"Since Bitmine pivoted to an Ethereum Treasury strategy on June 30 of last year, sizable outperformance of ETH vs QQQ (monthly) has typically been followed by Bitmine's shares outperforming ETH over the following month,” Bitmine Chairman Tom Lee said in a statement. “Hence, Bitmine repurchased 4.5 million shares of common stock in the past week, as Bitmine's management team continues to view Bitmine shares as attractively valued.”
Bitmine said about 4.9 million ETH—roughly 85% of its holdings—is staked through its institutional staking platform, MAVAN. The company projected annualized staking revenue of $247 million, though that estimate depends on future network conditions and other assumptions.
Lee also pointed to Ethereum's recent market performance, saying ETH outperformed the Nasdaq 100 by 25 percentage points in July. He said Bitmine's management viewed the company's shares as undervalued, helping justify the repurchase of 4.5 million shares over the past week under its previously authorized $4 billion buyback program.
"This past week's 4.5 million buyback brings our total common equity repurchases to over 16 million common shares. This buyback remains the largest ever executed by any Ethereum, Bitcoin, or crypto DAT (Digital Asset Treasury)," Lee added. “Since July 1, 2026, Bitmine has repurchased 16.1 million shares of common stock under the previously authorized $4 billion share repurchase program.
