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BitMine Immersion Technologies repurchased 2.04 million of its own shares at an average of $22.48 last week and added 10,452 ETH to its treasury, according to Cointribune. The buyback was the company’s first since mid-August, and the ETH purchase was its smallest weekly addition since the week of August 16.
The NYSE-listed firm, chaired by Fundstrat’s Tom Lee, now holds 6,051,933 ETH, or 4.95% of the 122.2 million tokens in circulation, Cointribune reported. Cryptobriefing, which also covered the week’s figures, put holdings at 6,041,481 ETH as of October 18/19 and described the company as the largest public holder of Ethereum.
Also read: Bitmine buys 12,535 ETH, reaching 4.9% of Ethereum supply
Key facts
- BitMine bought back 2.04 million shares at an average of $22.48; its 2026 program totals 22.9 million shares for $399.6 million at an average of $17.48, per Cointribune.
- Staked ETH rose from 5,067,309 to 5,227,037 as of October 25, ending a run of weekly reports that had shown the same figure since August 9.
- Weekly ETH purchases slowed to 10,452 from 12,535 the prior week, according to Cointribune.
- Cryptobriefing reports the buybacks fall under a $4 billion repurchase authorization and that BitMine has bought ETH every week since June 30, 2025.
- Cash and marketable securities fell for a fifth straight week, from $714 million on September 20 to $514 million, Cointribune reported.
Buybacks resume as ether buying slows
Lee said on October 7 that the previous buyback program ended on August 17, and management has said it will keep repurchasing when it considers the stock undervalued and market conditions allow. Cointribune noted that the weekly release now mentions buybacks in its forward-looking statements note, a change from the prior week.
On the ETH side, the pace of accumulation has eased as the company approaches its self-imposed 5% supply target, which Cryptobriefing says BitMine calls the “Alchemy of 5%.” Cointribune framed the shift as similar to Strategy, which suspended bitcoin purchases and now favors its own shares.
Also read: BitMine Tops 6 Million ETH After $47M Weekly Buy
Staking income offsets a weak ether market
BitMine stakes through its MAVAN validator network and external partners. Lee puts annualized staking income at $318 million, a figure that could reach $368 million if all of the company’s cash were locked in ether at a 2.58% seven-day yield, according to Cointribune. Cryptobriefing estimated the staked share at roughly 84% to 87% of holdings and annualized rewards between $300 million and $400 million.
The reports differ on portfolio valuation: Cryptobriefing put BitMine’s total portfolio at around $15.1 billion, moving between roughly $14 billion and $15 billion with market conditions, a figure Cointribune did not publish.
Lee attributed the crypto market correction to the same pressures weighing on artificial intelligence stocks, noting ether has lost 13% since its peak against 20% for the SOXX index, and said the bull market remains intact. Ether ETFs recorded $1.2 billion in outflows in October, Cointribune reported.
Why it matters
Each share BitMine retires gives remaining holders a slightly larger claim on its ether pile, so the buyback is a signal about how management values its own stock relative to its tokens. Staking income also gives the company a cash-like stream that can fund further purchases without tapping markets as often.
What to watch
BitMine is about a tenth of a percentage point from its 5% supply target, so the coming weekly disclosures will show whether ETH purchases slow further or stop once the goal is met. Further buyback announcements and the trajectory of its cash balance are the other figures to track.
Reported by cointribune.com.
Sources: Cointribune, Cryptobriefing