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BMNR Stock Plunges 4.5% as Tom Lee’s Bitmine Buys Back $45.9 Million in Shares and Adds 10,452 ETH

BMNR Stock Plunges 4.5% as Tom Lee’s Bitmine Buys Back $45.9 Million in Shares and Adds 10,452 ETH

TipranksTipranks2026/10/26 17:06
By:Tipranks

Bitmine Immersion Technologies stock (BMNR) dropped 4.5% on Monday as the firm resumed its stock buyback program after a 10-week pause. The Ethereum treasury firm spent about $45.9 million to repurchase 2.04 million shares last week while adding another $24.5 million in Ethereum (ETH-USD), as Chairman Tom Lee pointed to a buying opportunity in the crypto pullback.

Bitmine’s shift toward buying its own stock mirrors Strategy (MSTR), which paused its weekly Bitcoin (BTC-USD) purchases to spend $204.9 million buying back its preferred shares.

Bitmine Resumes Stock Buybacks Near $400 Million Mark

According to CoinDesk, Bitmine bought the 2.04 million shares at an average price of $22.48. The move marked the company’s first stock repurchase since August 17, when it finished a five-week run of buying roughly 21 million shares for $350 million.

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Bitmine has now bought back 22.9 million common shares in 2026 at an average price of $17.48, totaling $399.6 million in what the company called the largest common stock buyback ever completed by a crypto treasury firm. “When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares, subject to market conditions and under the existing repurchase authorization,” Lee said in a press release.

Tom Lee Compares Ether Drop to Chip Stock Selloff

Lee argued that digital assets have held up better than artificial intelligence stocks during the recent market drop, which followed weeks of Wall Street concern over large data center spending and future returns.

Crypto got pulled down by the same “‘risk off’ forces behind the AI sell-off,” Lee said in a Monday statement. “ETH has fallen 13% from its recent peak while US semiconductors (SOXX) is down 20% in that same timeframe. We believe this is further evidence that a crypto bull market is underway.”

Bitmine Slows Ether Purchases Near 5% Supply Goal

Alongside its stock buybacks, Bitmine purchased 10,452 ETH for about $24.5 million last week, slowing its pace from the 12,535 ETH it bought the week before. The purchase lifted Bitmine’s total holdings to 6,051,933 ETH, or 4.95% of Ethereum’s 122.2 million token supply, leaving the company about 58,000 ETH shy of its goal to own 5% of all Ether.

Benzinga notes that Bitmine has bought Ether every week since starting its treasury strategy in June 2025, bringing its total crypto, cash, and investment holdings to $15 billion. Those holdings include 215 Bitcoin, a $180 million stake in Beast Industries, and a $76 million stake in Eightco Holdings (ORBS).

Bitmine has also staked 5,227,037 ETH, about 86% of its Ether, through its Made in America Validator Network (MAVAN), generating roughly $318 million in yearly staking revenue that Lee expects to reach $368 million once its full balance is staked.

Is Bitmine a Good Stock to Buy?

On TipRanks, BMNR has a Moderate Buy consensus rating based on two Buy ratings. The average 12-month BMNR price target of $48.80 implies 127.9% upside potential from current levels. (See BMNR stock forecast)

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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