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BitMine Immersion Technologies (BMNR) announced on Monday that it repurchased 2.04 million of its own shares last week, marking its first reported buyback since mid-August.
The company paid an average of $22.48 per share. This brings the total for the 2026 buyback program to 22.9 million shares, acquired for $399.6 million at an average price of $17.48. Chairman Tom Lee stated in an October 7 video message that BitMine had completed its previous 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.
These repurchase plans are now included in the release’s note on forward-looking statements. Last week’s note did not contain such a disclosure.
Staked Ether Rises to 5.23 Million
BitMine reported holding 5,227,037 ETH staked as of October 25. The amount had remained frozen at 5,067,309 for nearly three months.
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The company stakes through MAVAN, its Made in America Validator Network, as well as through external partners. Lee estimated annualized staking revenue at $318 million on the ether currently staked. He noted that if fully staked, the treasury would earn $368 million at a 2.58% seven-day yield.
The treasury itself grew by 10,452 ETH over the week, reaching a total of 6,051,933 tokens. This purchase was smaller than the 12,535 ETH added the previous week and marked the smallest weekly acquisition since the week ending August 16. BitMine now holds 4.95% of the 122.2 million ETH in supply, approaching its 5% goal.
Bull Market Ongoing?
Lee attributed the recent decline in crypto to the same risk-off forces driving the selloff in AI stocks. He pointed out that ether has fallen 13% from its recent peak, while US semiconductor stocks, tracked by the SOXX index, are down 20% over the same period.
“We believe this is further evidence that a crypto bull market is underway,” Lee stated.
BitMine values its ether at $2,356 per token, based on Coinbase prices. At this valuation, its total crypto, cash, and equity holdings amount to $15 billion. Cash and marketable securities decreased to $514 million, marking the fifth consecutive weekly decline from $714 million on September 20, as ETH purchases have continued for nearly a year and a half.
The company also holds 215 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings (ORBS).
