BitMine Immersion Technologies has completed a share buyback program, repurchasing 21 million common shares for approximately $350 million. Executive Chairman Tom Lee described the move as the largest stock buyback ever executed by a crypto-focused company.
The repurchases took place between mid-July and August 17, 2026. This activity was part of a broader authorization that the company expanded from $1 billion to $4 billion in April 2026. Management stated the buyback reflects their belief that the stock is currently undervalued relative to the company's digital asset holdings.
BitMine maintains a significant Ethereum treasury, holding roughly 6 million ETH, which accounts for nearly 4.9% of the total supply. The company began this strategy on June 30, 2025, and continues to purchase ETH on a weekly basis.
Approximately 87% of the company's ETH holdings are staked via the MAVAN platform. BitMine projects that this staking activity will generate between $250 million and $363 million in annualized revenue, depending on yield levels.
The company also utilizes preferred equity, with its 9.5% Series A perpetual preferred shares (BMNP) having risen about 24% from their initial issue price of $80.
