BitMine Immersion Technologies (NYSE: BMNR) has unveiled an open‑ended $1 billion stock repurchase program, signalling confidence in its valuation and strategic direction as it continues to build one of the largest corporate Ethereum treasuries.
Program Details
The board has authorized purchasing up to $1 billion of its own common stock, to be executed in the open market or through negotiated transactions. BitMine currently holds over $400 million in unencumbered cash, offering ample liquidity for the initiative.
Chairman Thomas “Tom” Lee stated, “In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares.”
The announcement comes less than two weeks after billionaire investor Peter Thiel acquired 5.09 million shares in the company, a 9.1% stake purchased via his venture capital arm, Founders Fund, on July 16, according to a regulatory filing. Shares of BitMine surged 12.5% in after-hours trading following the news.
Ethereum Treasury Strategy
Earlier this month BitMine closed a $250 million private placement to accelerate its Ethereum accumulation strategy. Within days, the company’s ETH holdings doubled, surpassing 163,000 ETH (~$500M). It has since soared above 566,700 ETH, valued at over $2 billion, just 16 days after the original funding.
BitMine’s shift mirrors Michael Saylor’s Bitcoin playbook, but focuses on Ethereum. Its chairman, Thomas Lee, targets holding up to 5% of the total ETH supply, a level comparable to MicroStrategy’s bitcoin treasury ambitions.
BitMine has around 625,000 ETH and 192 BTC as of July 28. The company’s fully diluted share count is 121.7 million, and the combined Net Asset Value (NAV) is $22.76 per share.
Why This Matters
BitMine’s $1 billion buyback is a bold move that shows the company is undervalued and wants to return capital while its crypto reserves continue to grow. BitMine will continue to strengthen its position in Ethereum-based corporate treasury models with its strong institutional support and more crypto holdings.
Also Read: Ethereum Price May Surge as ETH Nears $4,000 & Bitcoin Dominance Falls
