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Bitmine Immersion Technologies repurchased approximately 5.5 million of its common shares for nearly $86 million last week, redirecting capital from its aggressive Ethereum accumulation strategy to support its own stock.
The company paid an average of $15.6156 per share under its previously authorized $4 billion repurchase program. Chairman Tom Lee said Bitmine viewed the transaction as accretive to shareholder value.
The decision marks a notable shift in Bitmine’s capital allocation. The company acquired only 7,430 ETH during the same week, worth about $14 million. Lee directly attributed the reduced pace of Ethereum purchases to the stock repurchase.
Bitmine has continued buying ETH every week since launching its treasury strategy on June 30, 2025. However, its latest acquisition was among its smallest weekly purchases after the company regularly added tens of thousands of ETH throughout the first half of the year.
The repurchase program was expanded from $1 billion to $4 billion in April. At the time, Lee said the authorization would allow Bitmine to retire shares when management believed the stock was trading below its intrinsic value. The latest transaction suggests Bitmine currently sees greater per share value in buying its own stock than using all available capital to accelerate ETH purchases.
Bitmine now holds 5,777,468 ETH, representing approximately 4.8% of Ethereum’s total supply. Its wider portfolio includes 207 Bitcoin, $385 million in cash and marketable securities, a $180 million stake in Beast Industries and a $58 million position in Eightco Holdings. The company valued those combined holdings at $11.5 billion as of July 19.
The company has staked 4,917,189 ETH, or about 85% of its total Ethereum position. Bitmine projects that the staked assets will generate approximately $247 million in annualized revenue based on a seven day yield of 2.67%. That staking income gives the company another potential source of capital for future ETH purchases or additional share repurchases.
BMNR shares traded around 2.7% higher at $16.12 during Monday’s session, placing the stock above Bitmine’s average repurchase price.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
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