BitMine Immersion Technologies completed a $350 million stock repurchase program, retiring 21 million common shares of its own stock between mid-July and August 17, 2026.
Executive Chairman Tom Lee characterized the buyback as the largest ever executed by a crypto stock. The repurchases operated under a broader share-repurchase authorization that BitMine expanded from $1 billion to $4 billion in April 2026.
Buyback Details
The repurchase pace varied throughout the program, with weekly buying reaching close to 6 million shares at its peak. BitMine's leadership stated that the stock trades below the value of the digital assets on its balance sheet, providing the rationale for the buyback.
During the buyback period, BitMine stock fell approximately 3% while Ethereum declined about 10%, according to Lee's comparison.
Ethereum Holdings and Staking
BitMine launched its Ethereum-focused treasury strategy on June 30, 2025, and has purchased ETH on a weekly basis since then. The company now holds approximately 6 million ETH, representing nearly 4.9% of Ethereum's total supply, making it the largest corporate Ethereum treasury.
About 87% of BitMine's ETH holdings are staked through the MAVAN platform to help secure the Ethereum network in exchange for rewards. BitMine projects annualized revenue between $250 million and $363 million from staking activity, depending on yield levels.
Preferred Equity
BitMine has also raised capital through preferred shares. Its BMNP Series A perpetual preferred shares, issued at $80 per share, have increased roughly 24% from their issue price and currently yield 9.56%.
Implications
Retiring shares means each remaining share represents a larger claim on BitMine's ETH holdings and staking income. The remaining capacity under the $4 billion authorization will indicate how much additional capital management plans to deploy on further buybacks.
