Bitmine Immersion Technologies repurchased approximately 5.5 million of its common shares for nearly $86 million last week, redirecting capital from its aggressive Ethereum accumulation strategy to support its own stock.
The company paid an average of $15.6156 per share under its previously authorized $4 billion repurchase program. Chairman Tom Lee said Bitmine viewed the transaction as accretive to shareholder value.
The decision marks a notable shift in Bitmine’s capital allocation. The company acquired only 7,430 ETH during the same week, worth about $14 million using the price cited in its update. Lee directly attributed the reduced pace of Ethereum purchases to the stock repurchase.
Bitmine has continued buying ETH every week since launching its treasury strategy on June 30, 2025. However, its latest acquisition was among its smallest weekly purchases after the company regularly added tens of thousands of ETH throughout the first half of the year.
The repurchase program was expanded from $1 billion to $4 billion in April. At the time, Lee said the authorization would allow Bitmine to retire shares when management believed the stock was trading below its intrinsic value. The latest transaction suggests Bitmine currently sees greater per share value in buying its own stock than using all available capital to accelerate ETH purchases.
