Bitmine’s ETH Holdings Reach 6,051,933 Tokens as It Buys Back 22.9 Million Shares
Key Facts
Bitmine Immersion Technologies held 6,051,933 ETH on October 25, equal to 4.95% of the cryptocurrency’s total supply of 122.2 million tokens, according to a company filing with the U.S. Securities and Exchange Commission. The company said on October 26 that its combined holdings of cryptocurrencies, cash, marketable securities and “moonshot” investments totaled about $15 billion. That total included $514 million in cash and marketable securities. The figures combine the company’s ETH balance with other balance-sheet components, so they do not represent the value of its ETH holdings alone. Bitmine said it was 99% of the way toward its “Alchemy of 5%” goal of owning 5% of ETH’s supply.
The company added 10,452 ETH in the week before its October 26 announcement, and Chairman Tom Lee said Bitmine had bought ETH every week since launching its crypto treasury strategy on June 30, 2025. This follows the company’s October 19 update, which reported that it had bought 12,535 ETH in the preceding week. Reported holdings rose from 6,041,481 ETH on October 18 to 6,051,933 ETH on October 25. Meanwhile, the balance of cash and marketable securities fell from $582 million in the first update to $514 million in the next. A comparison of the two updates shows a slowdown in reported weekly purchases alongside an increase in reported ETH holdings between the dates.
Alongside its cryptocurrency purchases, Bitmine bought back 2.04 million shares in the week before its October 26 announcement, at an average price of $22.48 a share, according to the filing. Buybacks from the start of 2026 through the announcement totaled 22.9 million shares, at an average price of $17.48, for a total value of $399.6 million. The company said in a letter dated October 7 that it had bought back 21 million shares year to date. The October filing described the transactions as the largest share buyback by a crypto treasury company. Lee said the company intended to repurchase shares when management viewed them as relatively undervalued, taking market conditions and its existing authorization into account.
Bitmine had staked 5,227,037 ETH on October 25, which the company valued at about $12.3 billion based on a price of $2,356 per ETH. In its estimate published on October 26, it said annual staking revenue could reach $318 million based on 5.2 million ETH staked, or 86% of its holdings of 6.05 million tokens. The company estimated annual staking rewards of $368 million if it expanded staking to its entire holdings. The higher rewards estimate is based on an annual yield calculated from a 2.58% return over 7 days, while the $318 million revenue estimate is tied to the amount of staked ETH cited by the company. These figures are the company’s staking estimates, with each based on a different amount of cryptocurrency.
In explaining market moves, Lee said the cryptocurrency decline was linked to risk-off factors accompanying a sell-off in AI stocks. He added that ETH had fallen 13% from its recent peak, while the U.S. semiconductor companies index SOXX had declined 20% over the same timeframe. Lee said in an October 7 letter that ETH had fallen 10% in the first nine months of 2026, while BMNR shares had dropped 3% over the same period. BMNR closed at $21.62 on October 27, according to EL7 data. The figures place the performance of the cryptocurrency, stock and index across different periods as specified in the company’s statements, while the closing price provides a separate snapshot of the stock that day.