BitMine Immersion, known as Ethereum’s largest publicly traded holder and a bitcoin mining firm, has launched a substantial $1 billion open-ended stock buyback program. This initiative allows the company to repurchase outstanding shares via open market or negotiated deals.
Currently, BitMine’s shares are valued below its net asset value (NAV), prompting the firm to opt for stock buybacks over increasing its Ether (ETH) holdings for the time being.
The estimated NAV per share stands at $22.76, with BitMine holding approximately 625,000 ETH and 192 Bitcoin (BTC). According to a recent press release, BitMine prefers leveraging the NAV discrepancy as a strategic signal to repurchase shares, thereby aiming to enhance per-share value and broaden investor exposure to its Ethereum reserves.
In a statement, Tom Lee, BitMine’s chairman since July 8, expressed that pursuing the company’s vision of reaching “the alchemy of 5%” ETH ownership may sometimes warrant capital allocation toward acquiring company shares when it yields the best expected return.
BitMine also holds over $400 million in unencumbered cash, providing ample funding potential for this buyback program.
Ethereum Treasury Strategy: The Alchemy of 5%
Announced on June 30, 2025, BitMine’s long-term goal is to acquire and stake up to 5% of Ethereum’s total supply. Since appointing Tom Lee as chairman, the company has communicated this vision through monthly updates titled “The Alchemy of 5%.”
In the latest update, Lee identified Ethereum as “the most important macro trade for the next decade,” highlighting stablecoins as a pivotal innovation within the crypto landscape. Given that nearly 50% of stablecoins are issued on Ethereum, mainstream adoption is expected to drive ETH’s continued price growth.
The company’s strategy reflects confidence that Ethereum will become foundational to future financial systems and that holding a significant amount of ETH will generate long-term value.
Alongside its ETH assets, BitMine generates operational income from its bitcoin mining activities, utilizing advanced immersion cooling technology to optimize efficiency.
Competition: Sharplink’s Increasing Ether Holdings
Although leading as the largest publicly traded ETH holder, BitMine faces competition. Sharplink Gaming Inc., a digital entertainment company, recently increased its Ether stake by acquiring 77,209.58 additional ETH, totaling approximately 438,190 ETH valued around $1.6 billion.
Sharplink’s chairman, Joe Lubin, conveyed to Bloomberg the company’s strategy to rapidly accumulate more Ether per fully diluted share than other ETH-based projects. However, Lubin emphasized that Sharplink maintains a cautious approach, keeping leverage manageable despite aggressive acquisition plans.
This competitive landscape unfolds as a report from Standard Chartered Bank reveals that public corporations have collectively acquired 1% of all circulating ETH since June. Analyst Geoffrey Kendrick suggested that such ETH treasury entities are in early stages, with potential to multiply holdings tenfold.
