Bitmain Resumes Buybacks and Stakes 5.23M ETH Globally

Bitmain restarts share buybacks while boosting ETH stake

Bitmain’s publicly traded arm, Bitmain Immersion Technologies (BMNR), resumed its share repurchase program last week, buying back 2.04 million shares after a pause since mid‑August. At the same time, the company increased its staked Ethereum holdings to 5,227,037 ETH and pushed total ETH reserves past the 6 million mark, signaling a renewed focus on both capital return and on‑chain yield generation.

Details of the buyback program

The latest buyback averaged $22.48 per share. For 2026, total repurchases now stand at 22.9 million shares valued at $399.6 million, with an average purchase price of $17.48 per share. Company president Tom Lee said bitmain may continue repurchasing shares under the existing authorization if market conditions create a relatively depressed share price, reinforcing the firm’s capital allocation flexibility amid volatile crypto markets.

Growing Ethereum reserves and staking strategy

Bitmain’s staked ETH rose to 5,227,037 as of October 25 — up from a roughly three‑month plateau at 5,067,309 ETH. The miner stakes assets partly through the MAVAN validator network and partly via partnerships with external validators. Over the past week, Bitmain’s total Ethereum holdings increased by 10,452 ETH to reach 6,051,933 ETH.

Market position and staking yield outlook

With 6,051,933 ETH, Bitmain controls about 4.95% of the 122.2 million ETH circulating supply and is approaching its target of owning 5% of the network. Tom Lee estimated current annual staking revenue at $318 million. If Bitmain were to stake its full treasury, and assuming a seven‑day yield of 2.58%, projected annual staking income would rise to roughly $368 million. These figures highlight how institutional miners are increasingly blending traditional capital actions like buybacks with protocol‑level participation such as ETH staking to diversify revenue streams.

This development will be closely watched by crypto investors: rising ETH reserves and active buybacks can affect both tokenomics and investor sentiment, while staking growth underlines the strategic importance of validator infrastructure and yield optimization for large holders in the evolving blockchain ecosystem.