The pace of buying crypto has slowed, while buybacks have picked up—the direction of BitMine’s moves shifted this week.
In its weekly update published on October 26, BitMine said that as of 2:00 p.m. Eastern Time on October 25, it held 6,051,933 $ETH , worth approximately $14.3 billion at the company’s reference price of $2,356. That represents about 4.95% of the 122.2 million total supply, leaving it roughly 58,000 tokens short of its self-imposed 5% holding cap.
It bought just 10,452 tokens last week, down further from 12,535 the week before. In the same week, however, it repurchased 2.04 million of its own shares at an average price of $22.48, spending about $45.9 million—nearly twice as much as it spent on crypto. Buybacks have totaled 22.9 million shares, or about $400 million, year to date.
Another set of figures was unchanged: 5,227,037 tokens are staked, representing about 86% of its holdings. Current annualized staking revenue is estimated at $318 million, rising to $368 million if all holdings are staked. Its crypto assets, cash, marketable securities, and other investments total approximately $15 billion, slightly down from $15.1 billion the previous week.
How to read this: It looks like a shift in gears as the company approaches the end of the same goal. With only the final stretch to go before hitting its 5% cap, the marginal benefit of continuing to buy aggressively is diminishing. Directing some of that money toward repurchasing its own shares can support the share price while also slowing the pace at which it reaches the cap. But the shift comes at a cost: money spent on buybacks no longer goes directly toward increasing its holdings. If the token price keeps falling, the annualized staking revenue figure of more than $300 million will shrink as well. The key thing to watch isn’t how many thousand tokens it buys each week, but whether the share of funds allocated to buybacks continues to rise relative to crypto purchases—that would signal a shift in the company’s priorities.
Data as of: 2026-10-26 15:32 UTC
For informational purposes only; not investment advice.
In its weekly update published on October 26, BitMine said that as of 2:00 p.m. Eastern Time on October 25, it held 6,051,933 $ETH , worth approximately $14.3 billion at the company’s reference price of $2,356. That represents about 4.95% of the 122.2 million total supply, leaving it roughly 58,000 tokens short of its self-imposed 5% holding cap.
It bought just 10,452 tokens last week, down further from 12,535 the week before. In the same week, however, it repurchased 2.04 million of its own shares at an average price of $22.48, spending about $45.9 million—nearly twice as much as it spent on crypto. Buybacks have totaled 22.9 million shares, or about $400 million, year to date.
Another set of figures was unchanged: 5,227,037 tokens are staked, representing about 86% of its holdings. Current annualized staking revenue is estimated at $318 million, rising to $368 million if all holdings are staked. Its crypto assets, cash, marketable securities, and other investments total approximately $15 billion, slightly down from $15.1 billion the previous week.
How to read this: It looks like a shift in gears as the company approaches the end of the same goal. With only the final stretch to go before hitting its 5% cap, the marginal benefit of continuing to buy aggressively is diminishing. Directing some of that money toward repurchasing its own shares can support the share price while also slowing the pace at which it reaches the cap. But the shift comes at a cost: money spent on buybacks no longer goes directly toward increasing its holdings. If the token price keeps falling, the annualized staking revenue figure of more than $300 million will shrink as well. The key thing to watch isn’t how many thousand tokens it buys each week, but whether the share of funds allocated to buybacks continues to rise relative to crypto purchases—that would signal a shift in the company’s priorities.
Data as of: 2026-10-26 15:32 UTC
For informational purposes only; not investment advice.
