BitMine Immersion Technologies (BMNR) said on Monday it bought back 2.04 million of its own shares last week, its first reported repurchase since mid-August.
The company paid an average of $22.48 per share. That takes its 2026 buyback to 22.9 million shares, bought for $399.6 million at an average of $17.48. Chairman Tom Lee said in an October 7 video message that BitMine had completed its earlier buyback program on August 17.
“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.
Those repurchase plans now appear in the release’s note on forward-looking statements. Last week’s note carried no such item.
Staked Ether Rises to 5.23 Million
BitMine reported 5,227,037 ETH staked as of October 25. The amount was frozen at 5,067,309 for almost three months.
The company stakes through MAVAN, its Made in America Validator Network, and through outside partners. Lee put annualized staking revenue at $318 million on the ether staked today. Fully staked, he said, the treasury would earn $368 million at a 2.58% seven-day yield.
The treasury itself grew by 10,452 ETH over the week, to 6,051,933 tokens. That buy was smaller than the 12,535 ETH BitMine added a week earlier, and it was its smallest since the week to August 16. BitMine now holds 4.95% of the 122.2 million ETH in supply, against its 5% goal.
Bull Market Ongoing?
Lee said crypto was pulled down by the same risk-off forces behind the selloff in AI stocks. He said ether has fallen 13% from its recent peak, while US semiconductor stocks, tracked by SOXX, are down 20% over the same stretch.
“We believe this is further evidence that a crypto bull market is underway,” Lee stated.
BitMine marked its ether at $2,356 per token, using Coinbase prices. At that level, its crypto, cash, and equity stakes total $15 billion. Cash and marketable securities fell to $514 million, the fifth weekly decline in a row from $714 million on September 20, as the ETH purchases continue for almost a year and a half straight.
The company also holds 215 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings (ORBS).
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