Bitmine Immersion Technologies has repurchased 5.5 million of its own shares for $86 million, the company disclosed Monday. The buyback is part of a larger $4 billion program that the Ethereum treasury firm announced earlier this year. Bitmine currently holds 4.8% of all circulating ETH, making it one of the largest corporate holders of the cryptocurrency.
The $86 million transaction
The repurchase was executed in the open market, Bitmine said. Based on the total value and share count, the average price works out to about $15.64 per share. The company did not disclose the exact price range or the timing of the purchases, but the move comes as Bitmine's stock has traded below what management considers its intrinsic value.
A $4 billion authorization
The $86 million buyback represents just 2.15% of the $4 billion program. That leaves Bitmine with roughly $3.914 billion in remaining authorization — plenty of room for additional repurchases. The program itself signals that the company sees its own equity as undervalued relative to its assets, which are heavily tied to Ethereum.
Bitmine's Ethereum bet
With nearly 5% of Ethereum's supply, Bitmine is deeply exposed to the network's performance. The firm's treasury strategy involves accumulating ETH through mining and direct purchases, then using it as collateral or holding for long-term appreciation. The buyback does not affect its crypto holdings directly, but it reduces the share count, which could boost earnings per share if profits hold steady.
Bitmine has not provided a timeline for the remaining buyback authority. The company's next regulatory filing will offer an update on its share count and any further repurchases. Whether Bitmine accelerates the buyback or paces it out over the coming quarters remains an open question.
