BitMine Immersion Technologies, Inc., a leading crypto treasury and mining company, has launched a sweeping $1 billion stock repurchase program following unanimous approval from its board. This further emphasizes the company’s confidence in its business, its aggressive accumulation of Ethereum, and what Chairman Thomas “Tom” Lee calls the pursuit of “the alchemy of 5%”—the goal of owning 5% of ETH’s supply.
BitMine’s program allows the firm to buy back shares at its discretion on the open market or through negotiated deals. There is no fixed timetable, offering flexibility to optimize timing based on market conditions.
The company plans to leverage Cantor Fitzgerald & Co. as a non-exclusive agent for buybacks, operating under an agreement that allows termination at any time. Purchases’ execution is following the SEC’s Rule 10b-18, which governs issuer buybacks to protect investors against manipulation.
The firm’s repurchase appetite is specifically triggered when BitMine’s share price trades significantly below its net asset value per share, currently estimated at $22.76, calculated from BitMine’s massive crypto and cash reserves.
As of July 28, the stock had pulled back by over 80% from its recent high of $161 to about $31.70 amid sharp crypto volatility, providing what the board sees as a compelling window for buybacks.
Bitmine Crypto Treasury Timing
The announcement comes at a time when BitMine has amassed more than $2.77 billion in digital assets and cash, consisting of 625,000 ETH (worth $2.35 billion at press time), 192 Bitcoin, and over $401.4 million in unencumbered cash. BitMine’s aggressive Ether accumulation, including a fresh purchase of more than 58,000 tokens, further solidifies its standing as the market’s preeminent Ethereum treasury.
BitMine’s buyback sets a powerful standard as crypto-native firms borrow traditional Wall Street strategies to navigate volatility and reward shareholders. The program, coupled with BitMine’s “Chairman’s Message” investor outreach series, signals not only stability but aggressive intent to maintain leadership in crypto treasury management.
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