Bitmine Immersion Technologies bought 10,452 ETH in the week through Oct. 25, lifting its holdings to 6,051,933 ETH, while a lower ether price contributed to a drop in the value of its combined crypto, cash and stakes to about $15 billion, the company announced on Monday.
A week earlier, Bitmine reported $15.1 billion in total holdings after adding 12,535 ETH, with ether priced at $2,365. This update used a Coinbase price of $2,356 as of 2 p.m. ET on Oct. 25. At that price, the company’s ether alone is worth roughly $14.3 billion.
The stash now equals 4.95% of ether’s 122.2 million supply, leaving Bitmine about 58,000 ETH short of its 5% goal. Beyond ether, Bitmine holds 215 BTC, a Beast Industries stake of $180 million and an Eightco Holdings stake of $76 million, plus $514 million in cash and marketable securities, down from $582 million a week earlier.
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Share Buybacks Keep Going
Over the same week, Bitmine spent about $45.9 million to buy back 2.04 million shares, paying an average of $22.48 each. So far in 2026, it has bought back 22.9 million shares for $399.6 million, an average of $17.48 apiece.
Chairman Tom Lee said in Monday’s release that the company buys back stock “when management believes Bitmine shares are relatively undervalued.” In the same statement, he called the 2026 total “the largest crypto treasury company common equity buyback ever executed.”
More of the Stash Is Staked
Staked ETH rose to 5,227,037 from 5,067,309 a week earlier, about 86% of the company’s ether. Bitmine stakes through its own MAVAN validator network and outside partners. Lee projected that staking all of its ETH would earn about $368 million a year at a 2.58% seven-day yield, compared with $318 million on an annualized basis from the ETH already staked.
Lee tied ether’s price drop to wider markets. “Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off,” he said, noting that ETH was 13% below its recent peak while U.S. semiconductor stocks, tracked by $SOXX, had fallen 20% over the same stretch. “We believe this is further evidence that a crypto bull market is underway,” he added.
Lee said Bitmine has bought ETH every week since starting its ether treasury strategy on June 30, 2025. Its weekly purchases have come in smaller in recent updates, after buys of 15,112 ETH and 12,532 ETH earlier this fall.
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