BitMine Immersion Technologies, a company that shifted its focus from Bitcoin mining to accumulating Ethereum, has announced a \$1 billion stock repurchase program. This move signals a strategic decision to prioritize share value, at least for the time being, even as the company continues to expand its Ethereum (ETH) holdings.
As of July 28, 2025, BitMine holds approximately 625,000 ETH, valued at around \$2.4 billion, along with 192 BTC (approximately \$22.8 million) and over \$401.4 million in unencumbered cash. The company's net asset value (NAV) per share is estimated at \$22.76. BitMine's ambitious goal is to control 5% of the total Ethereum supply. Thomas Lee, Chairman of BitMine, stated that the company may, at times, find that acquiring its own shares offers the best expected return on capital.
The stock repurchase program is open-ended, allowing BitMine to repurchase shares in the open market or through negotiated deals, without a fixed timetable. This flexibility enables the company to optimize timing based on market conditions. Cantor Fitzgerald & Co. will act as a non-exclusive agent for the buybacks, under an agreement that can be terminated at any time. The purchases will be executed in accordance with the SEC’s Rule 10b-18, which governs issuer buybacks to protect investors against market manipulation.
BitMine's repurchase appetite is specifically triggered when its share price trades significantly below its net asset value per share. The stock has experienced significant volatility. After an initial surge of over 3,000% to a yearly high of \$135 in early July following the announcement of its Ethereum treasury strategy, BMNR shares have since fallen to a one-month low of around \$35.11. This downturn presents an opportunity for BitMine to repurchase its shares at a discounted price.
Despite the positive news, BitMine's stock dipped nearly 27%. The company launched a new monthly series called "The Chairman's Message" to boost investor confidence, where FundStrat's Tom Lee discussed the company's long-term Ethereum plan, including holding and staking 5% of the total Ether supply and projections of the token's future valuation, even suggesting the implied value of Ether could be \$60,000.
BitMine is among several companies aggressively accumulating ETH, including SharpLink Gaming, Bit Digital, and Blockchain Technology Consensus Solutions. This increasing institutional adoption of Ethereum is seen as a positive sign for the long-term price and inflows of the token. BitMine's strategy includes staking its Ethereum holdings to generate yield.
While the \$1 billion repurchase plan is substantial, BitMine's current cash reserves of \$401.4 million are insufficient to cover the entire program. This suggests that the company may need to sell some of its crypto assets if market conditions shift and holding ETH becomes less favorable. The company might actively trade ETH while adjusting the number of shares, unlike companies that follow a "hold at all costs" strategy. As of July 28, 2025, BitMine has 121,739,533 shares outstanding.
