Bitmine Immersion Technologies just dropped $86 million buying back its own stock. The company repurchased approximately 5.5 million shares last week under its board-approved open-ended share repurchase program, a move that signals management believes its stock is undervalued relative to the mountain of Ethereum sitting on its balance sheet.
For a company that holds roughly 5.74 to 5.77 million ETH, or about 4.8% of the entire ETH supply, the math is straightforward. If the market prices your shares below what your crypto treasury is actually worth, you buy them back. It’s the same playbook MicroStrategy popularized with Bitcoin, except Bitmine chose the other blue-chip.
The numbers behind the buyback
The $86 million repurchase is a relatively small bite out of a much larger authorization. Bitmine’s board initially approved a $1 billion share repurchase program in July 2025. By April 2026, that ceiling had quadrupled to $4 billion.
In English: the company has given itself permission to spend up to $4 billion buying its own shares off the open market. The $86 million executed last week represents just over 2% of that total authorization.
