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      BitMine Completes $350 Million Stock Buyback, Largest in Crypto History

      BitMine Immersion Technologies has successfully completed a stock buyback program valued at approximately $350 million, marking what Executive Chairman Tom Lee describes as the largest buyback ever executed by a cryptocurrency-related company. The buyback involved the repurchase of 21 million shares from mid-July to August 17, 2026, as part of a broader strategy to address perceived undervaluation of the company's stock, which is closely tied to its substantial Ethereum holdings.

      The buyback program was authorized earlier in April 2026, when BitMine expanded its repurchase capacity from $1 billion to $4 billion. Lee noted that while BitMine's stock, traded under the ticker BMNR on the New York Stock Exchange, experienced a decline of about 3% during this period, Ethereum (ETH) saw a more significant drop of approximately 10%. This performance gap highlights the company's strategy to stabilize its stock value amid fluctuating cryptocurrency markets.

      BitMine has been actively accumulating Ethereum since launching its treasury strategy in June 2025, currently holding around 6 million ETH, which constitutes nearly 4.9% of Ethereum's total supply. A significant portion of these assets, approximately 87%, is staked through the MAVAN platform, generating projected annual revenues between $250 million and $363 million. The buyback initiative not only enhances the value of remaining shares but also reflects the company's commitment to its core identity as a major player in the Ethereum ecosystem.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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