BitMine resumes its share buybacks while increasing its staked ether positions. Last week, the company repurchased 2.04 million securities, while the volume of ETH locked up for staking increased after nearly three months of stagnation. On the other hand, its purchases of ether slow down as it approaches its holding objective.
In brief
- BitMine repurchased 2.04 million shares at an average price of $22.48. Since the start of 2026, the group has dedicated $399.6 million to these operations.
- The volume of ETH staked increased from 5,067,309 to 5,227,037 as of October 25.
- BitMine holds 6,051,933 ETH, or 4.95% of the circulating supply, after a weekly purchase of 10,452 ETH.
BitMine resumes share buybacks
Last week, BitMine resumed share buybacks for the first time since mid-August. The company acquired 2.04 million shares at an average price of $22.48. In total, its buyback program for 2026 now represents 22.9 million shares, for an amount of $399.6 million and an average price of $17.48. The latest purchase therefore clearly exceeds this annual average.
On October 7, Tom Lee, chairman of the board of directors, clarified that the previous program had ended on August 17. Management intends to continue these operations when it judges its stock to be undervalued, provided that the market supports it.
Furthermore, the weekly press release now mentions repurchases in its note on forward-looking statements, unlike that of the previous week.
Ether staking restarts after three months of shutdown
Another notable change: BitMine is once again increasing its staked ETH. Since August 9, its weekly reports consistently showed 5,067,309 ETH. As of October 25, this volume reached 5,227,037 ETH, or almost 160,000 additional ETH.
The company uses its network of MAVAN validators as well as external partners. According to Tom Lee, staking generates an annualized income of $318 million. If BitMine tied up all of its cash in ether, that amount could reach $368 million, based on a 2.58% yield calculated over seven days.
This strategy takes on its full meaning as ether ETFs recorded $1.2 billion in outflows in October. Staking thus allows BitMine to earn income from its reserves, even when the market struggles to progress.
ETH purchases slow as they approach 5%
BitMine added 10,452 ETH to its treasury last week, up from 12,535 the week before. This is its lowest weekly purchase since the week of August 16. With 6,051,933 ETH, the company now holds 4.95% of the 122.2 million ETH in circulation, very close to its target of 5%.
At the same time, its cash and marketable securities fell for the fifth consecutive week, from $714 million on September 20 to $514 million.
Tom Lee attributes the crypto market correction to the same pressures affecting artificial intelligence stocks. He points out that ether has lost 13% since its peak, compared to 20% for the SOXX index, and believes that the crypto bull market remains intact.
This development is reminiscent of Strategy, which now favors its own shares after suspending its bitcoin purchases. BitMine is taking a comparable approach: its share buybacks are resuming while its ether purchases are slowing.
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