Chairman Tom Lee declared Bitmine Immersion Technologies’ (NASDAQ: BTBT) 2026 repurchase program “the largest crypto treasury company common equity buyback ever executed,” after spending $399.6 million retiring 22.9 million shares.

The repurchase activity continued last week, with the company deploying roughly $45.9 million to buy back 2.04 million shares at an average price of $22.48 apiece.

Lee said the company repurchases stock “when management believes Bitmine shares are relatively undervalued,” framing buybacks as a disciplined capital allocation tool alongside its aggressive ETH accumulation.

Bitmine added 10,452 ETH in the seven days ending Oct. 25, bringing its total ether position to 6,051,933 ETH, valued at approximately $14.3 billion using a Coinbase reference price of $2,356.

That purchase pace is slower than earlier in the fall, when the company added 15,112 ETH and later 12,532 ETH in consecutive weekly rounds, suggesting some moderation in accumulation speed.

The company has now acquired ETH in every week since launching its ether treasury strategy on June 30, 2025, positioning itself as the dominant single institutional holder of the asset.

Bitmine’s ETH stash represents 4.95% of ether’s total circulating supply of 122.2 million coins, leaving the firm approximately 58,000 ETH short of its publicly stated 5% ownership target.

Staking activity is expanding rapidly alongside accumulation, with staked ETH climbing to 5,227,037 from 5,067,309 the prior week, accounting for roughly 86% of the company’s total ether holdings.

Lee projected that staking the entire ETH position at a 2.58% seven-day yield would generate approximately $368 million annually, compared with the $318 million annualized return currently flowing from already-staked coins.

The company stakes through its proprietary MAVAN validator network as well as third-party partners, building out infrastructure to support what it expects to become a substantial recurring income stream.

Combined holdings across crypto, equity stakes, cash and marketable securities stood at roughly $15 billion as of Oct. 25, a slight decline from $15.1 billion the previous week when ether was priced marginally higher at $2,365.

Cash and marketable securities fell to $514 million from $582 million week-over-week, while the company also holds 215 BTC, a $180 million stake in Beast Industries and a $76 million stake in Eightco Holdings.

Lee attributed the softer ether price to broader market sentiment, stating that “Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off,” while pointing out that ether was only 13% below its recent peak versus a 20% decline in U.S. semiconductor stocks tracked by $SOXX over the same period.

He added: “We believe this is further evidence that a crypto bull market is underway,” using the relative outperformance of ETH against hard-hit tech equities to reinforce a constructive macro view.