BitMine launches a $1 billion stock buyback plan, aiming to accumulate 5% of the total supply of Ether.

BitMine Immersion Technologies (BMNR) has launched a $1 billion stock buyback program, with its Ether (ETH) holdings soaring to 625,000 coins, valued at $2.3 billion, solidifying its position as the largest holder of the asset to date.

The open repurchase plan announced by the company on July 29 allows it to buy back shares through the open market or private transactions, with no time limit. This is BitMine's latest initiative to continuously upgrade in order to occupy 5% of the total supply of Ethereum.

BitMine's Ethereum Strategy and Stock Buyback Plan

BitMine Immersion Technologies (BMNR) announced on July 29, 2025, that it will conduct an open stock buyback program, planning to repurchase shares through open market or private transactions, with the buyback period to be determined. The company stated that this initiative is part of its strategy to achieve the "5% goal," which aims to hold 5% of the total supply of Ethereum.

According to the plan, BitMine's stock buyback will directly rely on its growing Ethereum (ETH) holdings. As of July 28, the price of ETH was $3,755, while the price of BTC was $118,021. BitMine's net asset value per share was $22.76, benefiting from $401.4 million in non-discretionary cash, 192 BTC, and its ETH reserves.

In addition, BitMine revealed its goal - to acquire and stake approximately 6 million ETH, accounting for 5% of the total supply of Ethereum, which means its ETH holdings will surpass Strategy's Bitcoin holdings. Just last week, BitMine purchased 566,776 ETH in just 16 days, totaling $2.03 billion, quickly surpassing competitors SharpLink Gaming and the Ethereum Foundation.

Competitors are rushing to catch up, but BitMine remains in the lead

BitMine's stock price has surged over 3000% since early July, breaking through the $135 barrier. The company is also listed on the New York Stock Exchange, allowing investors to participate in its stock trading through options tools. Meanwhile, BitMine's competitors are also accelerating their layouts. SharpLink Gaming added 77,210 ETH over the past weekend, bringing its total holdings to 438,017 ETH, with a market cap of $1.7 billion.

Nevertheless, BitMine remains at the forefront, becoming one of the most aggressive asset accumulators in the crypto space, especially dominating the corporate holdings in Ethereum.

Ethereum Supply Dynamics: Structural Bullish Signals

According to data provided by the Strategic ETH Reserve (SER), currently 6.73% of ETH (approximately 8.12 million ETH, with a market value exceeding $31 billion) is held jointly by enterprises and ETFs. In addition, the strategic reserves of ETH have reached 2.33 million ETH, valued at $8.9 billion, accounting for 1.93% of the total supply. These reserves include 65 participants and have shown steady growth since mid-April, particularly increasing significantly since the end of June.

(Image source: cryptonews)

At the same time, the ETH held by the Ethereum ETF has reached 5.82 million, valued at $22.23 billion. Recent capital inflows have continued, with a net inflow of over 433,000 ETH in the past week, indicating ongoing institutional interest in ETH.

(Image source: cryptonews)

Long-term investment confidence in ETH continues to strengthen

The supply structure of ETH continues to show bullish signals. Currently, over 34 million ETH (approximately 28% of the total supply of 120.7 million) has been staked, effectively locked up and unavailable for trading, further reducing the circulating supply. Meanwhile, the ETH balance on exchanges has dropped to its lowest point in years, at only 16.2 million ETH, indicating a significant decrease in selling liquidity, which helps to drive up prices.

(Image source: Glassnode)

According to Glassnode data, the number of accounts making their first purchase of ETH has increased by 16% since early July, indicating a growing demand from retail and institutional investors. Analysts say this is the first significant trend reversal in the recent cycle of Ethereum.

Conclusion: BitMine's stock buyback plan and Ethereum strategy signify the growing attention of crypto market enterprises towards Ethereum assets. As more businesses and ETFs strengthen their investments in Ethereum, the supply structure and market dynamics of ETH continue to exhibit bullish trends, reflecting increased institutional participation and confidence from long-term investors.