Bitmine Immersion Technologies has returned to share buybacks, spending about USD 45.9 million on its stock last week while slowing its purchases of Ethereum amid a wider market decline.
According to the company's October 26 filing with the U.S. Securities and Exchange Commission, Bitmine repurchased 2.04 million shares at an average price of USD 22.48. It also added 10,452 ETH, extending a weekly buying program that began in June 2025. The share purchases followed a roughly 10-week break in buybacks.
Bitmine Resumes Share Repurchases After Ten-Week Pause
The latest transactions brought Bitmine's 2026 repurchases to 22.9 million shares, costing USD 399.6 million in total. Its average price across those transactions stands at USD 17.48 per share. Before last week, the company had purchased about 21 million shares during a five-week period that ended August 17.
Chairman Tom Lee said Bitmine will continue considering buybacks when management believes the stock trades below its value. Any further purchases will depend on market conditions and the company's existing authorization.
The company spent more on share repurchases than the market value of its latest Ethereum addition. At Bitmine's October 25 reference price of USD 2,356 per ETH, the 10,452 tokens were worth approximately USD 24.6 million. That figure does not necessarily equal what the company paid for them.
Tom Lee Compares Ethereum Decline With Semiconductor Stocks
Lee linked the crypto downturn to investors reducing exposure to riskier assets, including companies tied to artificial intelligence. He argued that digital assets had fallen less sharply than semiconductor shares over the same period.
"ETH has fallen 13% from its recent peak while US semiconductors ($SOXX) is down 20% in that same timeframe," Lee said in the company's October 26 statement. He added: "We believe this is further evidence that a crypto bull market is underway."
The comparison used the iShares Semiconductor ETF as a measure of U.S. chip shares, rather than the entire technology sector. Chipmakers are among the listed companies exposed to spending on AI infrastructure.
That assessment reflects Lee's market outlook, not a confirmed direction for prices. The comparison uses different assets and a particular measurement period. Both markets remain exposed to changes in investor demand and broader financial conditions.
Bitmine Nears Its Target of Holding 5% of Ethereum Supply
Bitmine reported 6,051,933 ETH as of October 25, equal to roughly 4.95% of the 122.2 million tokens it used as the total Ethereum supply. Its latest purchase was smaller than the 12,535 ETH acquired in the previous week, according to company updates.
The treasury business has targeted ownership of 5% of all ETH. Based on the reported supply figure, it needs roughly 58,000 additional tokens to reach that level. Lee said Bitmine has bought Ethereum every week since starting its treasury strategy on June 30, 2025.
The company has also committed 5,227,037 ETH to stake, or about 86% of its holdings. Staking supports Ethereum network operations and earns rewards that vary with network conditions. Bitmine estimates annualized staking revenue of USD 318 million at its current position, using its reported yield assumptions.
Beyond its Ethereum holdings, Bitmine reported 215 BTC, USD 514 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings. It valued its combined crypto assets, cash and other investments at about USD 15 billion as of October 25.
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