BitMine Now Top Corporate ETH Holder, Starts Buyback

BitMine Immersion Technologies, now the largest public corporate holder of Ethereum, has launched an open-ended $1 billion stock buyback program aimed at repurchasing shares below their net asset value to enhance shareholder returns and further its target of holding 5% of all ETH. As of late July, BitMine holds 625,000 ETH (worth about $2.35 billion), 192 BTC, and over $400 million in cash, underscoring strong financial health and confidence in Ethereum’s future. The buyback reflects BitMine's belief that its shares are undervalued and supports its aggressive Ethereum accumulation strategy. Institutional interest has grown, with ARK Invest acquiring over $20 million in BitMine shares across multiple ETFs while reducing exposure to Block, Robinhood, and Coinbase. BitMine’s stock has been highly volatile, soaring more than 3,000% earlier in July before dropping over 11% in a single day. These developments are seen as part of a wider trend of corporate treasuries investing in Ethereum, contributing to ETH’s recent rally.