Quick answer: The latest Bitmine buyback came in its Oct. 26, 2026 update: the firm bought back 2.04 million shares for about $45.9 million last week, taking 2026 repurchases to 22.9 million shares and $399.6 million. It also added 10,452 ETH, worth about $24.6 million, for a total of 6,051,933 ETH, or about 4.95% of supply.
The latest Bitmine buyback shows where the biggest corporate ether holder now sees value. Last week it spent almost twice as much on its own shares as on new ETH.
Bitmine Immersion Technologies (BMNR) still added coins, so the weekly buying streak is intact. But the money split tells a clearer story than the headline ETH number.
What happened: a big Bitmine buyback and fewer coins
On Monday, Oct. 26, 2026, Bitmine published its weekly treasury update. The company repurchased 2.04 million shares at an average price of $22.48, or about $45.9 million, CoinDesk reported. It was the first Bitmine buyback since Aug. 17.
So far in 2026, the firm has bought back 22.9 million shares for $399.6 million, at an average of $17.48 per share, according to crypto.news. Chairman Tom Lee called it “the largest crypto treasury company common equity buyback ever executed.”
At the same time, Bitmine added 10,452 ETH. That took its holdings to 6,051,933 ETH as of Oct. 25. At the company’s reference price of $2,356, the coins are worth about $14.26 billion. In addition, the firm reports 215 BTC and $514 million in cash and marketable securities.
Why the Bitmine buyback matters
A treasury company exists to give shareholders exposure to a coin. When its stock trades cheaply against the assets it holds, buying back shares can raise the amount of ETH behind each remaining share. Buying more ETH does not do that as well in that moment.
Bitmine did not publish a per-share asset value in this update. However, Lee said the firm will keep buying shares when management thinks they trade below their relative value. In plain terms, the board now sees its own stock as the better deal.
Bitmine is not alone, either. Strategy, the largest corporate bitcoin holder, paused bitcoin purchases this week and spent about $205 million buying back its STRC preferred shares, Decrypt reported. Meanwhile, other treasury firms such as Strive kept buying bitcoin. When the two largest holders turn inward at the same time, fresh corporate demand for coins gets thinner.
Data and context: a slower path to 5%
Bitmine says it now owns about 4.95% of ether’s reported 122.2 million supply. Its long-running goal, which it calls the “Alchemy of 5%,” would need about 6.11 million ETH. That leaves roughly 58,067 ETH to buy.
Yet the weekly pace keeps falling. Bitmine bought 15,112 ETH in the week to Oct. 4 and 12,535 ETH in its Oct. 19 update. This week’s 10,452 ETH is about 31% below the early October figure. At this week’s rate, the last 58,067 ETH would take five to six more weeks.
Staking changes the math, too. Bitmine now stakes 5,227,037 ETH, about 86% of its holdings. The firm estimates this earns about $318 million a year, based on a 2.58% seven-day yield. By our math, that is roughly $6 million a week, or about a quarter of last week’s ETH spending. If you follow ETH yields, our report on the record staking queue gives more context.
Ether itself has been weak. ETH traded at $2,313 on CoinGecko at 16:53 UTC on Oct. 26, down 1.4% in 24 hours. Over 30 days it has fallen about 14%, from roughly $2,696.
Lee still argues the trend is up. “ETH has fallen 13% from its recent peak while US semiconductors ($SOXX) is down 20% in that same timeframe,” he said. “We believe this is further evidence that a crypto bull market is underway.” Still, a smaller drop than chip stocks does not prove a new bull run on its own.
What to watch next after the Bitmine buyback
First, watch next Monday’s update. A second large Bitmine buyback, paired with another shrinking ETH purchase, would confirm that the firm has shifted its priorities.
Next, watch the 5% line. Lee has described 5% as a ceiling. Once Bitmine reaches it, the steady weekly buying Bitmine has done since June 2025 could fade, and staking income may become the main way the stack grows.
Finally, watch the macro calendar. The Fed rate decision this week could move both ETH and treasury stocks. Large holders have also been trimming ether, as our story on Arthur Hayes selling ETH showed.
FAQ
What is the Bitmine buyback?
It is Bitmine’s program to repurchase its own common stock. Last week it bought 2.04 million shares for about $45.9 million, taking 2026 repurchases to 22.9 million shares and $399.6 million.
Did Bitmine stop buying ETH?
No. It added 10,452 ETH last week and now holds 6,051,933 ETH. However, its weekly purchases have shrunk for several weeks in a row.
How close is Bitmine to owning 5% of ether?
It owns about 4.95% of the reported 122.2 million ETH supply. It needs roughly 58,067 more ETH to reach 5%.
Sources
- CoinDesk: Tom Lee’s Bitmine favors share buybacks to ether purchases as crypto declines
- crypto.news: Bitmine adds 10,452 ETH as share buybacks approach $400M
- Decrypt: Tom Lee’s Bitmine keeps buying Ethereum but pivots to record share buybacks
- The Block: Tom Lee insists crypto bull market is underway as Bitmine adds 10,452 ETH
- CoinGecko: Ethereum price
This article is for information only and is not financial advice. Do your own research before you invest.
