Bitmine Immersion Technologies expands its $4 billion repurchase program while increasing Ethereum holdings to 5.8 million tokens.
Bitmine Immersion Technologies (BMNR) has ramped up its stock buyback program, repurchasing 4.5 million shares in the past week. The company has now bought back over 15 million shares since July 1, marking the largest buyback by a cryptocurrency treasury firm to date.
Alongside share repurchases, Bitmine acquired 10,399 additional Ethereum (ETH) tokens, bringing its total holdings to 5.8 million ETH, or 4.8% of the circulating supply. The latest purchases were valued at $19.5 million, with total ETH holdings worth $10.9 billion at current prices.
BMNR stock has fallen 44% this year to $17.42 per share. Chairman Tom Lee cited undervaluation as the reason for accelerating buybacks and maintains a $2,500 price target for Ethereum post-crypto winter.