NEW YORK, July 23, 2026, 18:12 EDT
- Bitmine finished the core New York Stock Exchange session 6.5% lower at $16.59.
- An initial filing estimate indicates that the buyback accounts for almost 88% of the weekly Ether-per-share increase.
- The 5.5 million buyback represented 8.4% of the increase in shares since April 13.
Shares of Bitmine Immersion Technologies Inc. NYSE:BMNR dropped 6.5% to $16.59 on Thursday. Core trading had ended, but late trading on the NYSE was still underway.
An SEC filing on Monday revealed a shift in capital allocation. The buyback accounted for the majority of the estimated weekly increase in Ether per share.
Bitmine acquired 7,430 Ether over the reporting week. The company bought back 5.5 million shares at an average price of $15.6156.
The filing calculations reveal the breakdown:
| Weekly driver | Ether purchases | Share repurchase |
|---|---|---|
| Reported amount | 7,430 Ether | 5.5 million shares |
| Change from starting base | +0.13% | -0.91% |
| Estimated Ether-per-share effect | +0.13% | +0.92% |
| Share of combined effect | 12% | 88% |
The reduced share count resulted in an approximate sevenfold increase in the per-share impact. Together, the projected Ether-per-share increase totaled 1.05%.
The figures presented are initial estimates. Calculations reflect the share count as of July 9 and holdings as of July 19. The estimates do not account for any new share issuance and reduce the total by the number of shares bought back. Gross Ether backing differs from net asset value.
Bitmine’s $1,879 level reflected $18.00 in gross Ether backing for each share as of July 9. The average buyback price was 13.2% less. The company spent $85.9 million acquiring shares backed by roughly $99.0 million in gross Ether.
Chairman Thomas Lee stated, “We view the purchase of our common shares as accretive to shareholder value.” He associated the less active Ether acquisitions with the share buyback.
Scale reduces the effect.
SEC filings indicate that outstanding shares climbed by 12.2% between April 13 and July 9. The total gain amounted to 65.6 million shares. The buyback represented 8.4% of this increase, prior to any subsequent issuance.
As of Thursday evening, Bitmine’s investor site showed no updated company filings. Comparable declines were seen among publicly traded crypto-treasury counterparts.
Shares of Strategy Inc. NASDAQ:MSTR dropped 6.4%, with SharpLink Inc. NASDAQ:SBET down 5.0%. The iShares Ethereum Trust ETF (NASDAQ:ETHA) slipped 2.7%.
Bitmine fell by roughly 2.4 times as much as the ETF.
Wall Street declined as well, with the Nasdaq Composite sliding 2.15% and the S&P 500 dropping 1.21%. Brent crude finished trading above $100 per barrel.
Despite Thursday’s decline, Bitmine was up 7.4% across five sessions. The stock climbed from Monday to Wednesday before turning lower.
Bitmine disclosed holdings of 5.777 million Ether, representing 4.8% of the total supply. Approximately 4.917 million tokens, accounting for 85% of the total, were staked. Management estimated annualized staking revenue at $247 million, based on a 2.67% yield.
The announced 5% supply goal was still short by 257,532 Ether. At the firm’s valuation, these tokens were worth roughly $483.9 million. Total cash and marketable securities stood at $385 million, putting the cash amount by itself $98.9 million below the target.
Risks stay elevated, with Ether prices able to wipe out gross backing rapidly. Ordinary holders are subordinated to a $350 million preferred liquidation preference. Additional issuance would lessen the projected per-share benefit.
The Federal Reserve convenes on July 28-29, announcing its decision at 2 p.m. EDT on Wednesday. Bitmine’s three most recent holdings disclosures were issued on Mondays. As of Thursday evening, the company’s investor page did not display a July 27 update.
If the current schedule persists, the next update may be delivered on July 27. The company has yet to offer confirmation.
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