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BitMine Immersion Sets Up to $1B Buyback as Share Price Cools
The Tom Lee-led company signaled an intent to possibly repurchase stock should the share value decline below the net asset value of its ether holdings.
Jul 29, 2025, 12:26 p.m.
What to know:
- BitMine Immersion Technologies has unveiled a $1 billion share buyback program.
- The move comes as the company holds $2.77 billion in crypto and cash, including 625,000 ETH valued at $2.35 billion.
- The repurchase plan would likely be leveraged once the company's share price dips sizably below the net asset value per share, currently estimated at $22.76.
Ether treasury firm BitMine Immersion Technologies (BMNR) has said it will repurchase up to $1 billion of its outstanding shares as part of a new open-ended buyback program approved by its board.
The move comes as BitMine’s crypto and cash holdings have ballooned to $2.77 billion, including 625,000 ETH valued at $2.35 billion and 192 bitcoin. The firm also holds $401.4 million in unencumbered cash, according to a press release.
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The repurchase plan would likely be leveraged once the company's share price drops sizably below the net asset value per share, currently estimated at $22.76. Down another 9.2% in premarket action, the stock is currently changing hands at $31.70, off from a bubbly high of $161 about three weeks ago.
The announcement comes amid what Chairman Thomas Lee described as the firm’s pursuit of “the alchemy of 5%,” a reference to BitMine’s long-term ambition to accumulate 5% of ETH’s supply.
Read more: ARK Invest Buys the Dip on Ether Strategy Firm BitMine With $18.6M Purchase
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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