TL;DR
- BitMine launched a $1B stock buyback program and added 58,224 ETH ($225M) to its treasury, targeting 5% of Ethereum’s total supply amid a 74% stock plunge.
- The company may actively trade ETH (unlike Strategy’s Bitcoin approach) while leveraging discounted shares, holding $401M cash and $2.7B in crypto assets.
- Rival SharpLink confirmed its ETH reserves hit 438,190, with both firms staking holdings to generate yield after absorbing a week’s worth of new ETH supply.
BitMine Immersion Technologies has ignited institutional crypto strategy wars, launching a $1 billion stock buyback program while simultaneously adding 58,224 ETH ($225M) to its reserves. This dual-pronged move aims to amplify crypto assets per share and solidify its position as Ethereum’s largest corporate holder.
The aggressive accumulation, part of its “alchemy of 5%” supply goal, comes alongside rival SharpLink Gaming confirming a treasury surge to 438,190 ETH, signaling a seismic shift in institutional ETH adoption despite market turbulence.
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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
Buybacks and Billions: Fortifying the Balance Sheet
BitMine’s open-ended buyback plan, approved by its board, strategically times repurchases to exploit BMNR’s 74% stock plunge from July’s $135.01 peak to $35.11. Chairman Thomas Lee framed the move as capital optimization: “When acquiring shares offers better returns than ETH, we pivot.”
The company holds $401.4M in cash and $2.7B in crypto assets (including 154 BTC), funding buybacks without immediate ETH sales, though reserves could be tapped if market conditions shift.
The 5% ETH Domination Strategy
BitMine’s treasury now holds 566,776 ETH, a 11% weekly increase, as it races toward controlling 5% of Ethereum’s supply. Lee’s $60,000 ETH price target hinges on stablecoin-driven network growth. Unlike Strategy’s “hold at all costs” Bitcoin approach, BitMine may actively trade ETH while adjusting shares. Recent SEC filings reveal 121.7M outstanding shares after equity offerings for further ETH purchases, demonstrating tactical flexibility.
Stock Volatility Creates an Opportunistic Window
BMNR’s drop to one-month lows offers a strategic opportunity for buybacks. The stock trades far below its $22.76 net asset value per share, with BitMine leveraging this disconnect to repurchase discounted equity. Meanwhile, SharpLink’s SBET shares stabilized near $20.92 after early volatility, buoyed by a 70% increase in ETH-per-share since June. Both firms use downturns to accumulate strategic leverage.
Staking Arms Race Heats Up
BitMine and SharpLink are converting idle ETH into yield-generating assets via staking and liquid staking protocols, a trend sweeping corporate treasuries. Their combined weekly accumulation (140K ETH) absorbed all newly minted ETH from validators, applying upward supply pressure. As ETH rises above $3,800, staking rewards enhance these positions, combining capital growth with passive income.
