BitMine doubles down on ETH treasury with $1B stock buyback plan

BitMine announced a $1B stock buyback program as a way to fortify its balance sheet. The company retains the biggest ETH treasury after it pivoted from BTC mining. 

BitMine Immersion Technologies, Inc. announced a $1B stock buyback plan to improve its ratio of crypto assets per share. The company’s board approved the open-ended repurchase program, with no strict schedule, allowing buybacks to be timed according to market conditions.  

Immediately after the stock buyback announcement, BitMine also added more ETH to its reserves.

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Bitmine is today announcing a $1 billion stock repurchase program.

Per Tom Lee @fundstrat, Chairman of Bitmine:
“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares”

ticker:…

— Bitmine BMNR (@BitMNR) July 29, 2025

BitMine buys more ETH 

The company added another 58,224 ETH valued at $225M, extending the trend of aggressively accumulating ETH. In the past week alone, BitMine and SharpLink Gaming added around 140K ETH to their reserves, essentially absorbing all the newly minted supply from validators.

BitMine has been extremely bullish on ETH, suggesting the token may rise as far as $60,000 if the bull market continues. Ethereum has grown its activity, mostly due to increased demand for stablecoin transfers. 

BitMine is one of the most ambitious and aggressive ETH buyers, aiming to control up to 5% of the token’s supply. So far, the company has accrued 566,776 ETH, with large-scale buying soon after pivoting from BTC accumulation.

“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares,” said Thomas Lee, chairman of BitMine.

The company has $401.4M in unencumbered cash, with $22.76 net asset value per share from a mix of cash and crypto. BitMine retains 154 BTC in its earlier treasury, with a total of $2.7B in crypto assets. 

Following the initial pivot to an ETH treasury, BMNR shares sank to a lower baseline. Currently, BMNR trades at a one-month low of $35.11, down from a local peak of $135.01 in early July. The stock’s volatility allows for repurchases at a lower range. 

The reserves of BitMine are insufficient to cover the entire buyback program. This may mean the company may sell some of its crypto assets, if the market conditions suggest holding ETH is less favorable. 

Unlike Strategy, BitMine may not hold at all costs, and trade ETH more actively, while tweaking the number of shares. As of July 28, the firm had 121,739,533 shares outstanding. The increased number of shares follows a new offering of equity for additional ETH purchases, filed with the US SEC as of July 28. 

SharpLink Gaming announces official treasury expansion

BitMine’s main competitor, SharpLink Gaming, announced the official expansion of its treasury. On-chain data showed the inflow of ETH into connected wallets. SharpLink finally confirmed its treasury is now up to 438,190 ETH. 

The company started accumulating ETH in early June, raising its ETH per share by 70% since then. SBET shares currently trade at $20.92, again reverting to a higher baseline following the initial irrational spike. 

ETH treasury companies bought in during one of the biggest rallies for the year. Following July’s buying, ETH returned above $3,800. ETH treasuries are also shifting to staking or liquid staking to produce passive income for holders.

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