Bitcoin miner turned Ethereum treasury company BitMine Immersion Technologies announced Tuesday that its board of directors has approved a stock buyback program of up to $1 billion in outstanding common shares.
BitMine said it has 121,739,533 fully diluted common shares outstanding and a combined cash and crypto NAV per share of $22.76.
The open-ended buyback program allows the company to repurchase shares periodically through market or negotiated transactions, BitMine said in a statement, amid its goal to acquire and stake 5% of Ethereum’s token supply.
“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,” BitMine Chair and Fundstrat co-founder Tom Lee explained in the release.
Ethereum holdings reach 625,000 ETH
As of July 28 at 10:45 p.m. ET, BitMine said it holds 625,000 ETH ($2.4 billion) and 192 BTC ($22.8 million), with over $401.4 million in unencumbered cash. Last week, the firm doubled its ether holdings to 566,776 ETH, The Block previously reported.
While BitMine continues operations as a bitcoin miner and provider of mining services, ETH is now its treasury priority, placing it as a leading publicly-listed Ethereum accumulation company alongside firms like SharpLink, Bit Digital, and BTCS.
Earlier this month, Peter Thiel-linked entities acquired a 9.1% stake in BitMine, according to a 13G form filed with the U.S. Securities and Exchange Commission.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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