BitMine Resumes Share Buyback and Increases Ether Staking to 5.23 Million

BitMine Immersion Technologies (BMNR) reported on Monday that it repurchased 2.04 million of its own shares last week – the first buyback since mid-August. The average price was $22.48 per share. With this, the 2026 buyback reached 22.9 million shares at $399.6 million at an average price of $17.48.

Company Chairman Tom Lee stated in a video message on October 7 that BitMine completed its previous buyback program on August 17. "When management believes BitMine shares are relatively undervalued, the company intends to repurchase them with value addition, considering market conditions and within the framework of the current buyback authorization," Lee said. Now, buyback plans are included in the forward-looking statements section of the press release; this point was not included last week.

Staking increased to 5.23 million ETH

As of October 25, BitMine staked 5,227,037 ETH – the volume remained at 5,067,309 for almost three months. The company engages in staking through MAVAN (Made in America Validator Network) and external partners. Lee estimated the annual income from staking at the current volume at $318 million, and with full staking, the treasury would earn $368 million with a seven-day yield of 2.58%.

The treasury increased by 10,452 ETH over the week, to 6,051,933 tokens. The purchase was less than 12,535 ETH the previous week and was the smallest since the week ending August 16. Currently, BitMine owns 4.95% of the 122.2 million ETH in circulation with a target of 5%.

Tom Lee on the market

Lee stated that the crypto market declined under the same risk-off forces as the sell-off of AI company stocks: Ether fell by 13% from its recent peak, and U.S. semiconductor stocks, tracked by the SOXX index, fell by 20% over the same period. "We consider this additional evidence that the bull market in cryptocurrencies continues," Lee stated.

BitMine values its Ether at $2,356 per token based on Coinbase prices. At this level, cryptocurrency, cash, and equity stakes together are worth $15 billion. Cash and marketable securities decreased to $514 million – the fifth consecutive weekly decline from $714 million on September 20, as ETH purchases continue for almost a year and a half without interruption.

The company also owns 215 BTC, a stake in Beast Industries worth $180 million, and a position in Eightco Holdings (ORBS) worth $76 million.