Ethereum (ETH) Treasury Bitmine Immersion Technologies (BMNR) Runs Record 2.04 Million-Share Buyback

Bitmine's Record Buyback Year

The NYSE-listed Bitmine Immersion Technologies (BMNR), the operator of the world's largest Ethereum treasury, spent the past week directing capital at its own stock rather than accelerating its token purchases. The company repurchased 2.04 million shares at an average price of $22.48, lifting its 2026 total to 22.9 million shares bought back for roughly $399.6 million, according to the company's official Monday announcement. Management bills the program as the largest equity repurchase any crypto treasury firm has run, and the mechanism is deliberate: the company buys stock whenever it judges its own shares undervalued. The same disclosure confirmed the weekly token purchase was intact. Bitmine added 10,452 Ethereum (ETH) worth about $24 million, raising holdings to 6,051,933 tokens and keeping alive a weekly buying cadence that has made the firm the largest holder of Ether among public companies. At the company's $2,356 reference price that position is worth approximately $14.3 billion, equal to 4.95% of the blockchain's 122.2 million token supply. Bitmine counts itself 99% of the way to a stated goal of owning 5% of the network, a threshold it brands the “Alchemy of 5%,” and chairman Tom Lee has said accumulation stops once that level is crossed. The streak has continued through a weak tape: the Ethereum price stands at $2,337 at the time of writing, down 0.4% over 24 hours, a testing stretch for the broader Ethereum market. The buyback ran alongside the token purchase rather than replacing it, and the announcement presented the two as parts of one capital plan.

Lee framed the repurchases as a valuation call rather than a change of course. In the company's release he said Bitmine intends to buy back stock accretively whenever management views the shares as undervalued, and he read the recent drawdown through the same lens: Ether had fallen 13% from its recent peak while United States semiconductor stocks dropped 20% over the same stretch, which he argued was further evidence that a crypto bull market is underway. The wider balance sheet, disclosed as of Oct. 25, stands at about $15 billion, counting 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings. Yield still does the heavy lifting. Some 5,227,037 Ethereum (ETH), about 86% of holdings, is staked through the firm's MAVAN platform, with projected annualized staking revenue of roughly $318 million. By the company's own ranking, that scale makes Bitmine the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind only Michael Saylor's Strategy. The mirror image this week is hard to miss: Strategy paused its own Bitcoin buying for the first time since mid-September and spent $204.9 million repurchasing its STRC preferred stock instead. Both treasury giants chose their shares over fresh crypto in the same week, even as our earlier coverage tracked US spot Ethereum ETFs shedding $1.07 billion in net outflows over the past 30 days.

BMNR Sits Below $22.40 Resistance

Neither side of the ledger is getting a warm reception yet. COINOTAG data shows BMNR shares changing hands at $21.84, down 2.3% over 24 hours and parked below the $22.40 resistance our composite scoring rates 94 out of 100, while the nearest support at $20.97 carries an 87/100 score. The token side looks more stretched: per our Ethereum technical analysis, the daily RSI reads 33.90 inside a confirmed downtrend, with perpetual funding at 0.0042% showing calm positioning even as price drifts lower. Our recent reads framed the setup as a decision point, with Ethereum leaning on its 200-day average at $2,320 and trading near $2,300 with $2,220 support in play. What has not changed is the institution itself: Bitmine remains a yield-driven treasury vehicle with its own staking infrastructure, now running its listed equity as a second accumulation target alongside the token, much as the earlier description of the company said.