Surging U.S. Treasury yields, an ongoing oil shock, and heavy tech sector sell-offs are forcing public digital asset companies to reevaluate their capital allocation. Bitmine Immersion Technologies (NYSE: BMNR) shifted its financial strategy last week, diverting funds away from its primary Ethereum accumulation model to prioritize its own equity.
The company purchased only 7,430 ETH, worth approximately $14 million. It redirected the bulk of its available capital to execute an $86 million stock buyback. Bitmine successfully repurchased approximately 5.5 million of its own shares at an average price of $15.62.
The aggressive repurchase program suggests Bitmine Chairman Tom Lee and the board view the company’s stock as undervalued relative to the intrinsic value of its estimated $12 billion digital asset treasury.
Bitmine still maintains a substantial crypto reserve. The corporate treasury holds roughly 5.78 million ETH. This stockpile accounts for approximately 4.8% of Ethereum’s total circulating supply, pushing the firm closer to its stated long-term goal of controlling 5% of the global network.
The firm maintained this accumulation strategy despite facing mounting industry criticism over opportunity costs. Hyperbeat co-founder Hamza Qazi openly criticized the strict Ethereum focus, noting that an equivalent allocation to Hyperliquid (HYPE) would have generated a 520% return and an additional $44 billion in gains. Bankless co-founder David Hoffman also highlighted the heavy unrealized losses currently attached to the ETH position.
What the Equity Pivot Signals for Corporate Treasuries
Bitmine’s decision to buy back 5.5 million shares sets a benchmark for how corporate crypto proxies manage macroeconomic headwinds. When public market valuations disconnect from the underlying treasury value, companies face pressure to defend their stock price.
By pausing token accumulation to buy back stock at $15.62, Bitmine is establishing a strict price floor for its equity. This indicates a maturity in corporate digital asset management. Companies operating as proxy investments for crypto assets cannot simply buy tokens continuously; they must actively manage the spread between their net asset value and their public market capitalization during broad sector sell-offs.