BitMine completes $350M buyback, Tom Lee calls it largest in crypto
- —21 million shares retired for about $350 million, with weekly purchases peaking near 6 million shares
- —Buybacks fall under an authorization expanded from $1 billion to $4 billion in April 2026
- —Company holds roughly 6 million ETH, nearly 4.9% of Ethereum's total supply
- —About 87% of holdings are staked via MAVAN, with projected annual revenue of $250–363 million
Why it matters: Retiring 21 million shares gives remaining holders a larger claim on BitMine's ETH stash and staking income; the unused portion of the $4 billion authorization will signal how far management will push its undervaluation bet.
Source: Crypto Briefing
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