The move cements BitMine’s position as the top Ethereum-holding treasury firm and places it fourth among global crypto treasuries overall.

BitMine Launches $1B Buyback as ETH Holdings Top $2.3B

Last week, BitMine announced a $1 billion stock buyback program as its Ethereum holdings surged past 625,000 ETH, worth $2.3 billion, making it the largest corporate holder of Ethereum to date.

The open-ended repurchase plan comes amid BitMine’s larger goal of acquiring 5% of Ethereum’s total supply, a move it sees as part of a long-term capital strategy.

Chairman Tom Lee described the buyback as a flexible way to optimize capital allocation on the firm’s path toward what he calls “the alchemy of 5%.”

The announcement follows a massive ETH accumulation in July, including a single 16-day purchase of 566,776 ETH worth over $2 billion, vaulting BitMine past competitors like SharpLink and the Ethereum Foundation.

BMNR shares have skyrocketed over 3,000% since early July as investors react to the aggressive accumulation strategy.

The company’s stock options began trading on the NYSE last month, further boosting market engagement.