A major Ethereum (ETH) treasury company is opting to repurchase its own shares rather than accelerate digital asset buys during a recent crypto market pullback.
Bitmine Immersion Technologies (BMNR) says it acquired 2.04 million shares last week at an average price of $22.48, totaling about $45.9 million.
This move follows a roughly 10-week pause and forms part of a larger 2026 program that has now reached 22.9 million shares repurchased for $399.6 million at an average of $17.48 – the biggest equity buyback by any crypto treasury company.
The company holds 6,051,933 ETH, equal to 4.95% of the total 122.2 million ETH supply, plus 215 Bitcoin (BTC), $514 million in cash and marketable securities, and stakes including $76 million in Eightco and $180 million in Beast Industries, bringing total crypto, cash, and moonshot holdings to $15 billion.
Over 5.2 million ETH are staked, valued at $12.3 billion.
Chairman Thomas “Tom” Lee says the firm sees current conditions favoring buybacks to enhance value for investors.
“When management believes Bitmine shares are relatively undervalued, the Company intends to accretively repurchase shares, subject to market conditions and under the existing repurchase authorization. Optimizing shareholder value remains our top objective,”
He adds that crypto pullbacks have been shallow compared to prior periods, calling it evidence a bull market is underway.
“Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off. In contrast to late-2025 and early 2026, crypto pullbacks have been comparatively shallow. ETH has fallen 13% from its recent peak while US semiconductors ($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 views the current environment as favoring buybacks.
ETH is trading for $2,308 at time of writing, down 3.8% in the past seven days.
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