BitMine Completes $350 Million Stock Buyback of 21 Million Shares

BitMine Immersion Technologies completed a $350 million repurchase of 21 million shares Aug. 17, making a major capital-allocation move as the company pursues an Ethereum-focused treasury strategy.

The buyback began July 14 and was conducted under a $4 billion authorization. BitMine increased that authorization from $1 billion in April.

Chairman Tom Lee described the transaction as “the largest crypto buyback ever.” An earlier company filing recorded more than 20.8 million shares repurchased through Aug. 17, including 1.7 million during the preceding week.

BitMine’s common stock trades on the New York Stock Exchange under the ticker BMNR. The company’s treasury strategy centers on Ether, the cryptocurrency used by the Ethereum network.