Bitmine Adds 10,452 ETH, Launches Record $399.6M Share Buyback Program

Bitmine Immersion Technologies extended its weekly Ethereum buying streak, purchasing 10,452 ETH worth roughly $24 million, while shifting focus toward what it calls the largest equity repurchase program ever run by a crypto treasury firm. The NYSE-listed company said Monday it bought back 2.04 million shares over the past week at an average price of $22.48, bringing its 2026 total to 22.9 million shares repurchased for about $399.6 million. The 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 — about 4.95% of Ethereum's 122.2 million token supply and, by the company's count, 99% of the way to its 5% ownership goal. Chairman Tom Lee said the firm will buy back stock "accretively" when management views shares as undervalued, and reiterated that Bitmine plans to stop ETH purchases once it reaches the threshold. Bitmine's total holdings, including 215 Bitcoin, $514 million in cash and securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings, stood at $15 billion as of Oct. 25. The firm has 5,227,037 ETH — about 86% of holdings — staked through its MAVAN platform, with projected annualized staking revenue of roughly $318 million.