BitMine Immersion Announces $1 Billion Stock Buyback Program
Bitcoin mining firm and the largest publicly traded holder of Ethereum, BitMine Immersion (BMNR), has announced the initiation of an open-ended, $1 billion stock repurchase program. The company will repurchase its outstanding shares through open market or negotiated transactions.
Driven by a trading price below its net asset value (NAV) of $22.76 per share, BitMine elected to utilize capital for share buybacks, rather than allocating funds towards expanding its Ethereum reserves at present.
According to a Monday press release, BitMine’s portfolio comprises approximately 625,000 ETH (valued at ~$2.35 billion) and 192 BTC (valued at ~$22 million), underpinning the reported NAV. This valuation gap between market price and NAV, including its crypto assets, serves as the rationale for the buyback strategy, aiming to enhance shareholder value.
Tom Lee, Chairman & CEO since July 8, 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 shares.” The move is framed within BitMine’s stated ambition of acquiring up to a 5% stake in the total Ethereum supply.
BitMine holds sufficient unencumbered cash, estimated at $401.4 million, to directly fund the substantial majority of this buyback program.
The Alchemy of 5%: BitMine’s Long-Term ETH Strategy
BitMine’s commitment to significant Ethereum ownership materialized earlier this year, following its June 30th, 2025 target announcement, upon which Tom Lee was appointed Chairman.
Lee’s subsequent communications, detailed in regular “Chairman’s Message” updates titled “The Alchemy of 5%,” outline the company’s investment thesis. Lee positions Ethereum as “the most important macro trade for the next decade,” advocating for its crucial role in future finance.
He further describes stablecoins, particularly given their significant concentration on the Ethereum network (comprising approximately half of all stablecoins), as a potential catalyst for continued ETH price appreciation (the “ChatGPT moment for crypto”). Consequently, BitMine is fundamentally betting on Ethereum’s foundational role in future Fintech.
Alongside its strategic ETH holding, BitMine maintains an active operational portfolio via Bitcoin mining, leveraging immersion cooling technology for enhanced efficiency.
Public ETH Accumulation: BitMine vs Sharplink
While BitMine leads the pack as the largest publicly traded holder of Ethereum, citing its substantial stake (worth ~$2.35 billion as of the company’s Monday report), competition exists. Digital entertainment company Sharplink Gaming Inc. announced an additional purchase of 77,209.58 ETH, increasing its total holding to 438,190 ETH (approximately $1.6 billion).
Sharplink chairman, Joe Lubin, commented on Bloomberg regarding their accelerating accumulation plan. While expressing confidence in their ability to obtain large quantities of ETH, he emphasized caution, stating, “…a cautious… approach.” … Strategies appear to differ; BitMine sets an explicit 5% target, whereas Lubin projects an undefined “sky is the limit” scenario for accumulation velocity.
This announcement occurs alongside a Standard Chartered Bank report indicating that public companies had purchased 1% of all ETH through June. Report author Geoffrey Kendrick optimistically stated, “ETH treasury companies are just getting started; they will likely 10x from here.”
