Bitmine Immersion Technologies said it bought back 2.04 million shares over the past week at an average price of $22.48, bringing its 2026 repurchases to 22.9 million shares for about $399.6 million. Chairman Tom Lee called it the largest share buyback by a crypto treasury firm and said Bitmine intends to buy when management considers its shares undervalued.
Bitmine also bought 10,452 ETH, raising its holdings to 6,051,933 ETH. By the company’s count, that is 4.95% of Ethereum’s supply, close to its 5% goal; Lee has said it will stop buying at that threshold. Bitmine reported total holdings of $15 billion as of Oct. 25, including cash and investments beyond ETH.
