Bitmine resumes share buybacks after 10-week pause while adding 10,452 ETH

Bitmine Immersion Technologies has restarted repurchases of its own stock after a pause of roughly ten weeks, while continuing to add ether to its treasury. The Ethereum treasury company said it bought 2.04 million shares last week at an average price of $22.48, spending about $45.9 million.

The purchase was the first since Aug. 17, when Bitmine finished a five-week buyback run totaling around 21 million shares for $350 million. With the latest transaction, its repurchases for the year reach 22.9 million shares, worth nearly $400 million. The company stated it intends to keep buying back shares whenever management considers them undervalued.

Alongside the buyback, Bitmine acquired a further 10,452 ETH, valued at about $24.5 million. That was slower than the 12,535 ETH it added the week before. Total holdings now stand at 6,051,933 ETH, equal to roughly 4.95% of the 122.2 million ETH supply. The firm remains about 58,000 ETH short of its stated goal of holding 5% of all ether. The split between the two uses of capital suggests the company is leaning toward buybacks as it nears that accumulation target.

Chairman Tom Lee commented on the recent market weakness in a Monday statement. He said crypto was pulled lower by the same risk-off forces that hit AI-related stocks, noting that ETH had fallen 13% from its recent peak while US semiconductors, tracked by SOXX, dropped 20% over the same period. Lee described this as further evidence that a crypto bull market is underway. The comparison comes after weeks of pressure on AI shares tied to concerns over data center spending and the returns on those investments. A smaller decline does not rule out further losses.

Bitmine has also staked about 5.23 million ETH, or 86% of its holdings. At current yields, the company projects roughly $318 million in annualized staking revenue.