Bitmine Adds 10,452 ETH, Repurchases 2.04 Million Shares

Bitmine Immersion Technologies said it bought 10,452 ETH during the week through October 25, bringing its holdings to 6,051,933 ETH, or about 4.95% of Ethereum’s estimated circulating supply. The company also repurchased 2.04 million of its shares during the week, adding to a 2026 total of 22.9 million shares bought back for about $399.6 million. The ETH holdings and weekly purchase, reported in the company’s October 26 treasury update, put Bitmine close to its stated goal of owning 5% of the supply. At the company’s estimate of 122.2 million ETH in circulation, it was about 58,067 tokens short. Chairman Tom Lee has said Bitmine intends to stop accumulating ETH once it reaches that target; no date for reaching it was given. Bitmine said it paid an average of $22.48 per share for the latest repurchases. Lee said the company plans to buy back shares when management considers them undervalued, subject to market conditions and the existing authorization. He described the program as the largest common-equity buyback by a cryptocurrency treasury company, a historical ranking attributed to the company rather than independently established. The company’s reported holdings also include...