Bitmine Immersion Technologies, the Ethereum treasury firm chaired by Tom Lee, is favouring share buybacks over ether purchases as crypto prices decline. The company resumed repurchases after a roughly 10-week pause, spending about $46 million buying back shares last week, CoinDesk reports.
Tom Lee (Credits: CoinDesk)
Bitmine bought 2.04 million shares at an average price of $22.48, its first buyback since August 17, when it wrapped up a five-week stretch of repurchases totalling roughly 21 million shares for $350 million. The latest purchases bring its total buybacks this year to 22.9 million shares, worth nearly $400 million.
Tom Lee’s Bitmine Spends $46 Million on Share Buybacks
The company said it plans to keep buying back stock when management believes its shares are undervalued. At the same time, Bitmine continued adding ether, which CoinDesk priced at $2,490.55 in its report, even as the overall crypto market pulled back.
Chairman Tom Lee said the recent crypto selloff presents an opportunity, arguing that cryptocurrencies have held up better than AI-related stocks during the recent market pullback. That view frames Bitmine’s strategy: buy its own shares when they look cheap, while maintaining its ether treasury position.
For investors watching the growing world of crypto treasury companies, Bitmine’s shift is notable. Rather than directing all available capital into ether, the firm is balancing treasury accumulation with shareholder returns — a sign, Lee’s comments suggest, that management sees value in both its crypto holdings and its own stock price.
Bitmine Crypto Strategy as Market Pulls Back
This is not investment advice, and Bitmine’s own filings and statements are the authoritative source for its plans. What the reported figures do show is a firm actively managing both sides of its balance sheet during a downturn: nearly $400 million in buybacks this year, alongside continued ether purchases.
Whether that balance pays off will depend on both crypto prices and Bitmine’s share price in the months ahead. For now, Tom Lee’s message is that the selloff is an opportunity — and Bitmine is putting its money where that belief is.
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Source: CoinDesk — read the full story there.
