BitMine Immersion Technologies completed the repurchase of 21 million of its own shares for approximately $350 million, which Executive Chairman Tom Lee described as the largest stock buyback ever executed by a crypto company. The shares were retired under a repurchase program that the company expanded from $1 billion to $4 billion in April 2026. BitMine simultaneously holds approximately 6 million ETH, representing 4.9% of Ethereum’s total supply, making it the largest corporate Ethereum treasury. About 87% of these holdings are staked through the MAVAN platform, with projected annualized revenues ranging from $250 million to $363 million. During the same period, BMNR stock fell approximately 3% while ETH declined roughly 10%, a spread Lee attributes to the buyback’s defensive impact.
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