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A major Ethereum (ETH) treasury company is choosing to repurchase its own shares rather than accelerate digital asset acquisitions during a recent cryptocurrency market pullback.
Bitmine Immersion Technologies (BMNR) reported acquiring 2.04 million shares last week at an average price of $22.48, totaling approximately $45.9 million.
This transaction follows a roughly 10-week pause and is part of a broader 2026 program that has now repurchased 22.9 million shares for $399.6 million at an average cost of $17.48, marking the largest equity buyback by any crypto treasury company to date.
The company holds 6,051,933 ETH, representing 4.95% of the total 122.2 million ETH supply, along with 215 Bitcoin (BTC), $514 million in cash and marketable securities, and stakes including $76 million in Eightco and $180 million in Beast Industries. These crypto assets, cash, and moonshot holdings bring the company’s total valuation to $15 billion.
Over 5.2 million ETH are currently staked, valued at $12.3 billion.
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Chairman Thomas “Tom” Lee stated that the firm views current market conditions as favorable for buybacks to enhance investor value.
“When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares, subject to market conditions and under the existing repurchase authorization. Optimizing shareholder value remains our top objective,”
Lee added that cryptocurrency pullbacks have been shallow compared to previous periods, citing this as evidence that a bull market is underway.
“Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off. In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow. ETH has fallen 13% from its recent peak while US semiconductors ($SOXX) is down 20% in that same timeframe. We believe this is further evidence that a crypto bull market is underway.”
Bitmine continues its weekly ETH accumulation but considers the current environment more conducive to share buybacks.
ETH is trading at $2,308 at the time of writing, down 3.8% over the past seven days.
