BitMine wraps $350 million share repurchase while holding Ethereum treasury
BitMine Immersion Technologies repurchased 21 million common shares for about $350 million between mid-July and August 17, 2026. Executive Chairman Tom Lee called it the biggest share repurchase among crypto-related equities and said management viewed the stock as undervalued relative to its digital assets. BitMine still holds roughly 6 million ETH, close to 4.9% of Ethereum's supply, as part of its treasury strategy.
BitMine Immersion Technologies bought back 21 million common shares from mid-July to Aug. 17, 2026, spending about $350 million. The company had raised its repurchase authorization from $1 billion to $4 billion in April 2026. Executive Chairman Tom Lee described the move as the largest buyback by a crypto-linked equity.
The firm also maintains an Ethereum treasury of about 6 million ETH, nearly 4.9% of supply, and stakes roughly 87% via MAVAN. It projects $250 million to $363 million in annualized staking revenue. Its BMNP preferred shares yield 9.56% and have risen about 24% from their $80 issue price.
BitMine's dual strategy may affect shareholders and crypto-market observers by tying equity value more closely to Ethereum's price and staking returns. Its large staked ETH position could influence network staking dynamics and rewards, though the extent is uncertain. Retail and institutional investors in crypto-linked equities may watch buyback capacity and preferred yields as signals of management's confidence.