TLDR
- BMNR stock closed down 6.5% at $20.95 on Monday after Bitmine restarted buybacks following a pause of about 10 weeks.
- The company spent about $45.9 million on 2.04 million of its own stock last week, at an average of $22.48.
- Bitmine added 10,452 ETH, lifting holdings to 6,051,933 ETH, or 4.95% of supply.
- Chairman Tom Lee said ETH is down 13% from its peak, while the SOXX chip ETF is down 20%.
- Buybacks for 2026 now total 22.9 million sharesā worth of stock, costing $399.6 million.
BMNR stock closed down 6.5% at $20.95 on Monday. The drop came as Bitmine Immersion Technologies said it restarted buybacks after a pause of about 10 weeks.
Bitmine Immersion Technologies, Inc., BMNR
The company spent about $45.9 million last week on 2.04 million of its own stock. The average price was $22.48, a bit above where it closed Monday.
It was the first buyback since Aug. 17. That day, Bitmine closed out a five-week run of about 21 million repurchased at a cost of $350 million.
Buybacks for 2026 now total 22.9 million at a cost of $399.6 million. The average price this year is $17.48.
Bitmine called it the largest common equity buyback by a crypto treasury firm. Last weekās $22.48 average was about 28.6% above the yearly average.
The week alone made up roughly 11.5% of the yearās repurchases. Management kept buying even after the price ran past the levels where most of the buying took place.
Lee said the company plans to buy back stock when management sees it as undervalued. He added that āoptimizing shareholder value remains our top objective.ā
ETH buying slows
Bitmine still added ether last week, just at a slower pace. It bought 10,452 ETH, worth about $24.5 million, down from 12,535 ETH the week before.
Holdings now stand at 6,051,933 ETH, or about 4.95% of Ethereumās 122.2 million supply. That is roughly 58,000 ETH short of the companyās 5% goal.
At the $2,356 reference price, closing that gap would cost about $137 million. That equals about five to six weeks of buying at last weekās pace.
Total holdings were $15 billion as of Oct. 25, with the ether position worth about $14.3 billion. Cash and securities fell to $514 million from $582 million, a drop that roughly matches the two outlays.
Lee sees opportunity in the selloff
Lee said crypto was pulled down by the same ārisk-offā forces behind the AI sell-off. ETH is down 13% from its recent peak, while the SOXX chip ETF is down 20%.
He called it āfurther evidence that a crypto bull market is underway.ā A smaller drop does not rule out more losses, though.
Strategy made a similar move last week. It skipped Bitcoin purchases for the first time since mid-September and put $204.9 million toward buying back its STRC preferred stock.
Bitmine has staked 5,227,037 ETH, about 86% of its holdings. At a 2.58% yield, that projects to roughly $318 million in annual staking revenue.
Lee expects that figure to reach $368 million once the full balance is staked. Bitmine also holds a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings (ORBS).
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