The open-ended program, approved by the board, allows Bitmine to buy shares on the open market or through negotiated transactions. Chairman Tom Lee stated the move aligns with achieving “the alchemy of 5%” of ETH, suggesting repurchases could offer the best capital return at times. Bitmine holds $401.4 million in unencumbered cash. As of July 28, its cryptocurrency holdings included 625,000 ethereum ( ETH) tokens valued at $2.35 billion ($3,755 per ETH) and 192 bitcoin ( BTC) valued at approximately $22.66 million ($118,021 per BTC), totaling $2.77 billion in cash and crypto. The company reported 121,739,533 fully diluted common shares outstanding, with a combined net asset value per share of $22.76.

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