NEW YORK, July 27, 2026, 10:06 a.m. EDT – Wall Street starts the day with U.S. markets open.
- BitMine climbed 12.8% to $17.81 as of 9:50 a.m. EDT.
- Ether reserves climbed to 5.787 million following a purchase of 9,946 tokens.
- Initial figures indicate that buybacks accounted for approximately 86% of the weekly increase in ETH per share.
Shares of BitMine Immersion Technologies NYSE:BMNR rose sharply at the start of New York trading following an increase in its buyback program and a further addition of ether holdings. The stock reached $17.81, up 12.8%, after climbing as high as $18.
The more telling investor indicator was in the denominator. BitMine acquired 9,946 ETH, resulting in a mere 0.17% rise in its total holdings. The company also bought back 6.1 million shares.
As of July 9, BitMine reported 603.2 million common shares in circulation. The most recent share buyback, which occurred the previous week, retired an additional 5.5 million shares. This latest repurchase represented roughly 1.02% of the outstanding shares.
| Weekly driver | Reported change | Estimated ETH-per-share effect |
|---|---|---|
| Ether buy | 9,946 ETH, or 0.17% | +0.17% |
| Shares bought back | 6.1 million, or 1.02% | +1.03% |
| Total impact | Initial estimate | +1.20% |
The initial estimate does not factor in any new common-share issuance following July 9. It also deducts the 5.5 million-share buyback from the prior week ahead of calculating the most recent repurchase.
The buyback accounted for about 86% of the per-share rise, while the token purchase contributed approximately 14%.
The composition is important as BitMine has typically relied on stock offerings to support accumulation. Over the nine months ending May 31, the company sold 340.7 million common shares via its at-the-market scheme. This generated net proceeds totaling $11.87 billion.
As of July 9, shares outstanding totaled 603.2 million, up 4.1% from the figure reported on May 31. The company has bought back 11.6 million shares since July 1, which would account for roughly half of that rise, provided there is no further issuance.
Chairman Tom Lee stated, “We increased our equity buyback,” highlighting a three-month peak in the ETH/BTC ratio. According to Lee, ether’s relative strength signaled stronger cryptocurrency prices. TradingView
As of July 26, the company reported the value of its crypto assets, cash, marketable securities and other investments at $11.8 billion. Its portfolio contained 5,787,414 ETH, as well as $268 million in cash and marketable securities.
The $11.8 billion refers to gross assets. This figure does not represent the net asset value available to common shareholders.
In June, BitMine issued 3.5 million perpetual preferred shares, each with a total liquidation preference of $350 million and a cumulative dividend rate of 9.5%. These entitlements should be factored into any valuation of the common shares.
BitMine has committed 4.917 million ETH to staking, representing 85% of its total assets. The company estimates annualized staking revenue at $254 million, based on a seven-day yield of 2.65%. This figure is a management projection.
The buy of 9,946 tokens surpassed last week’s total of 7,430, CoinDesk said. However, it remains below the significantly higher weekly increases recorded earlier this year.
Other crypto-treasury stocks climbed as well. SharpLink NASDAQ:SBET advanced 7.5%, and Strategy NASDAQ:MSTR was up 7.0%. BitMine’s more significant gain indicates the buyback update provided additional support specific to the company.
Risks are still elevated. Drops in ether, additional ATM issuance, staking issues or reduced investment valuations could swiftly undo the recent per-share increases.
For investors, the more accurate measure is fully diluted ETH per share. Gross token holdings do not account for the cost of financing.
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