Bitmine’s 5% $ETH itch: 10,452 coins stacked, 2.04 million BMNR shares back

Bitmine Immersion Technologies said Monday that it acquired 10,452 $ETH over the past week, worth roughly $24 million, and repurchased 2.04 million of its own BMNR shares at an average price of $22.48. The purchases lifted its holdings to 6,051,933 $ETH, worth roughly $14.3 billion at a reference price of $2,356 per coin, while the buyback brought Bitmine’s 2026 total to 22.9 million shares for about $399.6 million. Bitmine called it the largest equity repurchase program any crypto treasury firm has run. Its $ETH stash represents 4.95% of Ethereum’s 122.2 million token supply, leaving the company 99% of the way toward its 5% goal, while BMNR was down more than 2% on the day.

The $ETH purchase followed Bitmine’s 12,535 ETH purchase announced last week and extended its weekly buying streak since adopting a crypto treasury strategy last year. The company has 5,227,037 $ETH, about 86% of its holdings, staked through its MAVAN platform, worth more than $12 billion and carrying projected annualized staking revenue of roughly $318 million. Chairman Tom Lee said the company intends to repurchase stock “accretively” when management views the shares as undervalued. He has said Bitmine is nearly finished stacking and will stop buying once it reaches its 5% threshold, a target the company brands the “Alchemy of 5%.”

Lee reiterated that Bitmine believes it is well positioned to outperform the upcoming crypto bull market. He characterized recent crypto weakness as a buying opportunity, attributing the pullback to the same risk-off forces behind a broader AI selloff. Lee noted that $ETH had fallen 13% from its recent peak while U.S. semiconductor stocks had dropped 20% over the same stretch, which he said was further evidence “a crypto bull market is underway.”

Counting cash, other tokens and what it calls “moonshot” investments, Bitmine’s total holdings stood at $15 billion as of Oct. 25. The portfolio included 215 $BTC, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings. Bitmine remains