In Brief
- Bitmine Immersion Technologies announced Tuesday approval of an open-ended, up-to-$1 billion common stock repurchase program.
- The buyback aims to support Bitmine’s strategic pivot of accumulating Ethereum assets.
- Bitmine is among several treasury-focused firms increasing their Ethereum holdings.
BitMine Immersion Technologies has announced approval, Tuesday, of an open-ended stock repurchase program that could reach up to $1 billion, according to a company statement.
The plan provides flexibility for periodic repurchases of BitMine’s common stock over the next few years, effective immediately.
This capital return authorization strategically supports BitMine’s pivot toward building an Ethereum treasury, the company stated.
As of July 28th, BitMine had 121,739,533 fully diluted common shares outstanding.
“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 Chairman and CEO Tom Lee explained.
Lee reaffirmed BitMine’s stated goal to eventually stake and possess approximately 5% of all Ethereum’s circulating supply.
BitMine is already identified as the largest corporate holder of Ethereum, with publicly available data confirming approximately 625,000 ETH tokens held.
(Based on an average purchase price of $3,755 per ETH token, these holdings equate roughly to $2.4 billion in value).
The increase in BitMine’s stock buyback comes weeks after management publicly declared a strategic shift focusing resources heavily on acquiring and staking Ethereum.
This trend reflects a broader movement among selected companies, sometimes termed “treasury firms,” focusing investments on Ethereum to potentially boost stock performance alongside crypto appreciation.
Similar strategies are reportedly pursued by online marketer SharpLink (nearing $1.4 billion in ETH) alongside exchanges and miners like BitDigital, The Ether Machine, and GameSquare.
This increased focus on centralized cryptocurrency “treasuries” has arguably coincided with Ethereum’s own price performance in recent weeks.
Though data varies by source, Ethereum experienced noticeable price gains during August 2025, reversing months of relatively stagnant performance compared to assets like Bitcoin.
(As per CoinGecko data: ETH closed near $3,747 recently, experiencing a slight decline of 0.9% in the last 24 hours and approximately a 13% year-to-date change, although recording significant gains of around 55% since mid-August).
(BitMine stock, according to Yahoo Finance, was trading recently at $32, down nearly 9% and 5.5% over the past month, yet showing exceptional strength with a roughly 357% year-to-date increase).
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