Bitmine Immersion Technologies has restarted its share buyback program, allocating approximately USD 45.9 million toward its stock last week while moderating its Ethereum acquisitions amid a broader market downturn.
An October 26 filing with the U.S. Securities and Exchange Commission shows that Bitmine acquired 2.04 million shares at a mean price of USD 22.48. The firm also purchased 10,452 ETH, maintaining a weekly accumulation streak that commenced in June 2025. These share acquisitions came after a hiatus in buybacks lasting roughly 10 weeks.
Bitmine Resumes Share Repurchases After Ten-Week Pause
With these recent transactions, Bitmine’s total repurchases for 2026 reached 22.9 million shares, amounting to an expenditure of USD 399.6 million. The overall average price across those purchases is USD 17.48 per share. Prior to last week, the company had bought around 21 million shares across a five-week span concluding on August 17.
Chairman Tom Lee stated that Bitmine will continue to evaluate buybacks whenever management determines the equity is undervalued. Any future repurchases remain contingent on prevailing market conditions and existing corporate authorizations.
The capital allocated to share repurchases surpassed the market valuation of the firm’s most recent Ethereum acquisition. Based on Bitmine’s reference price of USD 2,356 per ETH on October 25, the 10,452 tokens had an approximate value of USD 24.6 million, though this does not reflect the exact purchase cost.
Tom Lee Compares Ethereum Decline With Semiconductor Stocks
Lee attributed the crypto market correction to a general reduction of investor exposure to high-risk assets, which includes artificial intelligence-related enterprises. He noted that digital currencies have experienced milder declines than semiconductor equities during the same timeframe.
“ETH has fallen 13% from its recent peak while US semiconductors ($SOXX) is down 20% in that same timeframe,” Lee remarked in the October 26 corporate release, adding, “We believe this is further evidence that a crypto bull market is underway.”
The evaluation utilized the iShares Semiconductor ETF as a benchmark for U.S. chip equities rather than the broader technology sector. Semiconductor manufacturers represent a segment of listed companies tied to artificial intelligence infrastructure investments.
This perspective represents Lee’s personal market outlook rather than a guarantee of future price movements. The cross-asset comparison relies on specific reference periods, and both financial sectors remain vulnerable to shifts in investor sentiment and macroeconomic conditions.
Bitmine Nears Its Target of Holding 5% of Ethereum Supply
As of October 25, Bitmine reported holding 6,051,933 ETH, representing approximately 4.95% of the 122.2 million tokens referenced as the total Ethereum supply. This latest acquisition was lower than the 12,535 ETH secured the preceding week, corporate disclosures indicate.
The treasury initiative has targeted ownership of 5% of all ETH. Utilizing the reported supply figures, the firm requires roughly 58,000 additional tokens to achieve this objective. Lee confirmed that Bitmine has acquired Ethereum on a weekly basis since launching its treasury strategy on June 30, 2025.
Additionally, the company has committed 5,227,037 ETH—constituting about 86% of its reserve—to staking. Staking assists in validating Ethereum network operations and generates variable yields based on network activity. Bitmine projects an annualized staking revenue of USD 318 million based on its current holdings and stated yield assumptions.
Aside from its Ethereum accumulation, Bitmine reported holding 215 BTC, USD 514 million in cash alongside marketable securities, and equity stakes in Beast Industries and Eightco Holdings. The aggregate value of its digital assets, cash reserves, and alternative investments was estimated at roughly USD 15 billion as of October 25.
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