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BitMine Immersion Technologies (BMNR) said on Monday it bought back 2.04 million of its own shares last week, its first reported repurchase since mid-August.<\/p>\n
The company paid<\/a> an average of $22.48 per share. That takes its 2026 buyback to 22.9 million shares, bought for $399.6 million at an average of $17.48. Chairman Tom Lee said in an October 7 video message that BitMine had completed<\/a> its earlier buyback program on August 17.<\/p>\n “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.<\/p>\n<\/blockquote>\n Those repurchase plans now appear in the release’s note on forward-looking statements. Last week’s note carried no such item.<\/p>\n BitMine reported 5,227,037 ETH staked as of October 25. The amount was frozen at 5,067,309 for almost three months.<\/p>\n The company stakes through MAVAN, its Made in America Validator Network, and through outside partners. Lee put annualized staking revenue at $318 million on the ether staked today. Fully staked, he said, the treasury would earn $368 million at a 2.58% seven-day yield.<\/p>\n The treasury itself grew by 10,452 ETH over the week, to 6,051,933 tokens. That buy was smaller than the 12,535 ETH BitMine added<\/a> a week earlier, and it was its smallest since the week to August 16. BitMine now holds 4.95% of the 122.2 million ETH in supply, against its 5% goal.<\/p>\n Lee said crypto was pulled down by the same risk-off forces behind the selloff in AI stocks. He said ether has fallen 13% from its recent peak, while US semiconductor stocks, tracked by SOXX, are down 20% over the same stretch.<\/p>\n “We believe this is further evidence that a crypto bull market is underway,” Lee stated.<\/p>\n<\/blockquote>\n BitMine marked its ether at $2,356 per token, using Coinbase prices. At that level, its crypto, cash, and equity stakes total $15 billion. Cash and marketable securities fell to $514 million, the fifth weekly decline in a row from $714 million on September 20, as the ETH purchases continue for almost a year and a half straight.<\/p>\n The company also holds 215 Bitcoin (BTC), a $180 million stake in Beast Industries, and a $76 million position in Eightco Holdings (ORBS).<\/p>\n The post BitMine Resumes Massive Stock Buybacks While Staking 5.23 Million ETH<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n\n
Staked Ether Rises to 5.23 Million<\/h2>\n
Bull Market Ongoing?<\/h2>\n
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