Key Takeaways
- BitMine secured 10,452 ETH valued at roughly $24.6 million during the most recent trading week.
- Total Ethereum reserves climbed to 6.05 million tokens, accounting for 4.95% of estimated circulating supply.
- Tom Lee stood by his positive cryptocurrency forecast amid ongoing market volatility.
- The company executed repurchases of 2.04 million BMNR shares, pushing 2026 buyback spending to $399.6 million.
- BitMine currently stakes 5.23 million ETH, generating projected annualized staking returns of $318 million.
BitMine Immersion Technologies executed another Ethereum acquisition last week, purchasing 10,452 ETH while cryptocurrency markets continued experiencing downward pressure. The firm announced the transaction on October 26, simultaneously revealing additional repurchases of its NYSE-traded BMNR equity.
Ethereum Reserves Approach 5% Supply Milestone
As of October 25, BitMine’s Ethereum treasury contained 6,051,933 ETH according to official company filings. That position equals 4.95% of the cryptocurrency’s estimated 122.2 million total supply, placing the firm approximately 58,067 ETH away from achieving its stated 5% ownership objective.
Based on the company’s reference valuation of $2,356 per token, the Ethereum treasury carried a market value of approximately $14.26 billion. The week’s acquisition represented roughly $24.6 million at that benchmark price.
The systematic Ethereum accumulation program launched on June 30, 2025. Chairman Tom Lee confirmed the company had executed purchases during every subsequent week. This latest transaction occurred during a period of sustained Ethereum price decline that extended throughout October.
Lee Reaffirms Bullish Cryptocurrency Position
Lee attributed recent cryptocurrency losses to broader weakness across risk-sensitive asset classes. He noted Ethereum had declined 13% from recent highs, while US semiconductor equities experienced a steeper 20% drawdown during the same timeframe.
The executive reaffirmed his view that cryptocurrency markets remain in a bull cycle. He expressed similar sentiments during an October 7 company investor presentation. This assessment represents his forward-looking projection rather than a confirmed market condition.
Meanwhile, other major Ethereum stakeholders have pursued alternative strategies. On October 26, the Ethereum Foundation allegedly sold 2,785 ETH generating approximately $6.42 million in proceeds. The reported transaction does not clarify the underlying causes of Ethereum’s price weakness.
Common Stock Buyback Program Surpasses $399 Million
BitMine repurchased 2.04 million common shares during the reporting period at a weighted average cost of $22.48 per share. Year-to-date 2026 repurchases have reached 22.9 million shares with aggregate spending of $399.6 million.
Lee indicated BitMine will continue acquiring shares when leadership determines market pricing offers attractive value. Additional buyback activity depends on prevailing market dynamics and remaining board authorization.
As of October 25, the company had deployed 5,227,037 ETH into staking operations, representing roughly 86% of total holdings. BitMine’s proprietary MAVAN platform manages a portion of these staking activities. In related developments, Lido launched a new Ethereum staking module on October 23.
BitMine calculated projected annualized staking income of $318 million based on current deployment levels and recent yield rates. The company’s balance sheet also included $514 million in cash and marketable securities, 215 Bitcoin, and various strategic investments beyond its primary Ethereum position.
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