Quick Answer: SEC filings show ETH per common share rose about 3.2% between February 28 and May 31, 2026, despite heavy issuance. The buybacks came later, and as of October 20, no reviewed filing establishes their net effect on the post-buyback share count.
BitMine Immersion Technologies (NYSE: BMNR) has expanded its Ethereum treasury through substantial common-stock issuance while also repurchasing shares. It issued 340,748,312 shares through at-the-market (ATM) offerings in the nine months ended May 31, 2026, then repurchased about 21 million shares in July and August under a $4 billion authorization. For anyone holding BMNR stock, the useful question is not simply how much ETH BitMine owns, but how much ETH sits behind each share.
As of October 18, BitMine reported holding 6,041,481 ETH, alongside 215 BTC and $582 million in cash and marketable securities.
BMNR Stock in 2026: Buybacks vs Share Dilution at a Glance
|
Metric |
Reported Figure |
Date or Period |
|
Buyback authorization |
$4 billion |
Increased April 9, 2026 |
|
Shares repurchased |
Approximately 21 million |
July 14–August 17, 2026 |
|
Repurchase spending |
Approximately $350 million |
July 14–August 17, 2026 |
|
Common shares issued through ATM offerings |
340,748,312 |
Nine months ended May 31, 2026 |
|
Common shares outstanding |
603,226,394 |
July 9, 2026 |
|
Latest ETH holdings |
6,041,481 ETH |
October 18, 2026 |
|
Staked ETH |
5,067,309 ETH |
October 18, 2026 |
|
Cash and marketable securities |
$582 million |
October 18, 2026 |
|
Key measurement |
ETH per common share |
Requires matched reporting dates |
These figures cover different periods. The 21 million repurchased shares cannot simply be subtracted from the 340.75 million ATM shares issued to determine net dilution.
The $4 billion authorization is a spending ceiling, not completed purchases. Reported spending of $350 million equals approximately 8.75% of that ceiling.
Sources: May 31 Form 10-Q and October 19 announcement.
What Is ETH Per Share, and Why Does It Matter for BMNR Stock?
ETH per share measures the Ethereum holdings attributable to each outstanding BMNR common share before considering other assets and claims. It matters more than total holdings alone because a treasury can expand while each shareholder’s proportionate exposure shrinks if the share count grows faster.
How to Calculate ETH Per Share
ETH per share = Total ETH holdings ÷ Common shares outstanding
The denominator needs care. Use point-in-time common shares outstanding, preferably on the same date as the ETH count.
Weighted-average shares used for earnings per share (EPS) are not interchangeable with the period-end share count. A fully diluted estimate must separately consider warrants, restricted stock units, options, and other potentially dilutive instruments according to their terms.
Example: On May 31, 2026, BitMine held 5,416,945 ETH against 579,652,432 outstanding common shares. That works out to approximately 0.00935 ETH per share, or 9.35 ETH per 1,000 shares.
How Much BMNR Stock Has BitMine Bought Back in 2026?
BitMine repurchased approximately 21 million shares between July 14 and August 17, spending roughly $350 million.
From the $4 Billion Authorization to Actual Repurchases
On April 9, BitMine increased its existing repurchase authorization from $1 billion to $4 billion.
Management said it viewed repurchases as attractive when BMNR traded below intrinsic value. Weekly announcements reported 11.6 million shares repurchased by late July and approximately 20.8 million by mid-August.
Chairman Tom Lee later confirmed the total of 21 million shares for approximately $350 million, implying an average purchase price near $16.67 per share.
Against the 603.2 million shares outstanding on July 9, those repurchases represent about 3.5% of the earlier count. However, repurchased shares should not automatically be treated as retired or cancelled. Treasury-share treatment and subsequent issuance determine the eventual outstanding count.
Funding also matters. Cash and marketable securities declined from $385 million on July 19 to $78 million on August 16, but that change does not establish the source of repurchase funding. ATM proceeds, investment transactions, and other cash movements may have contributed.
Why Share Dilution Remains a Concern for BMNR Investors
Dilution remains a major consideration. Common shares outstanding increased from approximately 232.4 million on August 31, 2025, to 579.7 million on May 31, 2026, reaching 603.2 million by July 9.
ATM Offerings and New Share Issuance
BitMine primarily finances ETH acquisitions through ATM offerings, selling common shares at prevailing market prices.
Its May 31 Form 10-Q reports 340,748,312 shares issued specifically through ATM offerings during the preceding nine months, generating approximately $11.87 billion in net proceeds.
These were not all the shares issued during that period. Stock compensation, warrants, acquisition-related transactions, and other equity activities also affected the outstanding count.
Preferred stock introduces a separate obligation. In June, BitMine issued 3.5 million shares of 9.50% Series A Perpetual Preferred Stock (BMNP), receiving approximately $273.8 million net.
Dividends accrue at $9.50 annually on each preferred share’s $100 stated amount. The original issuance therefore represents approximately $33.25 million in annual base dividends.
BMNP does not directly increase common shares outstanding, but its cumulative dividends and senior claims affect value available to common shareholders. Dividend payments follow the security’s terms and applicable declaration requirements.
Key distinction: New issuance increases ETH per share when ETH holdings grow proportionally faster than outstanding shares. Issuing common stock above its existing ETH backing per share and investing the proceeds in ETH can achieve this mathematically. NAV-per-share accretion involves additional considerations.
Source: Preferred stock offering.
Is BitMine’s ETH Per Share Actually Growing in 2026?
Yes, through May 31, 2026, based on the latest matched quarterly figures identified in the reviewed filings. Whether subsequent buybacks increased that ratio remains unconfirmed.
