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Bitmine adds 10,452 ETH, now 4.95% of supply, but restarts share buybacks as Tom Lee says a crypto bull market is underway
Summary
Bitmine Immersion Technologies, the largest ether treasury company, added 10,452 ETH last week, lifting its holdings to 6,051,933 ETH, or about 4.95% of Ethereum's 122.2 million supply, The Block, Decrypt and CoinDesk reported on Monday, Oct. 26.
The firm also bought back 2.04 million of its own shares at an average of $22.48, about $45.9 million, which CoinDesk said was its first buyback since Aug. 17 and brings its 2026 total to 22.9 million shares for nearly $400 million.
Chairman Tom Lee said crypto was pulled down by the same risk-off forces behind the AI sell-off, noting ETH fell 13% from its recent peak while U.S. semiconductor stocks fell 20%, which he called 'further evidence that a crypto bull market is underway.'
The outlets differ slightly on the ETH purchase's value, with Decrypt citing about $24 million and CoinDesk about $24.5 million.
Key facts
- Bitmine bought 10,452 ETH last week, down from 12,535 ETH the week before.
- Bitmine holds 6,051,933 ETH, roughly 58,000 ETH short of its goal of owning 5% of all ether.
- Bitmine repurchased 2.04 million shares at an average price of $22.48, spending about $45.9 million.
- Bitmine's combined crypto, cash, marketable securities and other investments totaled $15 billion as of Oct. 25.
- About 5.23 million ETH, or 86% of Bitmine's holdings, is staked, with projected annualized staking revenue of roughly $318 million.
- Decrypt discloses that Tom Lee is one of several investors in its parent company, Dastan.
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