The firm holds significant Ethereum and Bitcoin reserves, with its Ethereum holdings valued at $2.35 billion.
Ethereum treasury company BitMine Immersion Technologies (BMNR), backed by billionaire Peter Thiel and Cathie Wood’s ARK Invest, announced Tuesday that its Board of Directors has authorized a stock repurchase program of up to $1 billion, allowing the company to buy back common shares through open market purchases and negotiated deals.
Thomas “Tom” Lee, Chairman of BitMine and founder and CIO of Fundstrat, said the move is part of BitMine’s strategy to acquire and stake 5% of the total Ether supply.
“In our road to achieving ‘the alchemy of 5%’ of ETH, there may be times when the best expected return of our capital is to acquire our own shares,” said Lee in a statement.
BitMine, now the largest corporate holder of Ethereum, holds 625,000 ETH valued at about $2.4 billion. The NYSE-listed firm also owns 192 Bitcoin.
The company made its latest ETH purchase of over $2 billion in ETH last Friday, which helps place it ahead of other major Ether treasury holders such as SharpLink Gaming.
Cathie Wood’s ARK Invest ramped up its stake in BitMine on Monday with a $20 million share purchase, while simultaneously cutting back on holdings in Coinbase, Block, and Robinhood. The move follows ARK’s initial investment in BitMine last Monday.