Compare Ethereum Holdings Against the Share Count
|
Date |
ETH Holdings |
Common Shares Outstanding |
ETH per 1,000 Shares |
|
October 18, 2026 |
6,041,481 |
Not verified for this date |
Pending |
|
October 4, 2026 |
6,016,414 |
Not verified for this date |
Pending |
|
August 2, 2026 |
5,797,813 |
Not verified for this date |
Pending |
|
May 31, 2026 |
5,416,945 |
579,652,432 |
9.35 |
|
February 28, 2026 |
4,473,459 |
493,905,227 |
9.06 |
|
August 31, 2025 |
1,874,927 |
232,412,324 |
8.07 |
The historical ratios are calculations derived from SEC-reported holdings and outstanding shares, not metrics independently certified by the SEC.
Between February 28 and May 31, ETH holdings increased approximately 21.1%, while shares outstanding rose 17.4%. This produced a 3.2% increase in ETH per share. The cumulative increase since August 31, 2025, was approximately 15.8%.
Buybacks vs Dilution: A Simple Example
These figures are hypothetical, not actual BMNR results. Start with 6 million ETH and 600 million outstanding shares, equivalent to 10 ETH per 1,000 shares.
- Buyback only: Reduce outstanding shares by 20 million without changing ETH holdings. The ratio rises to 10.34 ETH per 1,000 shares.
- Issuance outpaces buybacks: Issue 50 million shares and reduce outstanding shares by 20 million, with ETH unchanged. The ratio falls to 9.52 ETH per 1,000 shares.
What the 2026 Evidence Shows
Confirmed: ETH per share rose through May 31 despite substantial issuance.
Unconfirmed: the buybacks’ net effect after July. Shares outstanding increased by approximately 23.6 million between May 31 and July 9, before the reported repurchases began. Subsequent equity transactions remain relevant.
BitMine’s fiscal year ended August 31, 2026. Its annual Form 10-K should provide additional financial and share-count disclosures, although an intervening SEC filing could disclose relevant information sooner. An August count also cannot automatically be paired with October ETH holdings.
Separately, Tom Lee stated that BMNR outperformed ETH by 731 basis points, or 7.31 percentage points, during the first nine months of 2026. He cited rounded returns of approximately -3% for BMNR and -10% for ETH. This comparison measures stock-price performance, not ETH ownership per share.
Source: October 5 announcement.
When Do BMNR Buybacks Create Value for Shareholders?
Buybacks create different outcomes depending on the purchase price, funding source, and subsequent issuance.
- Price relative to NAV: Repurchases below net asset value per common share are generally NAV-accretive. Purchases above NAV can reduce NAV per share.
- Funding and asset changes: A cash-funded repurchase can increase ETH per share without reducing ETH holdings, but it also reduces cash assets.
- Future dilution: New share issuance and financing obligations may offset benefits from an earlier repurchase.
NAV should account for ETH, BTC, cash, other investments, liabilities, and preferred claims at the time of the transaction.
ETH per share and NAV per share are therefore different measures. BMNR shareholders own company equity, not redemption rights to a fixed ETH quantity. Even rising ETH per share does not guarantee stock-price appreciation, particularly when the market premium or discount to NAV changes.
What Should BMNR Investors Monitor Next?
A short checklist keeps the analysis grounded:
- Total ETH holdings and common shares outstanding on comparable dates
- ATM issuance, actual repurchases, and potentially dilutive securities
- Staking revenue, operating costs, and preferred dividend obligations
- NAV per share and the stock’s market premium or discount
- New SEC filings following the August 31 fiscal year-end
As of October 18, BitMine reported 5,067,309 staked ETH. Staking can generate additional ETH and revenue, but rewards vary with network conditions, operating costs, and validator risks.
The May 31 Form 10-Q reported $45.7 million in quarterly staking and validation revenue. By comparison, management’s October projection of approximately $309 million in annualized staking revenue is an estimate, not realized earnings.
That projection should not be compared directly with BMNP’s approximately $33.25 million annual base dividend obligation without considering expenses, timing, and liquidity.
Treat SEC-furnished weekly company announcements as management-reported interim information, not audited financial statements.
For additional context, see our BMNR Stock Price Prediction 2026 and BMNR Stock Analysis: Ethereum Treasury Premium.
The Bottom Line: Is BMNR Creating More ETH Value Per Share?
SEC figures confirm ETH per share increased approximately 3.2% from February to May 2026 and 15.8% since August 2025. BitMine’s subsequent repurchases may have improved the ratio, but their net effect remains unverified without a matched post-buyback share count.
Frequently Asked Questions
Does buying back BMNR stock automatically increase ETH per share?
No. The ratio increases only when ETH holdings decline proportionally less than the outstanding share count. Additional issuance can offset repurchases.
Can BitMine issue new shares while buying back existing shares?
Yes. Both activities can occur during overlapping periods. The net outstanding share count determines their combined effect.
How is ETH per share different from NAV per share?
ETH per share measures token holdings relative to outstanding common shares. NAV per share considers the value of all assets, liabilities, and preferred claims.
Does BMNR outperforming ETH mean shareholders own more ETH per share?
No. Stock performance reflects market valuation, sentiment, and changing NAV premiums. It does not establish per-share treasury growth.
Disclaimer: The information provided in this article is for educational and informational purposes only. It does not constitute financial, investment, or trading advice, and should not be interpreted as an endorsement of any specific project, product, or service. Always conduct your own research and consult with a qualified financial professional before making investment or trading decisions.
