What did Bitmine do last week?

CoinDesk, citing Bitmine's announcement, reports it bought back 2.04 million shares at an average of $22.48, about $45.9 million, and bought 10,452 ETH worth about $24.5 million.

Why would a treasury company favor buybacks over buying more ether?

Management says it repurchases when it believes shares are undervalued. If the stock trades below the value of the ether behind it, retiring shares raises ether per share more than buying ether does. Bitmine has not published a per-share target in the sources reviewed, so this is an inference.

Has Bitmine abandoned its 5% ether goal?

Nothing in the sources reviewed says so. The company reports holdings of about 4.95% of supply against a 5% goal, and it still bought ether last week, though at a slower pace than the prior week.

Bitmine Buys Back Stock While Slowing Ether Purchases

Bitmine repurchased 2.04 million shares last week as its weekly ether purchases slowed, per CoinDesk and an SEC filing.

Bitmine Immersion Technologies spent more on repurchasing its own shares than on ether last week, though it kept buying ether. Per CoinDesk and an SEC exhibit dated October 26, it bought back 2.04 million shares for about $45.9 million and added 10,452 ETH. Whether shares trade at a discount to holdings is unconfirmed.

The Ledger Desk October 27, 2026 Updated October 27, 2026 · 3 min read

Bitmine repurchased 2.04 million shares at an average of $22.48, about $45.9 million, in the latest weekly period, per CoinDesk citing the company.
Weekly ether purchases were 10,452 ETH, down from 12,535 ETH the week before, as reported by CoinDesk; buying continued rather than stopped.
The company reports 6,051,933 ETH, about 4.95% of supply, against a stated goal of 5%.
Management says it buys back shares when it judges them undervalued; no net-asset-value multiple was found in the sources reviewed, so a discount is unconfirmed.
The weekly holdings release is the test: compare repurchases with ether purchases and look for any disclosed per-share asset figure.

Bitmine Immersion Technologies directed more cash to its own stock than to ether last week. According to CoinDesk, citing the company's announcement, it repurchased 2.04 million shares for about $45.9 million and bought 10,452 ETH worth about $24.5 million. It kept buying ether, but the order of magnitude is notable for a company built around accumulating the asset.

What the filing and report show

Bitmine's holdings exhibit, with holdings as of October 25 and filed with the SEC on October 26, lists 6,051,933 ETH, about 4.95% of ether supply, against a stated goal of 5%. CoinDesk reports the buyback averaged $22.48 a share and that ether purchases fell from 12,535 ETH the prior week to 10,452 ETH. The company is the source of these figures; they are not independently audited.

Why buy back stock instead of ether

Management's stated rationale, as relayed by CoinDesk, is that it repurchases shares when it judges them undervalued. The arithmetic works only if the stock trades below the value of the ether behind it, in which case retiring shares raises ether per share more than buying ether does. Bitmine has not published a net-asset-value multiple in the sources reviewed, so a discount is an inference, not a confirmed fact.

Staking income runs alongside the shift

CoinDesk reports that about 86% of Bitmine's holdings are staked, with a projected annualized staking revenue of roughly $318 million. That is a company projection that depends on staking rates and ether's price, and it was not checked against audited results. It suggests the balance sheet keeps generating ether while purchases slow, but it does not by itself explain the choice to repurchase shares.

What to watch next

The weekly holdings release will show whether repurchases keep pace with, or exceed, ether purchases, and whether the holding moves past the 5% goal. Readers tracking digital-asset treasury companies should compare share repurchases with ether purchases each week and look for any disclosed net-asset-value figure before drawing conclusions about how the market values the shares.

What did Bitmine do last week?: CoinDesk, citing Bitmine's announcement, reports it bought back 2.04 million shares at an average of $22.48, about $45.9 million, and bought 10,452 ETH worth about $24.5 million.
Why would a treasury company favor buybacks over buying more ether?: Management says it repurchases when it believes shares are undervalued. If the stock trades below the value of the ether behind it, retiring shares raises ether per share more than buying ether does. Bitmine has not published a per-share target in the sources reviewed, so this is an inference.
Has Bitmine abandoned its 5% ether goal?: Nothing in the sources reviewed says so. The company reports holdings of about 4.95% of supply against a 5% goal, and it still bought ether last week, though at a slower pace than the prior week.

Tom Lee's Bitmine favors share buybacks to ether purchases as crypto declines — CoinDesk
Bitmine Immersion Technologies, Form 8-K, Exhibit 99.1 (holdings as of October 25, 2026; filed October 26, 2026) — U.S. Securities and Exchange Commission (EDGAR)

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