CoinDesk
Bitmine Immersion Technologies spent $45.9 million buying back 2.04 million shares last week, its first repurchase since Aug. 17. The Ethereum treasury firm also bought 10,452 ETH for about $24.5 million, but the latest figures show a larger allocation toward its own stock.
Why it matters
Bitmine has now spent nearly $400 million repurchasing 22.9 million shares this year. Management said it will continue buying when it considers the stock undervalued, giving the buyback program a direct role in how the company deploys capital during the market pullback.
Chairman Tom Lee said crypto has held up better than artificial intelligence-related stocks. He cited a 13% decline in ETH from its recent peak versus a 20% drop in US semiconductors, represented by the $SOXX ETF, while also warning that the risk-off forces pressuring AI stocks had pulled crypto lower.
Market impact
Bitmine now holds 6,051,933 ETH, equal to about 4.95% of Ethereum’s 122.2 million token supply. The company is roughly 58,000 ETH short of its goal to own 5% of all ether, which helps explain why its latest ETH purchase was smaller than the prior week’s 12,535 ETH.
About 5.23 million ETH, or 86% of Bitmine’s holdings, is staked. The company projects roughly $318 million in annualized staking revenue at current yields. The strategy now combines slower ETH accumulation, continued staking and opportunistic share repurchases, leaving investors to weigh treasury growth against the risk of further crypto and equity-market declines.
Frequently asked questions
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How much did Bitmine spend on share buybacks last week?
Bitmine bought back 2.04 million shares for about $45.9 million. It was the company’s first repurchase since Aug. 17.
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How many ETH does Bitmine currently hold?
Bitmine holds 6,051,933 ETH, equal to about 4.95% of Ethereum’s 122.2 million token supply.
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Why did Bitmine’s ETH purchases slow?
Bitmine bought 10,452 ETH, down from 12,535 ETH the previous week. The company is roughly 58,000 ETH short of its goal to own 5% of Ethereum’s supply.
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What did Tom Lee say about crypto versus AI stocks?
Lee said ETH had fallen 13% from its recent peak, compared with a 20% decline in US semiconductors. He described crypto as holding up better during the pullback.
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How much of Bitmine’s ETH is staked?
Bitmine has staked about 5.23 million ETH, or 86% of its holdings. The company projects roughly $318 million in annualized staking revenue at current yields.
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