BitMine Immersion Technologies has finished a buyback of about $350 million, retiring 21 million shares. Executive Chairman Tom Lee calls it the largest ever executed by a crypto stock. The company kept buying ETH while it repurchased stock.
BitMine Immersion Technologies spent about $350 million buying back its own shares. Executive Chairman Tom Lee says the company repurchased 21 million shares and calls it the largest buyback ever executed by a crypto stock.
Buyback ran from mid-July to August 17
The repurchases ran from mid-July through August 17, 2026, when the program wrapped up. BitMine (NYSE: BMNR) retired 21 million common shares for roughly $350 million over that window.
Buying was uneven. At its peak, weekly purchases reached close to 6 million shares.
The purchases fall under a share-repurchase authorization that BitMine expanded from $1 billion to $4 billion in April 2026. BitMine's leadership believes the stock trades below the value of the digital assets on its balance sheet.
Lee says the buyback cushioned BMNR against ETH's drop
Lee has framed the buyback as a defensive success. By his comparison, BMNR fell about 3% while ETH declined approximately 10%, and he credits the repurchases as a key reason the stock did not fall harder.
ETH holdings keep growing alongside the buyback
BitMine launched its Ethereum-focused treasury strategy on June 30, 2025, and has bought ETH weekly since then. Its stockpile of roughly 6 million ETH represents nearly 4.9% of Ethereum's total supply and makes it the largest corporate Ethereum treasury.
About 87% of those holdings are staked through the MAVAN platform. Depending on yield levels, BitMine projects annualized revenue of between $250 million and $363 million from that activity.
BitMine has also raised money through preferred equity. Its BMNP shares, a 9.5% Series A perpetual preferred, have climbed roughly 24% from their $80 issue price.
The remaining capacity under the $4 billion authorization is the number to track, because how much more BitMine deploys will show how seriously management means it when it calls the stock undervalued.
Source: Crypto Briefing
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