Bitmine Spent More on Its Own Shares Than on Ether Last Week

Bitmine Immersion Technologies added 10,452 ether in the week to 25 October and bought back 2.04 million of its own shares over the same stretch. Priced off the company's own reference of $2,356 an ether, the stock cost close to twice what the coins did. The treasury now holds 6,051,933 ETH, which the company puts at 4.95% of a 122.2 million supply. Crypto, cash and other investments together come to $15 billion. The release went out at 08:30 ET on Monday.

The buying is getting smaller

crypto.news, which has tracked the weekly updates, puts the purchases at 15,112 ether in the week to 4 October, 12,535 in the 19 October update and 10,452 now. Set Monday's holding against this desk's own September figure and the five weeks since 21 September come to 67,993 ether added. That subtraction is ours, not the company's. Bitmine passed 98% of its 5% supply target in September and has not closed the gap since. crypto.news puts what is left at about 58,067 ether, which checks out against 5% of the same 122.2 million denominator.

A buyback above Friday's close

Last week's repurchase ran at an average of $22.48 a share. The Block says the stock closed Friday at $22.40, down 0.4% on the day, so the company paid a little more than the market did by the end of the week. For 2026 the total is 22.9 million shares for $399.6 million, at a stated average of $17.48. Divide the one by the other and the answer is about $17.45. crypto.news flags the same gap and treats it as rounding. Both figures are the company's.

"This is the largest crypto treasury company common equity buyback ever executed," Tom Lee, Bitmine's chairman, said in the release.

Nothing read here tests that against another company's record. The chairman's claim is all it is. Lee said in the same release that the company has staked more ether than any other entity in the world, which is also unverified in every account read here.

Where the revenue projection comes from

Bitmine has 5,227,037 ether staked, about 86% of the holding and $12.3 billion on the $2,356 reference. The release projects about $318 million of annualised staking revenue at that level, and about $368 million if the whole treasury were staked, both built on a 2.58% seven-day yield. The arithmetic holds. Take 2.58% of 5.23 million ether and the result is roughly 135,000 coins a year, which at $2,356 is close to $318 million. crypto.news has the staked balance up from 5.07 million on 18 October, a figure no other account read here carries. Scale is the thing to hold on to: SharpLink's $200 million allocation to Lido in August involved about 106,000 ether.

The number the release leaves out

No NAV per share appears in the release, and no count of shares outstanding. None of the three accounts read here supplies either, so the multiple that treasury-company investors watch cannot be worked out from Monday's material. The size of the repurchase authorisation is not given. Unusually for a story like this, the three accounts carry one set of figures and the internal arithmetic reconciles throughout, which leaves the disclosure gap as the only real hole.

Lee attributes the month's weakness to the risk-off move that hit artificial-intelligence stocks, and puts ether's fall at about 13% below its recent peak against a 20% drop in US semiconductors over the same stretch. The Block says it did not verify either number. The rest of the balance sheet is small beside the ether: 215 bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and $76 million in Eightco Holdings. The 5% line is 58,067 ether away and each week's purchase is smaller than the last.