BMNR Stock Tumbles Amid Bitmine's Aggressive Share Buyback

Bitmine Immersion Technologies (BMNR) stock fell over 2% after repurchasing another 4.5 million shares last week, bringing its total buybacks to 16.1 million since July.

The company's executive chairman, Tom Lee, said the move reflects management's confidence in the business following Ethereum's strong performance against the Nasdaq 100 in July.

Ethereum outperformed the Nasdaq 100 by 25 percentage points that month, and Bitmine now owns approximately 5.79 million ETH, which is around 4.8% of Ethereum's circulating supply.

The company also continued to add to its Ethereum treasury, purchasing another 10,399 ETH over the past week.