BitMine completes $350M stock buyback, which Tom Lee calls the largest in crypto

BitMine Immersion Technologies just spent about $350 million buying itself back. Executive Chairman Tom Lee says the company repurchased 21 million shares of its own stock. He calls it the largest buyback ever executed by a crypto stock. For a company best known for hoarding Ethereum, it’s a notable shift in where the cash is going. The buyback, by the numbers The repurchases ran from mid-July through August 17, 2026, when the program wrapped up. Over that window, BitMine (NYSE: BMNR) retired 21 million common shares for roughly $350 million. The pace was uneven. At its peak, weekly buying reached close to 6 million shares, and later company updates kept reporting additional millions. This wasn’t an improvised move. The purchases fall under a broader share-repurchase authorization that BitMine expanded from $1 billion to $4 billion in April 2026. The stated logic is straightforward. BitMine’s leadership believes the stock trades below the value of the digital assets sitting on its balance sheet. Lee’s scorecard: BMNR versus ETH Lee has framed the buyback as a defensive success. By his comparison, BMNR fell about 3% while ETH declined approximately 10%. For a company whose fortunes ...