Bitmine Immersion Technologies reported $15 billion in total crypto holdings plus cash, marketable securities and 'moonshots' as of October 25, with 6,051,933 ETH on the books at $2,356 per token. That's 4.95% of the total ETH supply. The NYSE-listed company (BMNR) also disclosed that it has repurchased 22.9 million common shares in 2026 at an average of $17.48, for $399.6 million total — a figure it calls the largest crypto treasury company common equity buyback ever executed.
The buyback math
Bitmine picked up 2.04 million shares in the past week alone, at an average price of $22.48. That's above the year-to-date average, which tells you something about how the stock has moved. The company isn't slowing down, and it isn't apologizing for the higher entry point.
The buyback is paired with steady accumulation. Bitmine bought another 10,452 ETH over the past week and has added ETH every single week since launching its ETH Treasury Strategy on June 30, 2025. The holdings also include 215 Bitcoin and $514 million in cash and marketable securities.
Moonshots and staking
The $15 billion figure includes two non-ETH positions the company labels 'moonshots': a $180 million stake in Beast Industries and a $76 million stake in Eightco Holdings (NASDAQ: ORBS). Eightco is one of the only publicly listed equities offering indirect exposure to OpenAI.
On the yield side, Bitmine's total staked ETH stands at 5,227,037 — worth $12.3 billion at the current ETH price. The company launched MAVAN (Made in America VAlidator Network) earlier this year to serve institutional investors, custodians and ecosystem partners. If its ETH were fully staked through MAVAN, Bitmine projects annualized staking rewards of $368 million, based on a 2.58% seven-day BMNR yield. At 86% of holdings staked, the comparable figure is $318 million.
Chairman's bullish call
Bitmine published a Chairman's Message on October 7 titled 'Crypto Bull Underway — This Cycle Likely the Largest.' Chairman Thomas 'Tom' Lee has pointed to relative performance to make the case: ETH is down 13% from its recent peak, while US semiconductors ($SOXX) are down 20% over the same period. Lee says the shallower crypto pullback versus late 2025 and early 2026 supports the bull thesis.
The company's institutional backing includes ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee himself. Bitmine was added to the Russell 1000 Large-cap index on June 26, and its Series A Preferred Stock trades on the NYSE under BMNP.
What's left to watch
Bitmine is now the #1 Ethereum treasury and the #2 global crypto treasury, behind Strategy Inc. The weekly ETH purchases have been unbroken for well over a year. The next test is whether the buyback pace holds if the share price keeps climbing past that $17.48 average — and whether the MAVAN staking yield stays near 2.58% as more of the treasury gets staked.
