BitMine Unleashes Aggressive Ethereum Expansion and $4 Billion Share Buyback
BitMine Immersion Technologies ($BMNR) is aggressively expanding its Ethereum (ETH) holdings and executing a $4 billion share buyback strategy. The company, which holds ETH as core balance-sheet instruments, has repurchased about 6.1 million shares of common stock last week and bought an additional 9,946 ETH.
According to Chairman Tom Lee, BitMine's crypto-centric treasury playbook is centered around '5% alchemy,' aiming to reach 5% of total ETH supply. The company currently holds 5,787,414 ETH, equivalent to about 4.8% of Ethereum's total supply.
The firm's aggressive buybacks and expanding ETH exposure could amplify the company's sensitivity to market cycles. BitMine has also staked 4,917,189 ETH, valued at approximately $9.6 billion, with an expected annualized staking revenue of about $254 million.