BitMine Buys 10,452 ETH as 5% Supply Goal Nears

TLDR

• BitMine acquired 10,452 ETH worth approximately $24.6 million over the past week.
• Ethereum holdings reached 6.05 million tokens, representing 4.95% of the estimated total supply.
• Tom Lee maintained his bullish cryptocurrency outlook despite recent market weakness.
• BitMine repurchased 2.04 million BMNR shares, bringing its 2026 buybacks to $399.6 million.
• The company reported 5.23 million staked ETH, with estimated annualized staking revenue of $318 million.

BitMine Immersion Technologies bought another 10,452 Ethereum (ETH) during the past trading week, extending its regular purchases despite weaker crypto prices. The company disclosed the acquisition on October 26, alongside fresh repurchases of its NYSE-listed BMNR shares.

BitMine Ethereum Holdings Near 5% Target

BitMine held 6,051,933 ETH as of October 25, according to its latest statement. That represented 4.95% of Ethereum’s estimated 122.2 million supply, leaving about 58,067 ETH between the company and its 5% ownership target.

Using its reference price of $2,356 per token, the company valued its Ethereum reserves at roughly $14.26 billion. The latest weekly addition was worth approximately $24.6 million at that price.

BitMine began its Ethereum treasury strategy on June 30, 2025. Chairman Tom Lee said it had purchased ETH every week since then. The latest buying followed a period of Ethereum price weakness that continued through October.

Tom Lee Maintains Bull Market Forecast

Lee linked the crypto market’s recent losses to a wider decline in riskier investments. He said Ethereum had fallen 13% from its recent peak, compared with a 20% decline in US semiconductor shares over the same period.

The chairman said he still believes a crypto bull market is underway. He made a similar argument in an October 7 company presentation. His outlook remains a forecast rather than an established market trend.

Other Ethereum holders have taken different actions. On October 26, the Ethereum Foundation reportedly sold 2,785 ETH for about $6.42 million. The reported sale does not establish the reason for Ethereum’s price decline.

BMNR Share Repurchases Reach $399.6 Million

BitMine bought back 2.04 million common shares during the same week at an average price of $22.48. That brings its 2026 repurchases to 22.9 million shares, costing $399.6 million in total.

Lee said BitMine intends to purchase more shares when management considers them undervalued. Future transactions remain subject to market conditions and the company’s existing authorization. As of October 25, BitMine had staked 5,227,037 ETH, about 86% of its holdings. Its MAVAN platform handles part of that activity. Separately, Lido introduced a new Ethereum staking module on October 23.

BitMine estimated $318 million in annualized revenue from its current staked balance, based on recent yields. The company reported $514 million in cash and marketable securities, 215 Bitcoin, and other strategic investments alongside its Ethereum holdings.

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