Bitmine Immersion Technologies (NYSE: $BMNR) has accelerated its stock buybacks even as it continues making weekly purchases of Ethereum (CRYPTO: $ETH).
The company led by Chairman Tom Lee has increased its $4 billion U.S. share repurchase program, buying back 4.5 million BMNR shares over the past week.
Bitmine has now repurchased more than 15 million of its own shares since July 1, which it says is the largest common stock buyback completed by any cryptocurrency treasury company.
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The stock buybacks occurred as the company also bought another 10,399 Ethereum over the past week, bringing its holdings to nearly 5.8 million ETH, equivalent to 4.8% of the cryptocurrency’s circulating supply.
Bitmine’s latest ETH purchases were worth $19.5 million U.S. The company has a stated goal of owning 5% of Ethereum’s available supply.
The company now holds 5,797,813 Ethereum worth $10.9 billion U.S. based on the current ETH price of $1,880 U.S.
Lee has said that he considers Bitmine’s stock to be undervalued at current levels, which is why the company has sped up its share repurchases.
Additionally, Lee has a $2,500 U.S. price target on Ethereum, which he says the digital asset should reach once the current “crypto winter” ends.
BMNR stock has declined 44% this year to trade at $17.42 U.S. per share.