BitMine Immersion Technologies bought 10,452 ETH in the week through October 25, lifting its holdings to 6,051,933 ETH — 4.95% of Ethereum’s total supply — while its share buybacks for 2026 reached $399.6 million, the company said in its weekly update on October 26.
Summary
- BitMine bought 10,452 ETH last week for about $24.6 million, taking its treasury to 6,051,933 ETH, or 4.95% of Ethereum’s 122.2 million supply.
- The firm is now about 58,000 ETH short of the 5% level at which it has said it will stop buying.
- BitMine has 5,227,037 ETH staked, which it estimates generates about $318 million in annualized staking revenue.
- Its 2026 share buybacks reached $399.6 million — and last week’s $45.9 million buyback was nearly twice its ETH spending.
The ether position was worth about $14.3 billion at the company’s $2,356 reference price. Total holdings were about $15 billion, including 215 BTC, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million stake in Eightco Holdings.
The buying is slowing by design
Last week’s purchase was BitMine’s smallest in recent weeks — it bought 12,535 ETH the prior week and 15,112 ETH in the week ending October 4 — as the treasury closes in on its self-imposed 5% ceiling, a target Chairman Tom Lee calls the “alchemy of 5%.”
BitMine announced the update on its X account.
Buybacks overtake accumulation
The firm repurchased 2.04 million of its own shares at an average $22.48 last week — about $45.9 million, nearly double what it spent on ether. For 2026 as a whole, buybacks now total 22.9 million shares for $399.6 million at an average $17.48, which Lee described as “the largest crypto treasury company common equity buyback ever executed.”
Staking has become the treasury’s income engine in the meantime: 5,227,037 ETH — about 86% of holdings — is staked through the firm’s MAVAN platform, at an estimated $318 million in annualized revenue, or $368 million if every coin were staked.
