Bitmine Immersion Technologies Continues Ethereum Accumulation Amidst Major Stock Buyback Initiative
Bitmine Immersion Technologies has maintained its weekly Ethereum purchasing streak, acquiring an additional 10,452 ETH valued at approximately $24 million. However, the company’s most significant move this week involved a pivot towards repurchasing its own stock, a program it claims is the largest equity repurchase initiative ever undertaken by a crypto treasury firm.
The New York Stock Exchange-listed company announced on Monday that it had bought back 2.04 million of its own shares over the past week, at an average price of $22.48 per share. This brings its total repurchases for 2026 to 22.9 million shares, costing roughly $399.6 million.
Chairman Tom Lee characterized the buybacks as a strategic value play, stating that the company intends to repurchase stock in an “accretive” manner when management perceives the shares to be undervalued.
Ethereum Holdings Grow
The latest ETH purchase increases Bitmine’s total holdings to 6,051,933 ETH, currently valued at approximately $14.3 billion, based on a reference price of $2,356 per coin. This represents 4.95% of Ethereum’s total circulating supply of 122.2 million tokens. According to the company’s own calculations, this brings it 99% of the way to its stated goal of owning 5% of the network, a target it refers to as the “Alchemy of 5%.”
Lee has previously indicated that Bitmine is nearing the completion of its accumulation phase and will cease purchasing ETH once it reaches this 5% threshold.
Market Weakness Viewed as Opportunity
Lee once again framed recent cryptocurrency market weakness as a buying opportunity rather than a cause for concern. He argued that the pullback was driven by the same risk-off sentiment that has impacted broader artificial intelligence (AI) stocks. Lee pointed out that ETH has fallen 13% from its recent peak, while U.S. semiconductor stocks have dropped 20% over the same period, which he cited as further evidence that “a crypto bull market is underway.”
Diversified Holdings
As of October 25, Bitmine’s total holdings, including cash, other tokens, and what it terms “moonshot” investments, stood at $15 billion. This portfolio includes 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings.
Bitmine continues to hold the distinction of being the world’s largest Ethereum treasury and the second-largest crypto treasury overall, surpassed only by Michael Saylor’s Strategy.
Competitor Also Pivots to Stock Buybacks
Strategy also shifted its focus this week, pausing its Bitcoin purchases for the first time since mid-September. Instead, the company allocated $204.9 million to repurchase its STRC preferred stock. This move underscores a trend among major treasury giants to prioritize shoring up their share value over acquiring additional cryptocurrency.
Staking Revenue Outlook
Bitmine has staked 5,227,037 ETH, approximately 86% of its holdings, through its MAVAN platform. The company projects annualized staking revenue from these holdings to be around $318 million.
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