Bitmine buys 10,452 ETH as shares slip to $22

Bitmine Immersion Technologies bought another 10,452 ETH last week while Bitmine's shares declined to $22. Bitmine's combined crypto holdings, cash and investments described as "moonshot" investments now amount to $15 billion. Bitmine held 6,051,933 ETH as of October 25, representing 4.95% of Ethereum's total supply. Bitmine reached 99% of the company's 5% accumulation target within just 15 months. Bitmine has purchased ETH each week since the company began the treasury strategy in June 2025.

Bitmine repurchased 2.04 million shares last week at an average price of $22.48, Chairman Tom Lee highlighted. Bitmine has repurchased 22.9 million shares during 2026 at an average price of $17.48, spending $399.6 million. Bitmine described the repurchases as the biggest common equity buyback a crypto treasury company has ever completed. Lee said Bitmine intends to make accretive share repurchases when management considers Bitmine shares relatively undervalued, subject to market conditions and the existing authorization.

Lee said in a Monday statement that the risk aversion affecting AI stocks had also pushed crypto lower. However, Lee said crypto's decline had been relatively limited this time. Lee noted that Ethereum had declined 13% from a recent peak, compared with a 20% decline in semiconductor ETF SOXX over the same period. Lee viewed the difference as additional evidence that crypto remains in a bull market.

Bitmine has staked 5,227,037 ETH, valued at roughly $12.3 billion, through Bitmine's MAVAN platform. Lee expects annualized staking rewards to increase from $318 million currently to $368 million after Bitmine stakes the entire ETH position. Bitmine also holds 215 Bitcoin. Bitmine owns a $180 million stake in Beast Industries. Bitmine's $76 million stake in Eightco Holdings gives investors indirect exposure to OpenAI.

Bitmine continues to rank first among Ethereum treasuries worldwide and second among crypto treasuries overall. Strategy ranks ahead of Bitmine with 848,517 BTC worth roughly $74 billion.

BMNR trades beneath all four major exponential moving averages. However, BMNR remains above rising trendline support around $21 to $21.50. Buyers need to regain the $24 resistance zone. A break below trendline support would put $20 in focus as a downside target and weaken the recovery from July's lows.