BitMine Considers Open-Ended Stock Buybacks Amid Plans to Expand Ethereum Treasury Holdings

Key Points

1. BitMine holds approximately 625,000 Ethereum tokens, valued around $2.4 billion, with an average purchase price of $3,755 per token.

2. The company aims to stake and hold 5% of Ethereum's total supply, positioning itself as the largest corporate ETH holder.

3. BitMine's stock repurchase plan is open-ended, allowing periodic buybacks to enhance capital allocation flexibility.

4. Ethereum's market capitalization was near $458.9 billion at the time of the announcement, with ETH recently surging 55% over the past month.

5. Other companies like SharpLink and BitDigital have similarly incorporated ETH into their balance sheets as a value driver.