Crypto infrastructure firm BitMine Immersion Technologies has greenlit a $1 billion stock repurchase program, reinforcing its mission to acquire 5% of the total Ethereum supply.
The company now commands over $2.7 billion in crypto and cash reserves, with heavyweight investors such as Cathie Wood and Peter Thiel backing it.
BitMine, a U.S.-listed digital asset company, has announced a massive stock repurchase initiative worth up to $1 billion. The move reflects the firm’s long-term vision of becoming a dominant Ethereum stakeholder, targeting 5% of the total ETH in circulation.
The program, approved by BitMine’s board of directors, authorizes the company to repurchase shares from the open market or through privately negotiated transactions. It is designed to be open-ended, giving the company flexibility to act based on market conditions.
Strategic Vision: “The Alchemy of 5%”
Thomas “Tom” Lee, chairman of BitMine and founder of Fundstrat Global Advisors, described the share buyback as a strategic decision. He noted that it supports the company’s broader goal of building a substantial ETH position.
“In our pursuit of acquiring 5% of Ethereum’s total supply, there may be moments when buying our own equity offers the best return,” Lee stated in a press release.
Crypto Holdings Top $2.7 Billion
As of the latest financial update, BitMine boasts a formidable crypto treasury comprising 625,000 ETH, valued at approximately $2.35 billion. It also holds 192 BTC and $401.4 million in unrestricted cash. Combined, these assets amount to total liquid holdings of about $2.77 billion.
Despite this strong balance sheet, the company’s stock price has seen sharp fluctuations. After reaching a peak of $161 earlier this month, BMNR shares have declined to $31.70. This price remains well above the stock’s net asset value (NAV) per share, currently estimated at $22.76.
High-Profile Investors Pour Millions into BitMine
Investor interest in BitMine is surging. Cathie Wood’s ARK Invest increased its position in the company this week with a $20 million share purchase. This follows a major acquisition of over 4.4 million BMNR shares last Monday.
ARK also pared down its exposure to other fintech players such as Coinbase, Block, and Robinhood. This move signals growing confidence in BitMine’s trajectory.
Meanwhile, Peter Thiel, co-founder of PayPal and a prominent tech investor, has disclosed a 9.1% stake in the company. This represents approximately 5.09 million shares. According to SEC filings, Thiel had accumulated the position as of July 8. This places him among the company’s largest passive shareholders.
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