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BitMine completes $350 million stock buyback, the largest in crypto
BitMine Immersion Technologies announced it has completed a $350 million share‑repurchase program. The buyback repurchased roughly 21 million common shares of its NYSE‑listed stock (BMNR) between mid‑July and August 17 2026. Executive Chairman Tom Lee called the transaction the largest stock buyback ever executed by a crypto‑related company. The program was carried out under an expanded authorization that increased the company’s repurchase ceiling from $1 billion to $4 billion in April 2026. BitMine’s leadership said the buyback reflects its view that the share price trades below the value of the Ethereum assets held in its treasury. The company’s Ethereum holdings total about 6 million ETH, roughly 4.9 % of the network’s supply, with 87 % of the tokens staked on the MAVAN platform. By retiring 21 million shares, each remaining share now represents a slightly larger claim on the ETH holdings and associated staking revenue. The remaining capacity under the $4 billion authorization remains to be monitored for future repurchase activity.