Tom Lee Highlights BitMine’s ($BMNR) $350M Share Repurchase as Largest Buyback in Crypto History

Fundstrat Co-Founder and BitMine Immersion Technologies ($BMNR) Executive Chairman Tom Lee highlighted that the company executed a $350 million share repurchase of 21 million common shares—describing the transaction as the largest share buyback in crypto corporate history and a key inflection point for the stock.
Key takeaways on the capital allocation strategy, stock recovery, and expansion roadmap include:
- Record $350M Crypto Equity Buyback: Operating under a $4 billion share repurchase authorization expanded in April 2026, BitMine initiated its buyback in July and retired 21 million common shares for approximately $350 million to capitalize on the stock trading at a discount to its underlying Ethereum ($ETH) net asset value (NAV).
- Marking the Bottom and Nearly Doubling Within a Month: Lee noted that the aggressive July buyback successfully absorbed selling pressure and marked the structural bottom for $BMNR shares, which subsequently rebounded to nearly double in price within a month while outperforming underlying Ether during market pullbacks.
- Balance Sheet Firepower for Tokenization, AI, and Compute: Backed by a treasury of roughly 6.05 million ETH (~$15 billion, representing nearly 5% of total Ethereum supply) and $250 million to $363 million in projected annualized staking revenue via MAVAN, Lee emphasized that BitMine is positioned to deploy its balance sheet into tokenization, artificial intelligence, and high-performance compute opportunities during the next crypto cycle.