Bitmine Immersion Technologies (BMNR) resumed its share repurchase program, buying back 2.04 million shares at an average price of $22.48 for approximately $45.9 million, marking its first buyback since August 17.
The latest purchases push Bitmine's total share buybacks this year to 22.9 million shares, amounting to nearly $400 million.
Alongside its share buybacks, Bitmine acquired an additional 10,452 ETH, valued at roughly $24.5 million. This purchase represents a slowdown from the 12,535 ETH the company acquired the prior week.
Bitmine's total Ether holdings now stand at 6,051,933 ETH—approximately 4.95 percent of Ethereum's total token supply of 122.2 million. The company is roughly 58,000 ETH short of its stated goal to own 5 percent of all Ether.
The firm has staked approximately 5.23 million ETH, accounting for 86 percent of its total holdings. At current yields, Bitmine projects annualized staking revenue of approximately $318 million.
Chairman Tom Lee characterized crypto's recent performance as a sign of underlying strength. Ether has declined 13 percent from its recent peak, while the U.S. semiconductors index declined 20 percent in the same period. "Crypto got pulled down by the same risk-off forces behind the AI sell-off," Lee said. "Further evidence that a crypto bull market is underway."
The company said it will continue to repurchase stock when management determines shares are undervalued.
