BitMine has approved a $1 billion stock repurchase program, signaling strong confidence in its intrinsic value while reinforcing commitment to shareholder returns. The move comes as the company maintains significant cryptocurrency reserves, holding 625,000 ETH and 192 BTC with a net asset value (NAV) per share of $22.76.
The buyback coincides with intensifying competition in Ethereum accumulation. Sharplink Gaming Inc. recently expanded its holdings to over 438,000 ETH, challenging BitMine’s position. Both firms vie for market influence amid BitMine’s strategic goal to acquire and stake up to 5% of Ethereum’s total supply by 2025.
With $401.4 million in unencumbered cash reserves, BitMine possesses immediate liquidity to initiate substantial repurchases. This financial capacity complements the company’s dual focus on shareholder value enhancement and sustained Ethereum reserve growth despite escalating industry rivalry.