Bitmine Immersion Technologies (NYSE:BMNR) bought 10,452 more Ethereum (CRYPTO: ETH) last week, even as its stock slipped to $22.
Why Lee Calls This Pullback Different From Past Ones
Bitmine Chairman Tom Lee said in a Monday statement that crypto got dragged down by the same risk-off pressure hitting AI stocks, but the damage has been comparatively shallow this time.
He pointed out that Ethereum has fallen 13% from its recent peak, while semiconductor ETF SOXX has dropped 20% over the same stretch, calling that gap further evidence a crypto bull market remains underway.
Lee also highlighted Bitmine’s buyback activity, with the company repurchasing 2.04 million shares last week at an average price of $22.48.
"When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares, subject to market conditions and under the existing repurchase authorization," Lee said.
Bitmine has now bought back 22.9 million shares in 2026 at an average price of $17.48, totaling $399.6 million, which the company calls the largest common equity buyback ever executed by a crypto treasury firm.
What Bitmine’s Treasury Looks Like Now
Bitmine’s crypto holdings, cash, and "moonshot" investments now total $15 billion. As of Oct. 25, the company held 6,051,933 ETH, equal to 4.95% of Ethereum’s total supply, putting Bitmine 99% of the way to its 5% accumulation target in just 15 months.
The company has bought ETH every single week since launching its treasury strategy in June 2025. Bitmine has staked 5,227,037 ETH worth roughly $12.3 billion through its MAVAN platform, and Lee expects annualized staking rewards to rise from $318 million today to $368 million once the company stakes its full position.
The company’s broader holdings include:
- 215 Bitcoin (CRYPTO: BTC)
- $180 million stake in Beast Industries
- $76 million stake in Eightco Holdings (NASDAQ:ORBS), giving investors indirect exposure to OpenAI
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Strategy’s (NASDAQ:MSTR) roughly $74 billion Bitcoin position of 848,517 BTC.
Where BMNR Stands Technically
BMNR trades below all four major EMAs, though it’s holding above rising trendline support near $21 to $21.50.
Key levels for BMNR:
- $24: resistance zone buyers need to reclaim
- $20: downside target if trendline support breaks, which would weaken the recovery from July’s lows
Photo via Shutterstock