase total to 22.9 million shares acquired for $399.6 million at an average of $17.48 per share. According to Chairman Tom Lee, the company completed its earlier buyback program on August 17.
Staking Activity Increases
BitMine reported staked Ethereum holdings of 5,227,037 ETH as of October 25, an increase from 5,067,309 tokens where the amount had remained unchanged for nearly three months. The company stakes ether through MAVAN, its Made in America Validator Network, and through outside partners.
At current levels, Lee estimated annualized staking revenue at $318 million on existing staked ether. If the treasury were fully staked at a 2.58% seven-day yield, he projected annual earnings would reach $368 million.
BitMine's total treasury grew by 10,452 ETH during the week to 6,051,933 tokens, bringing the company's holdings to 4.95% of the 122.2 million ETH in total supply against its 5% target.
Asset Holdings and Valuations
BitMine valued its ether holdings at $2,356 per token using Coinbase prices, bringing combined crypto, cash, and equity stakes to approximately $15 billion. Cash and marketable securities declined to $514 million, marking the fifth consecutive weekly decrease from $714 million on September 20.
Beyond ether, the company holds 215 Bitcoin, a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings (ORBS).
