BitMine Immersion Technologies purchased 10,452 Ethereum (ETH) over the past trading week, extending its weekly accumulation even as cryptocurrency prices remained under pressure. The company disclosed the acquisition on October 26, alongside a fresh round of buybacks in its NYSE-listed BMNR shares.

The purchase was highlighted by market commentator Whale Insider on X, who noted that Tom Lee's BitMine had acquired roughly $24.3 million in ETH, bringing total holdings to about $14 billion.

JUST IN: Tom Lee's BitMine acquires $24.29 million in $ETH, bringing total holdings to $14 billion. pic.twitter.com/jOgUcDByUg
— Whale Insider (@WhaleInsider) October 26, 2026

Holdings Approach 5% Target

According to BitMine's latest statement, the company held 6,051,933 ETH as of October 25. That equates to 4.95% of Ethereum's estimated 122.2 million token supply, leaving approximately 58,067 ETH between the company and its stated goal of owning 5% of the total supply.

Because Ethereum, unlike Bitcoin, has no fixed supply cap, a percentage-of-supply goal functions as the company's own benchmark rather than a claim on a fixed number of tokens. At the latest weekly pace of 10,452 ETH, closing the remaining 58,067 ETH gap would take roughly five to six weeks of similar purchases — a milestone that would surface in BitMine's weekly disclosures if the buying program continues.

Valued at BitMine's reference price of $2,356 per token, the Ethereum reserves amount to roughly $14.26 billion, with the latest weekly addition worth about $24.6 million at the same price.

The company launched its Ethereum treasury strategy on June 30, 2025, and Chairman Tom Lee said it has purchased ETH every week since then. The most recent buying came during a stretch of Ethereum price weakness that persisted through October. BitMine is one of a number of publicly traded companies that adopted ETH treasury strategies during 2025, adapting the corporate Bitcoin balance-sheet playbook to staking-supporting Ethereum, and a position near 5% of network supply places it among the largest identified holders of the token.

Lee Reiterates Bull Market View

Lee attributed the crypto market's recent losses to a broader pullback in riskier investments. He noted that Ethereum had declined 13% from its recent peak, compared with a 20% drop in US semiconductor shares over the same period.

The chairman reiterated his belief that a crypto bull market remains underway, echoing a similar argument made in an October 7 company presentation. That outlook remains a forecast rather than an established market trend.

Other large Ethereum holders have moved in the opposite direction. On October 26, the Ethereum Foundation reportedly sold 2,785 ETH for approximately $6.42 million, though the reported sale does not establish the cause of Ethereum's price decline.

2026 Share Buybacks Reach $399.6 Million

Alongside its ETH purchases, BitMine repurchased 2.04 million common shares during the same week at an average price of $22.48. That brings its 2026 buybacks to 22.9 million shares at a total cost of $399.6 million.

Lee said the company intends to purchase more shares when management considers them undervalued, while future transactions remain subject to market conditions and the company's existing repurchase authorization.

On the staking side, BitMine had 5,227,037 ETH staked as of October 25, about 86% of its total holdings, with part of that activity handled through its MAVAN platform. Staking locks ETH into Ethereum's proof-of-stake network to help validate blocks, and reward rates rise and fall with the total amount of ETH staked across the network. Based on recent yields, BitMine estimates its current staked balance generates approximately $318 million in annualized revenue, a figure that would change if network-wide staking levels shift. The update follows Lido's introduction of a new Ethereum staking module on October 23, reflecting ongoing development in Ethereum's staking ecosystem.

Beyond its Ethereum position, the company reported $514 million in cash and marketable securities, 215 Bitcoin, and other strategic investments.