Ether Giant Bitmine Bets Big on Itself With $400M in Share Repurchases

Bitmine’s Ethereum Treasury Closes In on 5% Milestone

Bitmine Immersion Technologies (NYSE: BMNR) disclosed Monday, Oct. 26, 2026, that its cryptocurrency holdings, cash, marketable securities and strategic investments totaled approximately $15 billion, including 6,051,933 ETH valued at $2,356 per token. That enormous stash represents 4.95% of ether’s roughly 122.2 million circulating supply, putting the company within striking distance of its ambitious “Alchemy of 5%” objective.

The digital asset treasury (DAT) firm Bitmine acquired another 10,452 ETH over the previous week, continuing an uninterrupted purchasing streak dating to June 30, 2025. The company also holds 215 BTC, $514 million in cash and marketable securities, and investments worth $180 million in Beast Industries and $76 million in Eightco Holdings (Nasdaq: ORBS).

Nearly $400 Million Spent Repurchasing Bitmine Shares

While accumulating ether (ETH), Bitmine has been buying something else: itself. The company repurchased 2.04 million common shares during the past week at an average price of $22.48, bringing its 2026 total to 22.9 million shares purchased for approximately $399.6 million. Chairman Tom Lee characterized the program as the largest common equity buyback ever executed by a cryptocurrency treasury company, although that historical ranking remains a company claim.

“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 explained. Bitmine joined the Russell 1000 large-cap index on June 26, while its Series A preferred stock trades on the New York Stock Exchange under BMNP.

$12.3 Billion in Staked Ethereum Generates Another Revenue Stream

Beyond accumulating tokens, Bitmine has committed 5,227,037 ETH, approximately $12.3 billion worth, to staking operations, representing roughly 86% of its ether holdings. Its Made in America Validator Network (MAVAN) provides staking infrastructure for Bitmine and outside institutional participants. At current staking levels, management estimates annualized revenue of $318 million. Fully staking its holdings through MAVAN and its partners could lift that figure to $368 million, assuming a 2.58% annualized yield.

Lee remains very optimistic despite recent market turbulence, arguing that ether’s 13% decline from its recent peak compares favorably with a 20% drop in U.S. semiconductor equities over the same period. Bitmine now stands as the largest publicly traded ether treasury, with the DAT giant Strategy occupying the broader cryptocurrency treasury throne. The striking contradiction is that Bitmine is simultaneously shrinking its share count while expanding its claim on ether’s circulating supply.