TLDR
- BMNR stock closed down 6.5% at $20.95 on Monday after Bitmine resumed buybacks following a roughly 10-week pause.
- The company bought 2.04 million shares for about $45.9 million last week at an average of $22.48.
- Bitmine also added 10,452 ETH, bringing holdings to 6,051,933 ETH, or 4.95% of supply.
- Chairman Tom Lee said ETH is down 13% from its peak while the SOXX semiconductor ETF is down 20%.
- Bitmine has bought back 22.9 million shares in 2026 for $399.6 million.
BMNR stock closed down 6.5% at $20.95 on Monday. The drop came after Bitmine Immersion Technologies said it had restarted share buybacks following a pause of about 10 weeks.
Bitmine Immersion Technologies, Inc., BMNR
The company spent about $45.9 million last week to buy 2.04 million of its own shares. The average price paid was $22.48, which is above where the stock closed Monday.
It was the first buyback since Aug. 17. That day, Bitmine finished a five-week run in which it bought roughly 21 million shares for $350 million.
The latest purchase lifts 2026 buybacks to 22.9 million shares, costing $399.6 million. The average price this year is $17.48. Bitmine called it the largest common equity buyback ever done by a crypto treasury firm.
The $22.48 average paid last week was about 28.6% above the 2026 average. The week alone made up roughly 11.5% of the year’s repurchases. Management kept buying even after the stock climbed above the levels where most buybacks took place.
“When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares,” Chairman Tom Lee said. He added that “optimizing shareholder value remains our top objective.”
ETH buying slows
Bitmine still added ether last week, just at a slower pace. It bought 10,452 ETH, worth about $24.5 million, down from 12,535 ETH the week before.
Holdings now stand at 6,051,933 ETH, or about 4.95% of Ethereum’s 122.2 million token supply. That leaves the company about 58,000 ETH short of its goal of owning 5% of all ether.
At the company’s reference price of $2,356 per coin, closing that gap would cost about $137 million. That is roughly five to six weeks of buying at last week’s pace if supply stays flat.
The ether position is worth about $14.3 billion at that price. Total holdings were $15 billion as of Oct. 25, including 215 Bitcoin and $514 million in cash and securities.
Cash and securities fell from $582 million a week earlier. The $68 million drop roughly matches the buyback and ETH purchases combined. Bitmine also holds a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings (ORBS).
Lee sees opportunity in the selloff
Lee said crypto was pulled down by the same “risk-off” forces behind the AI sell-off. He said ETH has fallen 13% from its recent peak, while US semiconductors are down 20% over the same span.
“We believe this is further evidence that a crypto bull market is underway,” Lee said. The comparison follows weeks of pressure on AI stocks over data center spending. A smaller decline does not rule out more losses.
Strategy made a similar move last week. It skipped Bitcoin purchases for the first time since mid-September and put $204.9 million toward buying back its STRC preferred stock. It holds 848,517 BTC.
Bitmine has staked 5,227,037 ETH, about 86% of its holdings. The company projects roughly $318 million in annualized staking revenue at a 2.58% yield. Lee expects that to reach $368 million once the full balance is staked.
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