Bitmine buys back $46 million in shares as Tom Lee sees crypto opportunity

share buybacks — Bitmine Immersion Technologies (BMNR) has resumed its share buyback program, repurchasing $46 million worth of stock last week while continuing to add ether to its treasury, as Chairman Tom Lee argued the recent market pullback presents a buying opportunity.

The Ethereum-focused firm purchased 2.04 million shares for approximately $45.9 million, ending a roughly 10-week pause in its repurchase activity. For the year, Bitmine has now spent nearly $400 million buying back 22.9 million shares, a strategy it says it will continue when management deems the stock undervalued.

In commentary on the broader market, Lee suggested that cryptocurrencies have held up better than artificial intelligence-related stocks during the recent downturn. He characterized the selloff as an opportunity for investors.

The company functions as an Ethereum treasury firm, meaning it manages significant holdings of the cryptocurrency. The dual strategy of buying back its own stock while accumulating ETH highlights a corporate approach to capital allocation during volatile market conditions.