Bitmine Immersion Technologies had another busy week. The company added 10,452 ETH to its treasury and repurchased 2.04 million of its own shares.
Neither number is dramatic on its own. Together, they show the company running two plays at once: buying the asset it believes in, and buying the stock it believes is cheap.
What Bitmine did this week
The 10,452 ETH purchase continues a weekly habit that has become as predictable as a Monday standup. Bitmine has bought ETH every week since June 30, 2025.
By mid-2026, that streak had stretched past 58 consecutive weeks.
The buyback side is just as steady. The 2.04 million shares retired this week fall under a $4 billion repurchase authorization.
Since July 2026, the company has repurchased somewhere between 16 million and 21 million shares. Some weeks have been heavier than this one, including one stretch with 4.5 million shares bought back and another with 3 million.
The size of the pile
The weekly additions feed into a very large stockpile. As of October 18/19, 2026, Bitmine held 6,041,481 ETH.
That works out to 4.9% of Ethereum’s total supply. The company’s total portfolio was valued at around $15.1 billion, with the figure moving between roughly $14 billion and $15 billion depending on market conditions.
Bitmine is listed on the NYSE under the ticker BMNR. Its chairman is Tom Lee, the Fundstrat strategist known for his market calls.
The holdings make Bitmine the largest public holder of Ethereum. They also put it among the global leaders in digital asset treasuries more broadly.
Staking turns the stockpile into income
Bitmine is not simply sitting on its ETH. Roughly 84% of the holdings, or about 5.07 million tokens, are staked through the company’s MAVAN platform.
Estimates of the staked share run between 84% and 87%. Projected annualized rewards range from $300 million to as high as $400 million.
Background: the “Alchemy of 5%”
Bitmine’s accumulation is tied to a self-imposed goal the company calls the “Alchemy of 5%.” The target is to own 5% of Ethereum’s total supply.
At 4.9%, the company sits about a tenth of a percentage point away.
Bitmine’s approach combines three elements: relentless weekly buying, heavy staking, and aggressive share repurchases.
What this means
For shareholders, the buyback is the more telling signal. When a treasury company buys back stock, each remaining share represents a slightly bigger slice of the ETH pile.
The research behind this week’s figures frames the buyback program as a sign of confidence in the underlying asset valuations.
The staking income adds another variable to watch. If rewards land near the projected $300 million to $400 million range, Bitmine will have a meaningful cash-like stream to fund buybacks or further ETH purchases without tapping markets as often.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.