BMNR Stock Gains Alongside Ethereum After Tom Lee's BitMine Makes One Of Its Smallest Ethereum Purchases Ever

Chairman Tom Lee said the company carried out what he described as the largest crypto treasury equity buyback.

• BitMine Immersion Technologies bought 15,112 Ethereum over the past week, its smallest weekly purchase since mid-August.
• The buy, worth about $41 million, took holdings to 6.02 million tokens, or 4.9% of Ethereum's supply.
• BitMine has staked 5.07 million ETH overall and projects $363 million in annual staking revenue.

BitMine Immersion Technologies (BMNR) stock edged higher on Monday morning, alongside an uptick in Ethereum’s (ETH) price, after the company reported its sixth-smallest Ethereum purchase on record.

Chairman Tom Lee stated that the crypto bull market was underway and this cycle would likely be the biggest yet.

The company said that it bought 15,112 ETH over the past week, worth about $41 million at $2,726 per token. That took its holdings to 6.02 million tokens, or 4.9% of Ethereum's supply, edging closer to the 5% target the firm calls its "alchemy." It was the fourth consecutive week in which buying slowed, and the first time since mid-August that a weekly purchase had come in this small.

BMNR stock was up over 2% during midday trading hours. On Stocktwits, the retail sentiment around BMNR remained in the ‘bearish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

Bitmine’s Sixth Smallest Ethereum Purchase On Record

Date Of Ethereum Purchase	Ethereum Balance	Ethereum Net Change
Aug. 10, 2026	5,805,238	+7,425
July 20, 2026	5,777,468	+7,430
Aug. 16, 2026	5,815,164	+9,926
July 27, 2026	5,787,414	+9,946
Aug. 3, 2026	5,797,813	+10,399
Oct. 5, 2026	6,016,414	+15,112

Source: Coingecko<

BMNR Stock Gains Alongside Ethereum

Ethereum's own position has improved as BitMine's buying has eased. ETH logged its smallest year-to-date (YTD) loss since January, with the rally running on thin leverage. That recovery was why BitMine's holdings were worth more than they were a week ago despite a smaller purchase. 

Ethereum’s price was trading at $2,701 at the time of writing. On Stocktwits, the retail sentiment around ETH moved to the ‘neutral’ to ‘bullish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.

Lee framed the week around consistency rather than size. "BitMine's track record of consistent buying of crypto is unmatched by any public company in the world," he said. The company has bought ETH every week since it began the strategy on June 30, 2025.

Lee Says Share Buyback Drives BMNR Outperformance 

Lee said BitMine carried out the largest crypto treasury equity buyback in July this year, acquiring 21 million of its own shares. 

That buyback sat at the centre of an argument Lee made about the shares rather than the token. He said Ethereum fell 10% over the first nine months of 2026 while BMNR fell only 3%, which he put at 731 basis points of outperformance. 

"BMNR's share performance reflects the company's commitment to optimize shareholder return," he said. 

Cash and marketable securities fell to $643 million from $672 million a week earlier. Total crypto, cash and other holdings came to $17.4 billion, up from $17.2 billion, though most of that gain came from Ethereum's price rather than from fresh buying.

Bitmine remains the biggest corporate holder of Ethereum. BitMine staked 5.07 million ETH, unchanged this week, and projects annualized staking revenue of $363 million.

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